Many of us want a bigger salary — but do you know the best way to go about getting one?
More than three in four (85 per cent) Australians believe that to get paid more, you need to work hard and build your skills, according to new research from employment marketplace SEEK.
But that’s not necessarily the case.
How do you get a better salary?
Workers who switched jobs in 2023 received a salary increase 1.6 times greater than those who stayed in the same role, SEEK’s research found.
“When we think about that myth around Australians believing that to get that salary you need to work hard and build your skills, actually thinking about how you can apply those skills and your experience to a different role and how you can negotiate a better salary — whether that’s a base salary or whether that’s other benefits — is often the right way to think about increasing your earning potential,” SEEK’s head of customer insights and strategy, Aimee Hutton, said.
Do you have to change jobs to get a better salary?
While changing jobs is one of the easiest ways to get a higher salary, it’s not the only way to improve your pay.
Hutton said “a really big part” of maximising your earning potential in your existing role was to understand your value and what you add to the business.
She said researching how your current pay compares with others in your field was a useful starting point.
“Once you understand your earning potential, it is about having that transparent conversation with your manager about what could your future earnings look like, and being really clear around what value you add, does that value equate to the skills that you can bring to the role, does it equate to revenue that you can drive for the business?,” she said.
When it comes to asking for a pay increase, you’ve need to go into negotiations confident in your abilities and what you bring to the role, Hutton said.
“You’ve got to remember that it’s a two-way conversation,” she said.
“It’s not always about having this single figure in mind that you need to cover the bills; it’s about thinking about a salary range that you would like to work towards, then having a really open conversation about understanding why you believe you have the skills and experience to earn that salary range.”
Hutton said if your employer was unable to make you an offer within your proposed salary range, it was worth asking for other benefits to make up the shortfall, such as greater flexibility with work hours or more paid annual leave days.
What is the average salary in Australia?
The average weekly earnings for full-time workers in Australia is $1,888.80, equivalent to $98,217.60 per annum, according to the latest data from the Australian Bureau of Statistics (ABS).
The median, or middle, salary in Australia, however, is more than $30,000 lower.
The latest ABS data puts it at $1,300 a week, which equates to $67,600 per annum.
Which roles and industries are having the biggest growth in salary?
Six of the 20 roles with the biggest annual salary increases in Australia last year were in the community services and development sector, according to data compiled by SEEK.
Three were in retail and consumer products, as well as manufacturing, transport and logistics, while two were in the health and medical field.
The top five roles were fitter technician, licenced aircraft maintenance engineer, residential personal carer, support assistant, and roadtrain operator.
Retail team leaders and team members, planners, operation engineers, and carers also had significant salary increases.
Why are salaries rising and how can you take advantage?
Hutton said there were varying reasons why salaries increased in some industries over others.
“Usually salary growth within an industry is driven by demand for candidates, as well as evolving skills and experience,” she said.
“Things like the introduction of AI, technology, data, and security … you’re seeing these new skills come into industries, which often help grow salaries.”
To take advantage of growth areas, Hutton said it was vital you researched what skills and experience you would need to be able to perform said roles.
