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As well as shelving planned job cuts this year, a growing number of organizations are looking to boost pay amid inflation.
Australian wages are expected to grow faster than inflation in 2024, with employee income expected to grow by 3.7% by the end of the year, higher than the 2.6% annual growth expected three months ago. Labor demand is expected to continue into 2024, with wages growing faster than inflation.
These are the findings of the Australian Institute of Human Resources Institute’s March Outlook report, which reports that the quarterly survey found fewer organizations planning to reduce jobs and headcount. protector.
Employees expect non-bonus pay to increase by 3.7% in the 12 months to January 2025, with just over a third (36%) of organizations expecting to expand their workforce this quarter and just 3% planning Reduce headcount. The share of respondents reporting recruitment difficulties fell to 38% from nearly one-half at the end of last year.
“While recruitment difficulties have eased, many organizations continue to experience difficulties recruiting and retaining staff,” said Sarah McCann-Bartlett, CEO of the Australian Institute of Human Resources.
“70% of employers told us they are adopting strategies to avoid or reduce layoffs, with the most popular options being increasing prices (27%), tightening controls on non-employee operating costs (23%) and reducing the use of non-employee employees .long-term employees (21%),” she said.
The quarterly survey also found that hiring plans are strongest in the public sector, with 46% of respondents saying they want to increase headcount, compared with 29% in the private sector.
Read more: Australia eyes sustainable job growth post-pandemic
To address recruitment difficulties, 42% of respondents said they planned to upskill existing staff, with only 18% saying they would use apprenticeships. Just under three in 10 (29%) respondents said they would improve job security, and 25% said they would increase pay or improve employment conditions. A similar number are seeking to recruit from underutilized groups, such as parents returning to the workforce.
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