In response to the intense competition for talent, we saw an increase in salaries across the board. The initial spike occurred in the third quarter of 20/21 and has settled since. The overall result has been an increase in salaries of between 5-20%. For more on salaries, please review EST10’s most recent Salary Guide.
Bonuses have also seen a resurgence for retention purposes on permanent and contract roles and sign-up bonuses are also being utilised. Additionally, in June, The Fair Work Commission’s wage panel increased minimum salaries by 2.5 %, for over 2 million workers.
The latest employment figures released, 17th June 2021, show unemployment sitting at 5.1% and the underemployment rate at 7.4%. We anticipate the challenge in sourcing talent to continue, with the hiring practices of yesterday to be transformed to more visionary models.
‘The definition of insanity is doing the same thing over and over again and expecting a different result’
– Albert Einstein