Employees in Australia can expect an average pay increase of 11.4% this year if they work in finance, technology or business support, according to research by staffing firm Robert Half International Inc. The increase is more than the 2.3% forecast for annual wage growth overall.

Nearly half of employers, 46%, say they plan to increase salaries for all employees in finance, tech and business support. However, 34% say they are only planning to increase salaries for top performers.

Few employers  — 14% — are not planning to raise salaries.  

The increases in wages come as 86% of Australian employers worry about losing team members to other opportunities.

“Employers in 2022 have reason to be concerned about losing employees this year,” said David Jones, senior managing director Robert Half Asia Pacific. “In stark contrast to the past few years of stagnancy, skilled talent are actively being poached by competing organisations and have multiple job offers with generous salary packages from businesses who are undertaking exciting growth initiatives.”

Work-life balance is also a tactic that employers are using to retain staff with 55% of Australian employers offering flexible arrangements such as remote work. And 48% will allow employees to set their own work hours.

In addition, 76% of employers expect end-of-year bonuses to be higher.