Most Australians have been warned they should not expect an above-inflation pay rises in 2024, reports news.com.au, citing research from Robert Walters Australia. The study shows 58% of bosses said they were not expecting to offer salary increases above 5.4%, the current inflation rate. That means employees face real terms pay cuts as wage rises lag inflation. A further analysis into salary changes throughout 2023 revealed category managers in procurement reported a 3.17% drop in salaries, while accounts payable roles reported no salary fluctuation. 

Meanwhile, the employment outlook for jobseekers declined. Workers who felt “very confident” about opportunities in their sector nearly halved from 38% in 2022 to 17% in 2023. That change came despite 74% of employees flagging they were looking to change roles in the next 12 months, according to the report. However, moving into 2024, pay will be an increasingly lesser reason for changing roles, with only 22% of employers surveyed saying they would change jobs for a higher salary compared with 56% in 2023. 

Shay Peters, the chief executive of Robert Walters Australia and New Zealand, told the publication that there was a shift towards an employer’s market, with employees “Increasingly valuing job security and career development opportunities.” Peters added that “There’s increasing alignment between employers and employees in terms of both pay and flexible and hybrid working conditions, a marked change from last year’s survey.”