One of the most downloaded resources on the XY Platform is the 2022-23 Hays Salary Guide. The guide shares insights and salary trends pulled from a survey across Australia and New Zealand, where 4,425 organisations were asked for their views on salary policy, hiring intentions and recruitment trends and 4,851 skilled professionals were asked to reflect on their salary expectations, career plans and current priorities.
The biggest stand out from this report is recognising 91% of employers are experiencing a skills shortage. The shortage in supply of skilled workers against the increasing demand by employers is hindering growth and operations for 83% of businesses surveyed. Shockingly, this is the highest level Hays has recorded in the 43 years they have been producing this Salary Guide.
Given the current employment landscape, the most prevalent question facing employers is this – how can I stand out to skilled candidates as a preferred place to work?
We have summarised the key findings from the 2022-23 Hays Salary Guide below, and included salary benchmarks for roles within the Financial Planning profession.
Employees are looking for value in their work beyond just dollars for the hours. Now more than ever, they are seeking personal value and purpose at work. They want to work within teams that can work with ambiguity and have the capacity for continuous upskilling and professional growth.
With the current skills shortage, a competitive salary offering is a key component in the value exchange between employer and employee.
86% of employers intend to increase salaries, up from 67% last year. Of these, 37% will look to increase salaries above 3%.
Employers know they need a strong customer value proposition, and yet most fail to realise the definition of a customer extends well and truly beyond just the people who buy your products and services and includes employees, shareholders and the wider community you operate in.
The market is calling for employees to be recognised as your most important customer, and employees are motivated when they feel valued and can create an impact.
The takeaway? Your employee experience needs close attention and personalisation to attract the best candidates during this time of acute shortages.
51% of survey respondents said they will only consider a role within a business whose purpose reflects their own.
With the increasing adoption of technology and a continuous need to look for new ways of working – the world of work is changing. To keep up, lifelong learning will need to be embraced by employers as the standard. By offering formal and informational learning opportunities, employers can help bridge the talent shortage.
Hays says “employers who invest in skills development will be in a position to thrive, no matter what challenges arise in the year ahead.”
Over the past two years, businesses have proven their ability to work within completely new operating methods – and this volatility is not going away. It is clear, organisations that embrace change will gain a competitive edge.
67% of directors reported they needed to find new ways to be effective and productive indicating they recognise the need to work in new ways.
Below is an excerpt from the Hays 2022-23 Salary Guide with salary benchmarks across all roles in Financial Planning.
Salaries are in ‘000 and are exclusive of superannuation. The bold numbers represent the typical salary, and the numbers underneath represent the salary range.
To view the full 2022-23 Hays Salary Guide, click here.
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