Property industry predicted to lead 2020 in wage growth
Global recruitment firm Robert Walters has released its salary expectations for Australian professionals in 2020, with roles in certain sectors set to experience wage growth.
The Robert Walters Salary Survey for 2020 predicts NSW as the state to see the greatest salary increases with property, infrastructure, and the energy sectors dominating the wage growth leaderboard.
“With Australia committed to long-term nation-building programs throughout 2020, it is not surprising that wages will continue to fluctuate and stimulate demand for specialist roles in the property, infrastructure and energy sectors,” said James Nicholson, Robert Walters Managing Director ANZ.
The top five wage growth roles are a mix of permanent and contract roles in NSW within the property, infrastructure and energy sectors.”
The renewables sector will witness strong wage growth, albeit from a small labour pool. There are currently 103 projects that are in construction (or due to start) in Australia, which are expected to deliver over $27 billion in investment and create over 16,000 jobs.
However, “While the emerging renewables sector is showing signs of promise, and the creation of some new jobs, uncertainty may linger until the Australian government articulates a more comprehensive energy policy,” said Mr Nicholson.
Technology and transformation continues to dominate the larger Australian wage narrative with roles such as Business Analyst positions in Victoria and Developer roles in South Australia to see 18-20% annual growth respectively, while broader sector conditions will see some roles in oversupply, confirming a two-speed market environment.
“Technology transformations are continuing unabated across every industry in Australia. As a result, 2020 will see employers vying for professionals with expertise in development, UX, data management and cyber security. Concerns about widespread unemployment due to automation and artificial intelligence have, so far, proved unfounded.” Mr Nicholson said.
Rounding out the top three industries for wage growth nationally is the financial services sector, which remains under enormous pressure from regulators, legislators, government, media and their customers.