In 2024, Australia’s wages are expected to grow at a faster rate than inflation. Workers can anticipate a 3.7% increase in their earnings by the end of the year, surpassing the previously forecasted 2.6% annual growth. In 2024, labour will remain essential, with wages projected to rise faster than inflation.
According to the Guardian, the Australian Human Resources Institute’s March outlook study revealed these conclusions. The quarterly survey also revealed that fewer firms planned to cut staff and employment.
Workers should anticipate a 3.7% increase in pay without bonuses in the year ending in January 2025. Of the firms, slightly more than half (36%) anticipate growing their workforces this quarter, while only 3% anticipate cutting back on employment. The percentage of respondents expressing challenges with recruitment decreased to 38% from nearly 50% in a late-year study.
Sarah McCann-Bartlett, CEO of the Australian Human Resources Institute, “many organisations are still having trouble both recruiting and retaining staff, although recruitment difficulties have eased.”
According to her statement, 70% of businesses prefer to reduce the usage of non-permanent personnel by 21%, exert better control over non-staff operation costs by 23%, and raise prices by 27% as their most preferred solutions.
According to the quarterly study, the public sector had the strongest recruiting plans, with 46% of respondents saying they wanted to add more employees, compared to 29% of respondents in the private sector.
Just 18% of those asked stated they would use apprenticeships to address recruiting challenges; 42% said they plan to boost the abilities of their current staff. Less than three out of ten (29%) respondents stated they would increase job security, while 25% said they would raise wages or improve working conditions. Approximately the same proportion are seeking to hire members of underrepresented groups, like parents rejoining the workforce.
