Australian Workers Can Expect Fatter Pay Packets In 2010

Post by Sharat on February 26, 2010 · Under Australian Economy, Business News · Comment 

Australian employers are generally optimistic about the prospects for the economy during 2010, meaning that many employees can expect fatter pay packets this year.

According to a survey conducted by professional services firm Grant Thornton, roughly 8 out of every 10 private employers say they intend to increase wages during the next year.

The global average for wage increases in 2010 was just over 50 per cent.

Grant Thornton’s survey polled 250 small and medium enterprises nationally, with nearly a quarter of the firms polled saying they planned to increase wages above the level of inflation.

“We know that Australian SMEs are generally positive going into 2010, but these latest salary figures show how resilient we have been,” said Tony Markwell, national head of privately-held business Grant Thornton Australia, in releasing the report on Wednesday.

According to the survey, nearly 73 per cent of the companies polled, say they either increased their headcount or managed to keep it unchanged over the last year.

Mr. Markwell says he thinks that companies who downsized during the slowdown, and resorted to redundancies may now have trouble finding suitable talent.

“This will not be as big an issue for private enterprises, as they were rather perceptive in their tactics during the downturn. Instead of making immediate redundancies, the focus was on redeployment and reductions in working hours.”

Last week’s official labour force data showed the unemployment rate unexpectedly fell to its lowest level in 11 months to 5.3 per cent, a third consecutive monthly decline from a peak of 5.8 per cent last year.

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