Over the past few years, my pay rises have definitely not matched the rate of inflation, especially if I consider the massive increase in the cost of housing.
Just wondering how everyone else is doing. I'm excluding secondary income from investments from this poll. Mainly interested in wages.
Or pressure your EBA team/Union/Boss to seek wage increases commensurate with the cost of living
Screw that. Ask for wage increases based on company performance. If company is not doing well, they're going to laugh at your cost of living raise request
What metric on company performance? profits are down but still making big profits, CEO's say "We all have to tighten our belts"
@singlemalt72: Don't look at profits, look at revenue. Especially per employee.
Lower profits could mean they increased dividends, executive salaries/bonuses, tax dodges, etc.
@orangetrain: dude you can't lower profit by paying out dividend
dividend is derived from profit; you can't pay dividend unless you are making a profit
company first announce how much profit they made then they declare dividend based on that profit
say XYZ make $100m and they declare 70% payout ratio that 70m goes to dividend but they still report a $100 profit not $30m
there is a say in business
Revenue is vanity, profit is sanity, but cash is king
you can rake in billion in revenue and you don't generate profit and your cash flow is dire you going to goes belly up sooner or later
how much revenue all those building company rakes it that went belly up?
I've applied for 30+ jobs in the last 2 weeks. Only 1 response so far.
my pay rises have definitely not matched the rate of inflation
I think thats 10000's of people… not just you.
Mines rubbish. Barely CPI when it was agreed. Based on days worked (assuming you can get them).
Teacher.
It didn't follow CPI (it was a pay drop), and it was 3 years behind.
New EB wil need to hit 7% PA for partity (more for a 'pay rise').
Check out a back benchers salary over the last 20 years.
Engineering got 7% uplift year and looking at 6% this year so nearly on par I believe.
I don't think the government wants wages to keep up with inflation. Isn't the whole point of it to curb consumer spending and create less demand?
*Cripple the working class and ensure the wealth gap widens.
The richest 10% will always control Australia through assets (properties etc.) as long as they keep profiting then no one will change anything.
Widen the wealth gap..
That's it.. Then use an "inflationary control" that builds more wealth for those who already have it.
Example, MQG share holders. Look at profits over last few years. Rate rise has been a nice little dividend booster! More to spend for those who have a nice share portfolio…raise inflation further to ensure the plebs "take one for the team".
It's acceptable to have 5% unemployment while top 5% probably double their wealth/spending every year. But it's the poors being expensive to hire that is causing inflation!
In government, changed jobs last year and got a 60% uplift + 3% for this year.
Had i stayed in the same role i'd be on a measly 3% increase.
Loyalty is dead, or if you want to stay loyal don't complain if your wage isn't keeping up with inflation.
I've often wondered why salaries in the public sector are so high. I know several public servants doing relatively easy jobs not requiring specialised knowledge or post-grad qualifications, heaps of meetings and perks, while receiving much higher salary than me and my colleagues in successful private industry.
Yeah, you're pretty much on cruise control the entire time and the entire place is staffed by people who failed upwards.
Spent 3.5 years as a consultant and maxed out at $70k a year with them offering a share system after 5 years whilst handing out negligible wage growth. Bailed to government and jumped straight into the 6 figures overnight. Had serious imposter syndrome until i realised there were dropkicks on $180k-$190k a year who were so far out of their depth it wasn't funny.
Were you in the Big 4 or a mid tier consulting firm or somewhere else?
From what I’ve heard even senior consultants in Big 4 can end up being PowerPoint jockeys lol, it’s quite sad.
@Ghost47: Just a tier 2 engineering consultant.
Don't get me wrong the experience i picked up there was priceless and i wouldn't be in the position i am today had i not done my time in the trenches. You can quite easily tell the government lifers and those that have worked private from their work ethic and ability to handle stress.
Lifers tend to shut down, deflect and handball.
Ex-consultants look for solutions, reach out to people and get everyone on the same page.
Both infuriate the other equally and hence the high level of bureaucracy.
Low to mid level managers are paid fairly high, so whenyou are young you feel richer than your peers working for govt. you hit price ceiling very quickly though, and if you are capable you will soon see that as you age, you dnt get paid as much as those in private
@zangbangapda: Yep, that's when you leave, set up an ABN and come back as a contractor on double the wage :)
I'd be looking to do this at 40, and once you're embedded it's pretty easy money.
They're not that high. A high APS wage would be around $120K for an EL1 manager. Anyone who could reasonably be called successful in private industry would be on the same at least.
Federal government isn't the be all and end all.
There are other departments outside of this ;).
Quasi government entities, authorities etc have pay structures that eclipse this.
@Drakesy: Not that many public servants would be in obscure agencies like that. Some people think APS VPS etc are receiving very high pay, but it's just about standard for most roles and lower than standard at the middle management levels.
That said a lot of private sector workers are very underpaid receiving 60 or 70K in 2023 and they would probably be doing much better in public service. But those workplaces are nothing worth imitating.
My wage has not changed, and I had my overtime options cut back 18 months ago (Thanks Gerry). Now I'm working for 3 different Employers.
The best way to ensure your salary keeps up with inflation is to get a new job.
Please, please don't look for cost of living or inflation raises/adjustments and instead look at company/jobs for your worth. HR is going to laugh and respond to your requests based on company performance/job market too, not CPI/inflation.
Imagine if company doubles revenue, job market is double salaries and you ask for a CPI adjustment! That's leaving a lot of money on the table.
Would be amazed if any company larger than a start up doubled salaries based on profits doubling, tripling, 10xing.
Have you tried applying for CEO/director roles? Pull yourself up !
Considering it from the standpoint of an employer paying more to keep up with inflation — which is what I think the discussion should centre around — the rise was about 5.5% in the company/industry although this was last year when inflation was lower, it might have exceeded the inflation rate at the time.
Considering it from my own personal movement to a new role, I am on 25% more than I was last year.
As mentioned before trying to get a raise from an employer is hard, if you want 7% now its even harder.
From the employers POV :
- You could be comfortable in your role and don't really want to leave.
- It sets a expectation that you can demand high increases year on year.
- If they do it for one they have to do it for all.
If you want a big jump, leaving is the most effective way, your first negotiated salary is probably the best increment you will get barring a big jump in role / responsibility.
Anyone got tips on how to ask for a raise?
Get a contract for another job :).
I think there are two ways to approach this.
1) Over the last year I have saved $XXX or brought in revenue and done an amazing job. Example 1, 2, 3
2) Competitors 1, 2, 3 are paying XYZ for the same role.
Likely they'll go
1) "That's nice"
2) "Get some proof / contract in writing and we'll talk"
<insert pitchforks and torches.gif>
"Hi boss, I've got a job elsewhere! Hey team, I'm being paid $ elsewhere. glhf"
This seems like burning bridges, but then again the companies have been burning bridges with loyal employees. It's like they don't care that they're throwing out redundancies at their employees like confetti.
I think i'm getting 1.5% this year or in otherwords, a 6% pay cut.
Seems that everyone in this thread are all salary jockeys
LMAO I wish
Only reason I do not resign from my current employed is I have a large golden parachute in my contract. For other employees not so fortunate I do wonder why they do not resign and move on to more rewarding jobs, such as IT contracting.
Contracting is not always the "greener" utopia it is painted. Requirements to keep yourself upto date with new developments, ability to have periods between contracts with out any income, no sick leave etc etc…
Also the first to go when things get tough
Relax and slow down/work less if not keeping up with inflation.
I've been thankful that my hard work and effort has paid off over the past 2 years. Same sort of job, just in different industries and becoming more senior with my experience. 52% increase over the past 2 years, 26% of that since December.
Which industry are you in? Look for a better job or upskill.