Findings from the third annual Richard Lloyd Sydney Accounting Salary and Market Report have just been released, highlighting movements in Sydney’s accounting market.
According to the report, 33.2 per cent of respondents have not received a pay increase in the last 12 months, as opposed to 26.1 per cent in last year’s survey.
Of those who did report a pay increase, 29.4 per cent received a 5 per cent or greater pay increase. Meanwhile, 19.2 per cent received a 1–2 per cent pay increase, 18.2 per cent received a 3–4 per cent pay increase, and 15.6 per cent received an increase of 10 per cent or greater.
“Across the board, the most common reason (67.2 per cent) for receiving a pay increase was an annual review. Promotion (11.5 per cent) and increased responsibility (10.5 per cent) also featured strongly,” founding directors David Landau and Geoff Balmer said.
“When it came to very large increases of 10 per cent or more specifically, these numbers were quite different — and generally a lot more even. Annual reviews only accounted for 24.0 per cent of these increases, with promotion being the key driver at (29.1 per cent). Moving company (22.9 per cent) and increased responsibility (22.5 per cent) were also strongly cited reasons.
“Interestingly, even when comparing the two extremes — respondents who received no pay increase and respondents who received a 10 per cent or greater increase — there is actually little difference in the audience and how they feel in their roles.
“While there is a reasonable gap in feeling valued (those who received the large increase feel 9.8 per cent more valued) and likelihood of leaving (those who receive the increase felt 8.1 per cent less likely to leave), many other statistics are similar.”
The pair noted pay increase had little impact on whether respondents had applied for a new role in the past six months.