AIIA Aon Salary Survey: Staff retention key for tech companies in 2020
Announcement posted by Filtered Media | telling your story, brilliantly 02 Dec 2019
IT remains one of the highest remunerated sectors in Australia
Sydney, Australia – 2 December 2019 -- The Australian Information Industry Association (AIIA), the peak member body for the ICT industry, has revealed that average salaries in the IT sector will continue to grow in 2020, but staff attrition rates will remain high unless companies implement strategies to extend the average tenure of employees.
Based on the latest biannual Aon Survey of Salaries & Remuneration Packaging Remuneration Report on the tech industry, the AIIA has highlighted the importance of retaining key staff members.
“As organisations look to appropriately remunerate staff, the data produced in the Aon Salary Survey provides employers with critical information to make evidence-based, informed and data-driven decisions,” said AIIA CEO, Ron Gauci.
With January and February being one of the best times of the year to look for long-term, full-time employment, and the months where many companies receive updated budgets and sales forecasts - the release of this survey information is timely.
Early forecasts for 2020 expect salaries to grow at 2.5 per cent, a 0.4 per cent fall on the previous Report, indicating some conservatism given the tightening economic environment.
With salaries for technology roles outperforming most industries, IT remains one of the highest remunerated sectors in Australia. Salary growth is expected to continue and will be largely driven by skill shortages, especially in areas such as data and software development, cyber security, and Artificial Intelligence (AI).
“We expect more IT professionals to receive a pay rise in 2020 than last year, but the rate of salary increase is likely to be slightly less. In new industries such as robotics, vehicle automation and cybersecurity, skill shortages will continue to be an issue, especially in the growing area of AI,” said Gauci.
“High rates of staff attrition are a concern for the industry and employers should be focused on implementing strategies to extend the average tenure of their employees. The AIIA Aon Salary Survey provides vital insights into how to retain valuable team members, allowing organisations to stay ahead of the curve as the employment market changes.
“Staying informed of market movements is critical to ensure companies’ reward strategies are meeting business needs whilst minimising costs. The money spent on a remuneration report subscription can be made back many times over in savings through optimising total reward spend and retaining key talent,” added Gauci.
As AI reshapes the economy it will create new industries and new jobs. According to the Government’s AI technology roadmap, digital technologies including AI will potentially be worth AU$315 billion to the Australian economy by 2028[1] and AI could be worth AU$22.17 trillion to the global economy by 2030.
The Australian information, communications and technology sector employees 663,000 workers in fields related to AI. Demand for specialists is strong and the number of people employed in this area is expected to grow to 758,700 by 2023, at a rate of 20,000 additional workers per year[2].
Software and applications programmers are likely to experience very strong future growth in salaries and lower unemployment compared to the overall labour market with an annual before-tax salary of $104,156 compared to the average non-tech related worker of $73,112[3].
The Aon Survey of Salaries & Remuneration Packaging Remuneration Report features:
AIIA members receive a 50% discount by purchasing the AON Salary Survey. Order a copy of the Survey Report here.
Participating companies involved in the Aon Salary Survey include Accenture, IBM, Infosys Technologies, Canon, Australia Post, Data#3, DXC Technology, MYOB, Fujitsu, Nova Group, Envato, TechnologyOne, Toshiba, Telstra, Seven Consulting, and Xero.
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About AIIA
The Australian Information Industry Association (AIIA) is Australia’s peak representative body and advocacy group for those in the digital ecosystem. Since 1978 AIIA has pursued activities to stimulate and grow the digital ecosystem, to create a favorable business environment for members and to contribute to Australia’s economic prosperity. We do this by delivering outstanding member value by providing a strong voice of influence; building a sense of community through events and education; enabling a network for collaboration and inspiration; and developing compelling content and relevant and interesting information.
For more information on AIIA Policy and Advocacy key areas please visit https://www.aiia.com.au/influence-And-leadership/policy-priorities
Media Contact
For more information please contact:
Jeffrey Coote
Tel: (02) 8355 3130
jeffrey@filteredmedia.com.au
Based on the latest biannual Aon Survey of Salaries & Remuneration Packaging Remuneration Report on the tech industry, the AIIA has highlighted the importance of retaining key staff members.
“As organisations look to appropriately remunerate staff, the data produced in the Aon Salary Survey provides employers with critical information to make evidence-based, informed and data-driven decisions,” said AIIA CEO, Ron Gauci.
With January and February being one of the best times of the year to look for long-term, full-time employment, and the months where many companies receive updated budgets and sales forecasts - the release of this survey information is timely.
Early forecasts for 2020 expect salaries to grow at 2.5 per cent, a 0.4 per cent fall on the previous Report, indicating some conservatism given the tightening economic environment.
With salaries for technology roles outperforming most industries, IT remains one of the highest remunerated sectors in Australia. Salary growth is expected to continue and will be largely driven by skill shortages, especially in areas such as data and software development, cyber security, and Artificial Intelligence (AI).
“We expect more IT professionals to receive a pay rise in 2020 than last year, but the rate of salary increase is likely to be slightly less. In new industries such as robotics, vehicle automation and cybersecurity, skill shortages will continue to be an issue, especially in the growing area of AI,” said Gauci.
“High rates of staff attrition are a concern for the industry and employers should be focused on implementing strategies to extend the average tenure of their employees. The AIIA Aon Salary Survey provides vital insights into how to retain valuable team members, allowing organisations to stay ahead of the curve as the employment market changes.
“Staying informed of market movements is critical to ensure companies’ reward strategies are meeting business needs whilst minimising costs. The money spent on a remuneration report subscription can be made back many times over in savings through optimising total reward spend and retaining key talent,” added Gauci.
As AI reshapes the economy it will create new industries and new jobs. According to the Government’s AI technology roadmap, digital technologies including AI will potentially be worth AU$315 billion to the Australian economy by 2028[1] and AI could be worth AU$22.17 trillion to the global economy by 2030.
The Australian information, communications and technology sector employees 663,000 workers in fields related to AI. Demand for specialists is strong and the number of people employed in this area is expected to grow to 758,700 by 2023, at a rate of 20,000 additional workers per year[2].
Software and applications programmers are likely to experience very strong future growth in salaries and lower unemployment compared to the overall labour market with an annual before-tax salary of $104,156 compared to the average non-tech related worker of $73,112[3].
The Aon Survey of Salaries & Remuneration Packaging Remuneration Report features:
- Market remuneration and salary packaging information for over 34,000 employees across 50 organisations
- Access to Australia's largest and most reliable salary database
- Online remuneration data through Data Centre that can be filtered by state, organisation size, sub-industry and more according to your specific data needs
- Comprehensive data on all the major elements of the remuneration package - salary, benefits and short and long-term incentives
- 12-month coverage of actual salary movements and forecasts for the coming year
- Employee attrition trends
- 'Career Levels' section that provides separate remuneration tables for each Job Family which can be used to enhance job matching, or as an alternative source of data for non-standard positions
- Detailed, full-page Position Descriptions for all positions covered in the survey
- Economic Commentary containing summary of general trends, up-to-date national and global economic indicators and job vacancy data
- A Pulse Survey on current industry trends.
AIIA members receive a 50% discount by purchasing the AON Salary Survey. Order a copy of the Survey Report here.
Participating companies involved in the Aon Salary Survey include Accenture, IBM, Infosys Technologies, Canon, Australia Post, Data#3, DXC Technology, MYOB, Fujitsu, Nova Group, Envato, TechnologyOne, Toshiba, Telstra, Seven Consulting, and Xero.
# # #
About AIIA
The Australian Information Industry Association (AIIA) is Australia’s peak representative body and advocacy group for those in the digital ecosystem. Since 1978 AIIA has pursued activities to stimulate and grow the digital ecosystem, to create a favorable business environment for members and to contribute to Australia’s economic prosperity. We do this by delivering outstanding member value by providing a strong voice of influence; building a sense of community through events and education; enabling a network for collaboration and inspiration; and developing compelling content and relevant and interesting information.
For more information on AIIA Policy and Advocacy key areas please visit https://www.aiia.com.au/influence-And-leadership/policy-priorities
Media Contact
For more information please contact:
Jeffrey Coote
Tel: (02) 8355 3130
jeffrey@filteredmedia.com.au