This year, companies have continued to battle the tight jobs market, with attrition rising as employees switch for better opportunities.
As a recruitment agency operating in both PNG and Australia, we have seen consistent trends across the Pacific with attractive and highly-skilled candidates being faced with multiple offers, and companies having to either face putting more into their offers or risk losing their preferred candidates to competition.
According to leading international financial consultancy, Willis Towers Watson, companies, on average, are budgeting a 4.1% salary increase for 2023, just above this year’s average 4% increase. The 2022 and 2023 salary increases are the largest since the Great Recession of 2008.
We will only see a continuation of this trend, with the projected activity to come from PNG’s Mining, Oil & Gas production from 2023 onward. As Australia too, battles a deficit of labour needed for key infrastructure projects, expatriate labour will also remain competitive.
Organisations need to be savvy with salaries and financially prepared to remain competitive and active in 2023.
“Compounding economic conditions and new ways of working are leading organisations to continually reassess their salary budgets to remain competitive,” says Hatti Johansson, research director, rewards data intelligence at Willis Towers Watson.
Our 2022/2023 Salary Survey has collated data from major organisations across the market in PNG, to give you a rich and representative set of data to calculate what your salary and remuneration packages should look like in 2023. In addition, we report our data in averages and quartiles so you can measure appropriate increases in salaries against the market.
It is vital that organisations start planning now to ensure you can hit the ground running in 2023 with a competitive advantage.
To place an order or purchase our Salary Guide, please contact us at admin@peopleconneixon.com. For more information on our Salary Guide, visit the 2022/23 Salary Guide website page.