The salary trap

The salary trap

In a moment of change in the job market amidst economic uncertainty, this report aims to understand how these transformations impact workers and companies, in a phenomenon we call the ‘Salary Trap'.

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The report explores a changing business landscape:

  • Are people actively participating in skill development?  
  • Are current salaries fair according to workers?  
  • What is being offered to appeal to new candidates?  
  • What is the current sentiment towards “new hires” in business. 
Horizonal bar graph titled "Financial compensation 55+YO (59%). A quote above reads "Inflation and high cost of living make salary and financial compensation more important to me now than a year ago." The bar graph reads: Total = 85%, Managers = 83%, and Non-managers = 87%
85% of people surveyed said the high cost of living made financial compensation more critical now than a year ago. Over one third changed jobs in the past year looking for better pay, with 61% doing so for an increase of $10,000 or less.

Companies are struggling to find employees to fill open positions.

46% of managers feel they have had to overpay new hires due to market competition and high expectations from candidates.

40% said those hired didn’t have the skills or experience necessary for the new role.

61% of those surveyed changed jobs for an increase of $10,000 or less.

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Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business - Artwork 'Sentient' by Hollie Johnson, Gunaikurnai and Monero Ngarigo.

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aboriginal flag float-start torres strait flag float-start

Acknowledgement of Country

RMIT University acknowledges the people of the Woi wurrung and Boon wurrung language groups of the eastern Kulin Nation on whose unceded lands we conduct the business of the University. RMIT University respectfully acknowledges their Ancestors and Elders, past and present. RMIT also acknowledges the Traditional Custodians and their Ancestors of the lands and waters across Australia where we conduct our business.

More information