Insurance and super jobs come tops in pay increases

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The insurance and superannuation sector has seen the highest salary growth over the past year, according to the results of job search website Seek’s national salary survey.

The sector experienced 6% growth, equal for salary growth top place along with the sport and recreation sector.

Job role breakdowns within the sector shows those working in superannuation experienced the highest salary change with 11% growth. Those working in claims experienced an 8% growth, and brokerage and underwriting 6% and 5% respectively.

Unfortunately for risk consultants and advisers, there was no percentage change, with the average salary decreasing very slightly from $97,300 in 2012 to $96,951 last year.

In other bad news, financial planners also experienced 0% growth, with the average salary moving slightly from $80,165 in 2012 to $80,353 last year.  

Seek spokeswoman Sarah Macartney told Wealth Professional while there is no in-depth analysis of why each job role’s salary rose or declined, the superannuation sector is continuing to grow and employ more people which would contribute to salary growth.

“I suspect the [superannuation sector] will continue to need more people to support it, and this makes the job market more competitive. That means a hike to salaries as better quality workers compete for jobs."

The challenging economy of the past couple of years would likely have affected financial planners’ salary, Macartney said.   
The Seek salary review compared the salary information from all jobs posted on Seek during 2012 and 2013, and surveyed more than 1000 working Australians.

New South Wales offered the best chance in 2013 for jobseekers to secure a pay increase with 63% of industries offering higher salaries, followed by Victoria (60%), Western Australia (58%), Queensland (53%) and South Australia (52%).  

The average salary advertised on Seek in 2013 was $81,055, a slight decrease from $84,458 in 2012.

Those job-seeking in the construction and engineering sector would have been disappointed to find salary decreases of up to 21% for some roles.

According to the research, 46% of employers believe younger workers have unrealistically high expectations regarding their standard of living, and put pressure on employers to meet their demands.

Furthermore, 73% of employers believe high salary expectations are having a negative impact on the economy.

Not surprisingly, 43% of younger employees believe that Australia’s high standard of living demands ‘fair’ wages to be paid by employers. 

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  • Alan on 5/02/2014 12:12:31 PM

    Hard to believe that risk advisers average salary is so much more than planners, how was this research conducted? If Financial Planners average is only $80,000, that is pretty terrible for all the nonsense they have to put up with not to mention the responsibility and accountability. Even a well paid office secretary/personal assistant can earn that these days in a larger company. I wonder what the average is for the corporate boffins in the financial institutions, banks and insurance companies is? One can only imagine.

  • Innocent Observer on 6/02/2014 12:22:34 PM

    Yep, what Alan said.

    Maybe the rates are based on advertised rates under a search of "financial adviser" or something (this would include support staff)... Or possibly salaries aren't advertised as often for senior advisers?

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