Despite Australia’s economic performance during the COVID-19 pandemic, largely led by the resources sector, the 2021/22 HAYS Salary Guide paints a bleak picture for the mining workforce.
HAYS claim in their 2021/22 Salary Guide (PDF) that “Australia’s mining sector has experienced another busy year, with exploration, coal, iron ore, and gold mining particularly active and a shortage of skilled professionals creating strong career advancing opportunities for those in demand”. The guide also highlights a gap in salary expectations between employers and employees and a significant issue with employees seeking to leave their current employer.
The key insights are quite telling. Whilst 42% of employers in the sector say they will increase salaries by up to 3% at the next Salary Review, 65% of employees are chasing a salary increase of greater than 3%. That’s quite an expectation gap. And this is coupled with 78% of employees in the sector right now who are looking for a new job or are open to new opportunities in the next 12 months. If this expectation gap isn’t bridged will the potential attrition rate of 78% increase? Whilst the reasons for the 78% number don’t include salary (they include a lack of promotional opportunities, concerns about job security, poor management style, and poor workplace culture) it may just warrant a mention if the gap isn’t bridged come Salary Review time.