In March, we published the 10th edition of PACE – an annual study of market conditions and salaries for organisations operating in Victoria’s Town Planning, Architecture, Engineering and Construction industries.
Here’s our top 8 takeaways for people working within those industries.
1. Work from home is here to stay
79% of companies will offer hybrid work to staff in 2022, with the most common structure being three days in the office and two days from home (44%). Three years ago, remote work was a perk offered by a select number of businesses in our industries. Now it’s the norm and a reasonable expectation when looking for a new role.
2. Talent is in short supply
52% of firms experienced difficulty hiring in 2021, while 50% don’t currently have the talent required to deliver organisational objectives in 2022. While this shows that there are external opportunities at other firms, it also means that there are likely to be internal options in your current company that you could talk with your manager about you stepping up into.
3. The impact of COVID is easing
While 57% of companies report to have already recovered from the impact of COVID, a further 30% expect to have recovered by the end of 2022. We hope and expect that this will provide companies with more confidence about what the future holds and clearer career opportunities for their staff.
4. Business is booming and confidence is high
70% of firms anticipate business activity to increase in 2022, while only 4% predict it will decrease. A rising tide floats all boats!
5. Hiring is on the up
57% of firms expect staff numbers to increase in 2022, while only 3% expect numbers to decrease. There will be plenty of career opportunities available in 2022. Keep an eye on the market, but also understand your own company’s hiring intentions.
6. So too are resignations
At 11.3%, 2021 marks the highest level of employee turnover in the 10 years that PACE has been reporting. This means that you may not need to jump ship if you want to grow your career – just because you can’t see the next role for you today, doesn’t mean it won’t exist tomorrow.
7. Accepting counteroffers is a bad idea
Of those employees who accepted a counteroffer when resigning in 2021, 65% ended up leaving within 12 months. We’ve written about it before, and we’ll write about it again, be cautious when considering accepting a counteroffer – it more than often does not work out.
8. Salaries are increasing
The average salary increase in the most recent round of performance reviews was 6.4%, while businesses plan to increase salaries, on average, by a further 4.8% in 2022. Negotiating salary increases can be challenging. Be sure you know what the market is doing and read our tips on The Dos and Don’ts of Negotiating a Salary Increase.
For more market insights and comprehensive salary information, download a copy of the 2022 PACE report today.