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While overall real wage growth is expected to be down slightly from last year, this indicator continues to add upward pressure to the Index score for the country in 2013.
Downward pressure from:
• Structural unemployment
• Net in-migration
• International PISA rank
Upward pressure from
• Wage pressure in high-skill industries
• Overall wage pressure
• Job vacancies
Australia's 2013 Index
The diagram below shows how Australia scored for each individual component. The component's all carry an equal weighting but the first four can be considered 'structural indicators' while the last three are compensation based indicators. Each indicator is given a score from 0 to 10.0 and the overall Hays Index score (5.5 for Australia) is a simple average of the seven indicator scores.
View from the ground
"As the score of 5.5 suggests, we are witnessing a degree of skill shortages in Australia. Our recruitment landscape has shifted from mining-led to a system of micro-economies. While demand is not evident in every function in every region, we are seeing sustained demand for specific skills in the more traditional disciplines such as accountancy and finance, IT and sales and marketing. A factor behind much of the demand is the focus of organisations on structural change to drive improved productivity levels. Salary growth will be modest in 2013-14 despite the expected growth in confidence in the economy."
Nick Deligiannis, Managing Director, Hays Australia
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