I have 2 sons who work in the mining industry as HD Fitters, their closest friends are also Fitters, and I can tell you this; nobody knows the market movements of pay rates better than my boys and their peers. 😂 They are up to speed and making strategic moves to increase their earnings a good 6 – 8 months before their employers seem to cotton on there’s been some market shifts in pay that they need to address.
I’ve collated salary data over the past 4 years from leading salary guides to demonstrate the impact of skills shortages, closed borders & new perspectives on living on HD Fitter (mining industry) market pays
There’s been a 21% increase at the bottom end of the range just in this financial year alone, the upper range has increased by more than 50% in the past 3 years. If you are in this cohort, and aren’t taking a strategic approach to setting salaries, then there is a very good chance your rates of pay are longer competitive.
While other occupations within the mining industry haven’t seen the jumps like HD Fitters, there have been some significant movements. Dump Truck Operators have only seen a 1% increase over 3 years at the lower end of the pay range, however, there has been a notable 23% increase at the upper end of the range.
Outside of the mining industry, Financial Accountants in general have seen a 15% increase in salaries since 2019/20, yet administration based positions have seen very little movement.
How an organisation pays and rewards its people has a big impact on its ability to attract the best talent, ensure that they are challenged and motivated and whether or not they will stay with your organisation. When we partner with our clients we are looking to support the overall organisation strategy, the HR strategy and the desired organisational culture. To be effective, the strategy needs to consider the internal relativities between roles; the organisational needs & values and the external market.
In taking a strategic approach to looking at remuneration and benchmarking total packages we can determine if you should take a temporary or permanent approach to address pay issues. We can consider your employee demographic, industry trends, employee engagement and the future of work in making recommendations to suit your organisation. We can look at non-financial drivers of attraction & retention.
Catch up on our Future of Work blogs HERE
The Leadership Factor
Organisations are only as successful as their approach to hiring the right people, setting clear expectations, engaging employees, managing performance and recognising and rewarding employees for a job well done. If you would like a strategic approach tailored to your specific business needs contact us to arrange an obligation free chat about how we can help.
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