Robert Walters had released it’s annual Salary Survey showing salaries in South Africa will increase by 5% on average in 2018. Salaries will see modest rises in line with inflation. However, professionals with highly sought after skill sets can expect to see rises of 12%-15%.
Finance professionals will enjoy the strongest average salary growth at 7%, with legal professionals seeing an average of 5% increases.
“Conditions will continue improving, with confidence increasing among professionals and employers, however salary growth is expected to be more modest in 2018,” says Nic Sephton-Poultney, the country manager at Robert Walters.
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“Professionals who can offer a combination of strong technical skills, industry experience and who meet employment equity requirements will be highly sought after and remunerated accordingly.”
“Finance and legal professionals will enjoy demand of their skills, with SME’s and market leaders expected to continue recruiting extensively in these areas.”
“With competition for top talent extremely high, securing top talent will require employers to operate swift hiring processes, as well as offering a strong employment proposition including a competitive salary and bonus, a clear path to career progression and a flexible working model.”
The highest demand for specialist finance professionals.
Senior EE finance professionals of large firms can expect an average of up to 20% salary increase when moving jobs in 2018, as firms look to attract top EE talent in a limited skills pool.
“With the Finance Charter, BBBEE legislation changes and general lack of top EE finance talent; successful EE candidates are being remunerated accordingly and this has increased top end salaries in this category,” Nic Sephton-Poultney continues.
Demand for specialist legal professionals continued to outstrip supply.
Demand is likely to remain focused on mid-level professionals, particularly those with a background in corporate M&A. Employers will continue struggling to source EE professionals, with demand highest for those with transactional skill sets and specialist legislative knowledge.
“As demand for legal professionals continues to out way supply, salaries will increase accordingly. The impact of global firms entering South Africa will become more pronounced throughout the year, with increased competition for candidates driving pay increases,” Sephton-Poultney concludes.