Thanks to artificial intelligence (AI) and digital developments, your biggest competition in clinching your dream job, could be a machine. Even in this current day-and-age, AI has successfully contended in taking over some jobs within agriculture, journalism, tourism and more. It, therefore, becomes important to take a good look at salary hike trends.
What’s the fuss about calculating salary hikes?
Adulting is all about knowing that there’s often more than what meets the eye. There are underlying factors such as inflation that are affecting your money. Inflation is to some extent calculated by a rise or fall in the price of basic commodities, such as sugar, mealie meal, meat, eggs, fish oil, water, petrol, electricity and so forth. Your salary increase needs to be benchmarked by inflation.
A pay check must take into consideration food inflation, fuel levies, tax hikes, school fee hikes, increased medical aid schemes, electricity spikes and more. Industry experts argue that according to stats and figures, inflation increase is not a new phenomenon. Research indicates that electricity and fuel price hikes have been rising by an average of nearly 14% over the past decade.
So, when picking a career – in the midst of all these economic, technological and societal influences – your salary should ideally be able to sustain your quality of life.
Careers with below average salary increases
According to Adzuna, an online job hunting search engine, an analysis of over 100 000 online job listings in South Africa revealed that salaries have increased by about 7% (average) in the past year.
That said, it is essential to highlight that this growth has not affected all industries. For example, construction and financing employees experienced below average growth of about 2%.
Careers with above average salary increases
If history is anything to go by, even during a recession or under tremendous pressure, there is always a minority that thrives. Likewise, it’s worth noting that based on Adzuna’s analysis, various salaries in the IT sector have increased by an average of more than 10%. Web developers, for example, have seen pay increases of about 15%.
Student life needs to prepare you for current and future jobs. Career counselling should focus on solutions, adaptability and remaining relevant. The career you pursue should go beyond just passing your exams to give you an advantage for when you are job hunting or looking at being an entrepreneurial boss.