At a glance
- Three in five workers feel underpaid, with satisfaction varying widely across salary levels.
- Skills shortages now centre on human skills like communication, not technical ability.
- AI is increasing job application volumes while reducing the suitability of candidates.
New research from recruiter Hays has highlighted widespread dissatisfaction with their salaries, with three in five believing they are underpaid.
Hays APAC CEO Matthew Dickason says the latest data shows that although 84% of businesses have experienced a skills shortage in the past year, the missing skills are less likely to be technical.
“Almost right the way across the board there is a shortage of human skills and that needs an education piece and training, but it doesn’t mean there aren’t people with the right technical skills and knowledge available to do a great job,” he says.
“Almost everyone in this current age needs to improve communication and teamwork skills as we segue to an even more digital environment.”
Dickason says the impact of AI here is clear.
“Suddenly the volume of applications has increased significantly, and often with highly exaggerated CVs and AI-generated cover letters which overly embellish,” he says.
“Candidates are reporting that it takes far more applications to land a job, and often the higher-quality candidates who refuse to lower their standards are deciding to stay where they are.
“Those desperate to find a new job continue to apply in even larger numbers and for longer periods, becoming more and more willing to lower their demands. As a result, organisations are reporting a greater number of applications and a lower suitability of candidate.”
Dickason says the data also shows enormous variation in people’s satisfaction with their salaries, driven in part by cost-of-living increases.
“There are a portion of people earning over $250,000 who are dissatisfied with that, and a number earning less than $50,000 who are quite happy,” he says. “Many who get a pay rise of greater than 20 per cent feel underpaid; some receiving nothing feel fairly rewarded.”
To help accountants navigate this landscape, Public Accountant dove into the latest data on accounting salaries and roles to help you see how your own salary compares.
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