PRESS RELEASE | Good News for Australia Based Contractors with Long-Term Contracts and Higher Remuneration
Morgan McKinley’s 2014/2015 Contract Job Trend Data revealed that there is renewed optimism for Australia based contractors in our specialist areas. The contracts are earning more than AUD$100,000 per annum in June-May 2014/15 which is 12% higher compared to 2013/14.
The market analysis which compares contract duration, extensions and salary for Australia based contractors across a range of disciplines found that over half (54%) of contractors were being employed on one year contracts in 2014/15, compared to 20% who were employed for the same duration in 2013/14. In contrast, the majority of contractors in 2013/14 (30%) were employed for only 6 months.
It’s not just good news for contract length in Australia, the data showed that contractors were more likely to be offered extensions (9% increase year-on-year), or permanent roles (6% increase year-on-year) in 2014/15 when compared with 2013/2014.
Salary remained relatively steady for Australia’s contractors with marginal differences from 2013/14 to 2014/15. However, there were a higher number of high earning contractors in 2014/15 than in 2013/2014 (12% year-on-year for ranges AUD$100,000 - $200,000 per annum).
Louise Langridge, Joint Managing Director, Morgan McKinley Australia commented,
“Contracting is becoming a far more popular staffing option in Australia in recent years. Traditionally contractors have been regarded as cover for business as usual roles including maternity or sickness or to assist over busy periods but that is no longer the case. Contractors are very much a part of many companies’ strategy to have a flexible yet skilled workforce. In today’s competitive global marketplace organisations need to innovate and adapt to remain relevant and require skilled project professionals to help them transform their business and deliver this constant flow of change.”
“There are many benefits associated with contracting including flexibility, variety of work, gaining exposure to high profile opportunities, learning new skills and experiencing different company cultures amongst others. Our latest statistics clearly show that contractors are viewed as an essential part of the workforce with organisations increasing salaries and benefits to make the propositions more attractive, and many offering extensions to existing contracts.”
“This uptick in contract demand has been a direct result of specialist skill sets required to deliver business change. There seems to be no relent to the demand for regulatory change specialists as organisations continue to grapple with AML 3, FATCA, GATCA and Basel 3. Outside this we have seen major investment in technology driving demand with particular pressure points in Agile methodologies and Digital expertise.
All of this within a landscape of improving customer experience, simplifying business processes to drive further efficiency and trying to understand how best to drive a competitive edge from data. It is no surprise that while organisations look to transform around these areas, specialist skill sets will be called upon.
We have seen high demand for contract resources across Data, Digital, IT Transformation, Business Change, Risk and Regulatory experts and Process Improvement Expertise .”
The Contract Job Trend Data for 2014/2015 can be viewed here.
Further press information:
+61 (0)2 8986 3103
Notes to editors:
About Morgan McKinley
Morgan McKinley is a global professional services recruiter connecting specialist talent with leading employers across multiple industries and disciplines.
With offices across Ireland, the UK, EMEA, Asia and Australia, the company’s professional recruitment expertise spans banking & financial services; commerce & industry and professional services. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors and thousands of smaller local firms.