Shifting salaries and wage growth: where are the changes in this year’s Salary Survey?

Pro Bono Australia’s annual Salary Survey tracks movement in salaries across the not for profit and for-purpose sector – making it easy to keep an eye on how salaries shift from year to year.

Over the past year, salaries across key job titles have shifted significantly. Roles such as CEO, COO, Finance Manager, and Marketing Manager, range from 18 per cent to 7 per cent in increases over the past year. More generally in 2024, increases across roles range from one per cent to 18 per cent.

Let’s take a closer look at the state of the for-purpose and not for profit salary market, and how this compares to the salaries elsewhere in the workforce.

What is happening in the wider market?
Commentary in the media has focused heavily on low wage growth over recent months. According to the Australian Bureau of Statistics, annual wage growth from March 2023 to March 2024 was 4.1 per cent, down from 4.2 per cent last quarter. In the private sector, wages rose by 4.1 per cent, compared to 3.8 per cent in the public sector.

As detailed in this year’s Salary Survey, across all roles, there is strong variation in salary increases of between one per cent and 18 per cent.

Which jobs have shifted salaries in the NFP sector?
According to Salary Survey data, CEO salaries have shifted upwards on last year’s numbers, up seven per cent with a higher increase in total remuneration excluding incentives. These increases varied by location and by organisation size. Significant increases were also seen in salaries for Finance Managers and Treasurers, with the median salary 18 per cent higher this year. Smaller increases were seen in other areas of management across the sector. However, General Managers experienced a one per cent decline in median base salary, and Total Remuneration Excluding Incentives also dropped. Team Leaders experienced an even greater drop, although the Average Base Salary for those in this field has not changed since last year. Caution is advised when interpreting these figures as they vary across location and organisational size. Refer to the 2024 salary survey for more detail.

Compared to salaries in the public and private sectors, for-purpose sector wages broadly have increased at a faster rate, which will potentially assist in attracting new staff looking to increase their pay packet in the cost of living crisis.

When applying the findings of the Salary Survey, it’s important to remember that individual experiences will vary according to situational characteristics, like fluctuations in survey participants, and incumbency of participants.