Have you seen AREEA’s new Workforce Insights report, offering unique and unrivalled data information exclusively for AREEA members?

With the next round of survey data collection now open, AREEA encourages you to get involved and unlock the full potential of our new partnership with BDO Remsmart – the country’s leading provider of remuneration survey services.

In the meantime, see below our February edition’s biggest workforce trends set to shape 2023.

1. Continuity is important and companies are paying to market

Organisations are forecasting 3%-5% salary increases over the coming year despite CPI forecasts of 5% for year end 2023.

Critical skills are earing increases significantly higher than the norms.

Across the Resources and Energy sector, several key roles are driving premiums and remain most difficult to fill. These roles can be paid between 8%-12% higher than the rest of the market and include:

• Trades (Fitters, electricians)
• Engineers (project and processing engineers)
• Environment and sustainability roles linked to ESG agendas
• Technology (developers and technical specialists)
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2. Make variable pay count

In a strategy to limit increases in base pay, employers have been looking at changing their bonus structures and introducing targeted short-term incentives.

Short Term Incentive values are being adjusted upwards and loyalty bonuses are being introduced over a 2–3-year period.

How much is being paid? Find out on page 8 in the report.

3. More focus on longer term solutions

Skills shortages being experienced across the resources and energy industry are expected to persist over the long term. In response, as shown in the Workforce Insights Survey, employers are seeking to address shortages through a systematic approach.

Read what common strategies employers are utilising – also page 8.

GET INVOLVED IN THE NEXT SURVEY ROUND

Those AREEA members not involved in the Remsmart and Workforce Insights data collection are missing out on a key value driver of AREEA membership.

The Workforce Insights summary report is available to all AREEA members, however those which participate in the survey also receive access to the full array of insights, broken down to sector, region, occupation and more.

Best of all participation is entirely included in AREEA membership with no additional cost.

Learn how to participate in the current survey, which will inform the Workforce Insights report and full dataset to be published mid-year, via [email protected]