If you are looking to develop your career but do not know which path to take, it is necessary to weigh up the pros and cons of each job that you are considering, such as the opportunities for wage growth.
Wage growth in today’s turbulent employment sector is not easy to come by as many industries have been forced to implement wage cuts and freezes that could last for many years to come.
If you are looking to develop your career in an industry that offers the opportunity for wage growth, below are some of the most advantageous industries for achieving this:
- Mining, oil and gas exploration
- Professional, scientific and tech services
- Information, media and companies
- Wholesale trade
- Science and biotechnology
- Transportation and warehouse/storage
- Arts, entertainment and recreation
- Finance and insurance
- Healthcare and social assistance
- Business operation support services
According to reports, the biggest rises in wage growth have been experienced in the healthcare industry, where a 9.4% increase was reported. Following this, the architecture and engineering industry experienced an 8.6% increase in wages, while the science and biotechnology sector reported a growth of 8.1%.
Despite increases being experienced in other sectors, their development was minor, at 3.1% in retail, 2.6% in legal and 0.8% in the food services industry.