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Top industries and market related salaries

Understand how industries shift so you know where to exert power during recruitment negotiations. In sectors of high unemployment, job seeker financial needs will be sacrificed for business profitability and sustainability.

If you look for jobs in industries that show least growth – you will be more open to an aggressive recruitment strategy that tries to undermine your value in a struggling sector.

When you see job adverts that don’t disclose the salary range you must be careful. Information is withheld from applicants as it strengthens the employers position during a wage negotiation.

If you respond to a job ad for a company in a top performing industry and the salary information is withheld – it’s because their success has made them greedy. They withhold information and want to dominate you during a negotiation.

They may even use wage trends in under performing sectors in an effort to justify a low offer. They will say they have a large ‘unemployed pool’ to draw from.

Let them!

Organisations who hide information from potential applicants are letting you know they cannot be trusted. If they are currently thriving yet unwilling to engage in fair labour practice then they are not where you want to be. You don’t deserve unfair treatment and to be stripped of your dignity.

Section 23 of the Constitution is an embodiment of fundamental labour rights. Section 23(1) reads as follows: “(1) Everyone has the right to fair labour practices.” 

Market Related Salary

Poor performing industries are likely to drive market related salaries down. A ‘market related salary’ is based on what you are prepared to accept. If an applicant accepts a low wage they reduce the value of the market rate.

Struggling sectors cannot afford to pay competitive rates so you must decide if you want to help save the sector by working for a low wage or if you want to acquire new skills and seek employment elsewhere.

Go elsewhere!

Job Applicants Must Have Transferable Skills

If you only have skills relevant to a shrinking industry, your potential employers will be under pressure to negotiate your wages down.

You want to know where the booming industries are so that you make yourself attractive to them and move out of a declining industry.

Globally, access to skills development and a workforce willing to be retrained are essential for economic success.

From Mining and Manufacturing to Finance and Government

The graphic below illustrates major shifts in industry growth and development.

Why people work for less pay or below market rate

 

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