Of the industries considered in the data, government employees were most likely to be looking for or planning to look for a new job (87 per cent of employees), followed by banking (84 per cent), healthcare (84 per cent), manufacturing (79 per cent) and construction and engineering (each 78 per cent).

Naturally, not all employees have the skills or experience to attract the biggest pay rises on offer. But for those who do, the rewards on offer are significant.

“The unexpectedly high salary in mining is for anyone who can operate a jumbo – the heavy excavators,” says Dickason. “Because of its specialised nature, jumbo operators can in some instances earn up to $330,000. It’s a larger salary than a registered mining manager, who typically makes $300,000.”

For those out of the mines, industries most likely to get a bump in pay based on employer expectations include accountancy/finance, human resources, engineering, marketing and life sciences.

Looking beyond the bottom line of individual employees, Oxford Economics director Kristian Kolding believes the survey data supports the evidence that the economy is slowing and the labour market is softening.

“The unprecedented volatility of the past few years is now behind us – the challenge for businesses and employees will be to find a path to success in the new-normal world,” he says.

With 75 per cent of employees working remotely or hybrid, and those numbers expected to hold, the “where” we work now seems settled. As for the “how” of employers funding pay rises? That comes down to productivity.

“As an economist, I would argue that the employers who enjoy an increasingly productive workforce will be the ones who can best afford to provide pay rises beyond the rate of inflation,” Dickason says.

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