The latest Chartered Accountants Australia and New Zealand (CA ANZ) Remuneration Survey Report has been released, with 58 per cent of respondents reporting a pay rise over the last year and 68 per cent listing flexible working as the top non-paying benefit.
CA ANZ Chief Executive Officer, Ainslie van Onselen, said more than 8,300 CA ANZ members took part in the survey, up 41 per cent on the previous year.
"In today's challenging economic environment, members want to better understand their remuneration and benefits compared to their peers, while employers are looking for the best way to recruit and retain talent, which is why our Remuneration Survey is so important," Ms van Onselen said.
It's not just about the remuneration
The data reveals a three per cent rise in overall total median remuneration for full-time employees, consistent with growth recorded in 2023. Those working part-time reported the biggest overall total median remuneration increases of four per cent in Australia and seven per cent in New Zealand.
Forty-two per cent of those aged 20 to 29 reported a 7.6 per cent pay increase in 2024, compared to 12 per cent of those aged over 50.
As members gain experience, those with six to 10 years' experience report a significant increase in total median remuneration, to $126,880 in Australia and $118,300 in New Zealand.
"Younger people are keen to reach the next stage of their career, and rightly so, with 81 per cent listing career progression as their top non-remuneration benefit," Ms van Onselen said.
"That makes sense from a development perspective, but also in terms of remuneration, where we see those with six to 10 years' experience earning 41 per cent more than those with zero to five years' experience in Australia, and 53 per cent more in New Zealand.
"Employers need to tailor their approach to non-remuneration benefits. Although flexible working is the clear number one – we can clearly see different priorities across the generations and genders. For example, meaningful work is more important to those over 50, versus younger people prioritising learning and development opportunities.
"In a competitive talent market, it is essential for employers to effectively communicate non-remuneration benefits, such as career development, learning opportunities and flexible work options, as part of their talent attraction and retention strategies."
All members, regardless of age or gender, agreed that flexible working is the top non-pay benefit.
Gender pay gap remains too wide
The Remuneration Survey also highlighted the profession's gender pay gap, of 18 per cent in Australia and 22 per cent in New Zealand.
Contributing to the gap is the gender imbalance in equity partnerships. Women hold just 23 per cent of equity partnerships in Australia and 38 per cent in New Zealand. In comparison, the peak legal organisations report equity partnerships held by 29 per cent of women in Australia and 34 per cent in New Zealand.
Pleasingly, members see the need to respond to this issue, with 55 per cent of respondents who acknowledged the gender pay gap also calling for more women in senior leadership roles, and nearly the same amount demanding greater pay transparency.
Systemic bias is listed by members as the number one reason for the gender pay gap, followed by carer responsibilities. Sixty-five per cent of women reported more significant career impacts from taking parental leave, compared to 35 per cent of men who typically take less time away from their careers.
"There is clearly more work for all of us to do to close the gender pay gap," Ms van Onselen said.
"It will involve education about the gender pay gap, with a particular focus on engaging senior leaders, to understand the issue and commit to driving solutions.
"Interestingly, this year we asked members to define the meaning of a gender pay gap and found that many still conflate pay equality with the gender pay gap, despite them being quite different concepts. This suggests CA ANZ needs to provide greater education and discussion.
"To address the gender pay gap, we must create strong pathways into and through the profession for women and enable both men and women to take on carer duties. We also need to continue to foster inclusive workplaces where a person's talent is not overlooked by traditional biases and inequitable access to opportunity.
"There are many practical actions employers can take, including setting goals, increasing the representation of women in senior roles, ensuring pay transparency and leveraging robust data analysis to uncover and address systemic biases, as laid out in our Gender Pay Gap Playbook."
