The most recent Industry Report from CareerJunction has identified the professions experiencing the most significant salary reduction in South Africa at present, revealing monthly earnings decreasing by up to 24% on a year-on-year basis.
The report offers an in-depth examination of the current online job market landscape in South Africa, emphasizing the balance between the availability and demand for various occupations.
Based on data gathered from 5,000 prominent recruiters, agencies, and employers who post job opportunities on the CareerJunction portal, the report reveals noteworthy insights.
According to the company’s most recent Industry Report, there is a notable 13% reduction in hiring activity in September 2023 compared to the preceding year, coupled with a 12% decline in activity from July 2023.
The decline in hiring is predominantly attributed to a sharp decrease in recruitment for Admin, Office and Support professionals. Despite this downturn, certain job sectors remain in high demand in South Africa. Notably, Building and Construction has experienced a noteworthy 22% surge in demand compared to the previous year.
Over the past 12 months in South Africa, the sectors offering the highest salaries were Business and Management, Information Technology, and Architecture and Engineering, as indicated by the posted job openings.
Presently, the most lucrative role in the country is Executive Management or Director, commanding a monthly salary in the range of R91,667 to R125,000. Following closely as the second highest-paying position is that of a Technical or Business Architect, offering a monthly salary between R65,000 and R90,000. Securing the third position is a Consultant Engineer, with a median salary ranging from R43,204 to R70,833 per month. Occupying the fourth and fifth positions are Mechanical and Civil or Structural Engineers, respectively, earning monthly salaries within the ranges of R33,333 to R66,667 and R41,667 to R65,833.
Occupations Experiencing the Most Significant Year-on-Year Salary Reduction:
As outlined in the report, when comparing salary offerings among the highest-paying professions, CareerJunction observed a declining salary trend prevalent in specific sectors. This trend is largely attributed to a decrease in demand for particular skills and a more general scarcity of talent.
The report highlights Electrical Engineering as witnessing the most substantial salary decrease, dropping by 24% to a range of approximately R30,000 to R50,000 per month. Following closely in the second position is IT Project Administration/Management, with salary offers contracting by 10% to the range of R50,000 to R60,000.
Despite holding the title of the highest-paying position in the country, Executive Management/Director occupies the third spot, experiencing a 7% reduction in salary over the past 12 months.
The remaining top five positions featuring jobs with the most significant salary decline in South Africa, including those aforementioned, are detailed in the table below.
Source: Businesstech, 2023
