Our 2018 Innovation Salary Guide offers key recruitment insights and salary ranges for innovation professionals in Sydney.
|Role||Annual Salary (ex. Super)|
|Innovation Manager||$130,000 - $160,000|
|Head of/Director of Innovation (Group)||$220,000 - $350,000|
|Head of/Director of Innovation (Business Unit)||$180,000 - $220,000|
|Fintech Manager||$140,000 - $170,000|
|Head of Partnerships||$220,000 - $300,000|
|New Venture Manager||$180,000 - $300,000|
|Product Innovation Manager||$150,000 - $200,000|
|Head of Product||$180,000 - $220,000|
|Product Director||$200,000 - $300,000|
|CX Analyst||$110,000 - $130,000|
|Customer Experience Manager||$125,000 - $160,000|
|Customer Experience Director/Head of||$180,000 - $250,000|
|Human Centred design manager||$130,000 - $160,000|
|Customer Centred Design Manager||$130,000 - $160,000|
Innovation is allowing smaller businesses to compete with many larger organisations, while still offering large businesses the opportunity to find better, faster ways to get the results they need. This year, we’re expecting a solid demand for innovation managers, customer experience managers, and product innovation leaders.
This sector is seeing a number of challenges, mostly due to a lack of understanding and failure to pinpoint exactly what hiring managers are looking for. Team structures are often not definite, which creates a distorted view of the level which people should be entering the business. Another key issue is around HR and that the organisations building innovation capabilities do not necessarily have full sign off for the types of skills they’re looking for.
Usually, these organisations are attracted to candidates with a blend of skills that can offer unique perspectives on the market. However, this can mean they struggle to get permission from HR for external hires since they can’t define the exact candidate they’re looking for. As a result, they’re often forced to use internal candidates. This results in a need for HR and hiring managers to be educated so they can better understand where to find high-quality candidates with the necessary skill sets.
There is a relatively even split between male and female employees in the innovation space. One of the biggest issues for recruiting into this space is simply that the hiring processes are not matching the innovative approaches taken by clients. While there is plenty of talent abroad, some organisations are struggling to onboard these candidates as HR is denying sponsorship. Experience in Asia, Israel, the US and the UK is well regarded in Australia, and candidates with existing visas will find it relatively easy to get a foot in the door locally.
Last year we saw a heavy focus on permanent recruitment. In 2018, we’re expecting to see a shift to contract roles as organisations want to grow their businesses without the commitment of permanent staff.
We’re expecting salaries to stay the same in 2018, although fluctuations will occur as organisations hire across multiple levels and segment experience levels into salary bandings. Going forward, innovation is expected to continue to grow as more businesses gradually focus on building innovative cultures internally. It will be interesting to see how HR can work with organisations to find candidates with the right level of skill and experience to bring new ideas to the industry.