Money, Money, Money

Posted by Toni Simpson on 14 July 2014

I recently attended a presentation by Strategic Pay of the results from their annual remuneration survey.  Over 1000 NZ organisations took part, with remuneration data provided on over 125,000 employees.

Some interesting outtakes included:

  • Inflation remains low and is likely to remain that way for some time.
  • Business confidence is up and the 6% unemployment rate remains steady
  • The overall average wage increase was between 1.9% - 2.5% depending on level of role
  • Overall pay difference between the centers remains static (1% Wellington to 3% Auckland), with Christchurch (understandably) starting to catch up to the general market as a result of the focus there in last few years
  • Largest increases were in Sales, Trades and Marketing roles, with Legal/Risk and Engineering roles following.
  • IT roles sit at 3% increase – similar to previous years
  • There is still gender inequity – with males paid 7% higher than female colleagues in the same level role (these tend to be the higher you go up the more difference in pay equity)
  • Most organisations are budgeting salary increases of 2.7%
  • 84% of respondents offer some form of work life balance benefit to employees, (such as flexi time/ job share or working from home) to supplement salary increases
  • Life Insurance, bonuses and incentive pay and car parking are offered as benefits

Salaries can be one of the largest expenses in a small business. Get in touch with us if you'd like to better manage your remuneration reviews this year and get the best return for your investment. 

- Toni 

Posted in: Pay & Benefits  

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