Written by Strategic Pay on September 5th, 2018
This article was published in the August/September Issue of Employment Today.
Remuneration specialists, Strategic Pay Ltd are proud to announce the publication of the 2018 New Zealand Remuneration Benchmark Report.
The New Zealand Remuneration Benchmark Report provides comprehensive information on remuneration and benefits for over 450 individual benchmark positions across the country. The 2018 Report contains more detail and analysis than ever before.
Containing specific data from more than 500 organisations, representing over 164,000 incumbents, this comprehensive Report allows business leaders in all New Zealand industries to gain the insight they need to make strategic decisions. Whether this is around remuneration itself, benefits / rewards, tenure, gender splits, employment practices and more, data is broken down into segments so organisations can find the exact information that adds value.
There is a great need for up to date information that can influence policy and decision making. We can see that salary movements are increasing at a slow pace with overall market movements of 2.2% in the last 12 months. The largest movements were in Trade and Labouring roles (3.4%) and lowest movements in Policy and Planning roles (1.1%) and Health roles (1.2%).
“Organisations are forecasting an average rise in payroll of 2.4% for the year ahead but we must be careful to acknowledge the implications of what is happening in the labour market” says John McGill, CEO of Strategic Pay.
The Private Sector is forecasting a median 2.6% rise whilst the Public Sector is forecasting a 2.1% rise. Note that our Public Sector includes Central Government, Education, Health and Local Government and the figure is the median across all those groups. The payroll increases are in effect reflective of organisations’ budgets and, once set, reflect their funding (in the case of Public Sector organisations) or pricing (in the case of those in the Private Sector). The recent pay settlements, upcoming minimum wage increases and discussions around teachers and nurses pay mean that employers will have to deal with rising expectations and constraints of budgets.
“Having experienced a period of price and wage stability for a number of years, the growing expectations and vocal statements of a number of groups suggest we are likely to see increased wage inflation in the year ahead” says John McGill.
External benchmarking is key to any salary review process, not only to retain staff, but also to drive higher performance. The New Zealand Remuneration Benchmark Report has the largest dataset of its sort in New Zealand and is the ideal source for large corporates, small to medium enterprises, not for Profit entities and public sector organisations.
"The Report is a cost-effective way for business leaders to be introduced to remuneration and benchmarking to retain and attract the best talent, particularly in the current market" says Santa Harvett, Strategic Pay Market Information Manager.
New additions to the 2018 New Zealand Remuneration Benchmark Report:
- Greater focus on construction and engineering sectors - With these industries experiencing growth as well as new pressures, this year we have expanded specific components around construction and engineering.
- Increased detail around tenure - As the baby boomer generation continue to increase tenure and pay expectations, the Report details how long individuals are spending in certain roles and at different levels.
- Gender comparisons - Pay Equity remains one of the major topics in the NZ employment market. The Report provides gender breakdown analysis across sectors and job positions.
- Employment policies and practices - With policies and practices such as KiwiSaver becoming more prominent in the NZ market, the Report offers insight into uptake and engagement.
Purchase the NZ Remuneration Benchmark Report today
From today, order by emailing email@example.com with the code StrategicPayBlog10% before 30 September 2018 to receive a 10% discount.
Organisations that also contribute data to the Strategic Pay database will receive a further 50% off.