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Why you should invest in the 2018 New Zealand Remuneration Benchmark Report

Written by Don Young on July 31st, 2018.      0 comments

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Written by Don Young on July 31st, 2018

The New Zealand Remuneration Benchmark Report 2018 is the most comprehensive benchmark remuneration survey report available right now. The Report consists of data gathered from from 538 organisations for over 163,000 employees across the nation. It provides robust remuneration data and employment practices on which businesses can base pay and benefits packages. The Report is an extremely important tool, let's look at what it covers and why it's essential your organisation invests in a copy. 

The 2018 NZ Benchmark Report: What's inside?
The Report looks at a wide range roles found in organisations of all kinds, providing data on 482 discrete benchmark roles across 21 functional categories. Roles covered range from the fairly generic to those that are more specialised. The report also offers graded distinctions between entry level, mid-level and more senior level role types to provide the most accurate picture of what is applicable to roles in your organisation.

Besides remuneration levels, the Benchmark Report also has significantly more information relating to:

  • Benefits and rewards: In short, the report provides information on who is getting what. With clear explanations and statistics around benefits like superannuation, annual leave and bonuses, it provides precise data on rewards and benefits in your industry.

  • Employment practices: The report provides an overview of common practices across New Zealand. This covers things like amount of annual leave and shift allowances.

The benefits it provides your business
The most significant benefit the Benchmark Report will provide your business is real data on which to base remuneration packages. You'll be able to determine whether you are paying your staff fairly, with solid evidence of pay levels split into organisation size, staff numbers, regional variances, sector variances, and industry pay levels on which to base offers, negotiations and reviews. Purchasing the Benchmark Report gives you a solid footing from which to address pay negotiations or adjustments, and peace of mind.

All too often, discussions about pay rely on anecdotal evidence, and many organisations make it up as they go along. Some might argue that if an employee agrees to work for a certain salary, then it is irrelevant what people are paid in a different organisation. This approach does not come without risk: the risk of losing good people and the costs associated with recruitment and training. Or the risk of a knee-jerk reaction to a squeaky wheel based on flimsy information which turns out to be regrettable for so many reasons.

Why is good information so important in 2018 particularly?
Fair remuneration is always relevant, but it's particularly important in New Zealand's current job market. With a change in Government, a recent increase in minimum wage, high property prices, strident demands from various groups and the living wage being hot topics for discussion, expectations have been raised. To date, a lot of the movement has been confined to the public sector (for example, the increased wage for residential care workers), but it has already begun and will continue to flow over into the private sector.

Managers are going to be faced with requests for higher pay, and it's not just the squeaky wheels who will want answers. When pay goes up at the bottom (the minimum/living wage), supervisors and managers will want to see internal and external relativities retained- they have their data set, do you have yours?

The Benchmark Report is that resource. Clear, robust data on 482 jobs in various contexts to give you the substance on which to manage expectations and set affordable priorities.

What's new for the 2018 report?
This year's Benchmark Report contains a number of new additions:

  • An increase of 23 more benchmark roles.

  • A new section dedicated to the Construction sector

For an overview of the report, click here. For more information on the report or to purchase a copy, get in touch with us now.

 

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