The majority of business professionals believe 2016 will be a good year financially, with nearly three quarters expecting to receive a pay rise and/or bonus across New Zealand.
The Robert Walters survey of more than 500 New Zealand professionals on their expectations of their annual pay, benefits and incentive packages, revealed some interesting data about how this group view the next twelve months.
For example, 75 percent of IT professionals are looking to change jobs in the near future and those in the human resources sector are the most optimistic about the possibility of receiving an increase in remuneration in 2016.
This positive outlook across the whole sector is no doubt fuelled by the fact that 59 percent of the professionals surveyed received a salary increase in 2015, and 31 percent received a bonus.
In analysing the results, James Dalrymple, Director of Robert Walters Auckland believes the survey findings are reflective of a healthy economy.
“The New Zealand market conditions have been more buoyant in 2015 with businesses being cautiously optimistic,” Dalrymple says.
“This has helped set the tone of professional’s optimism for a salary increase in 2016, with 69 percent anticipating a pay rise and almost 40 percent expecting a bonus.”
The survey also identified some clear regional differences, with Auckland professionals being the most optimistic about an increase in salary and the possibility of a bonus in 2016.
Findings show that 75 percent of Auckland professionals are anticipating a salary increase in 2016 compared to 63 percent in the Wellington region.
Aucklanders are also far more confident about receiving a bonus with 49 percent expecting a reward in contrast to only 23 percent of professionals in Wellington.
“Once again we’re seeing that the Auckland professionals have higher expectations for a salary increase in 2016 than other regions,” adds Shay Peters, Wellington Director, Robert Walters.
“This is no doubt due to the increasing strength of the employment market and demand for talent in the City.
“In Wellington we are seeing that professionals are lowering their expectations for receiving a bonus compared to this time last year and this is no doubt reflective of the Public Sector industry tightening its belts, which is a large part of the workforce in the region.”
The survey also found that professionals in New Zealand predominately value opportunities for career progression over any other factor when assessing job satisfaction and looking for a new role.
Almost a third of professionals (30 percent) will change roles to improve their salary package.
“A competitive salary package will always be important, but employers should focus on offering and promoting genuine career pathways when seeking to attract and retain the best talent,” Peters adds.
The professions surveyed included accounting, banking, financial services, human resources, information technology, procurement, supply chain, sales, marketing and secretarial and business support.
Dalrymple advised that the general themes across all the industries remain “fairly consistent”.
“Organisations are giving more thought to how they can structure attractive and competitive benefits packages while at the same time candidates exploring new opportunities take into consideration benefits such as health insurance, maternity leave conditions, free or subsidised car parking in the main centres and flexible working conditions,’ he adds.
The findings revealed that those in the sales and marketing received the biggest pay rise this year out of any of the other industries surveyed.
Almost three quarters of sales and marketing professionals surveyed (70 percent) received a salary increase in 2015, while 39 percent received a bonus payment on top of their base salary.
Looking ahead, the survey predicts that three quarters of IT professionals (75 percent) are looking to change jobs in the near future.
In addition, just over half the IT professionals surveyed (53 percent) received a salary increase in 2015, while only 21 percent received a bonus payment on top of their base salary.
Going forward, the majority of IT professionals (61 percent) are anticipating a pay rise in 2016, and 29 percent are expecting to receive a bonus.