Kiwi employers increase salaries to stay pace with the market [Video]

With businesses striving to retain their staff by helping them battle the high cost of living as the consumers price index (CPI) increased 4.7 percent over the 12 months to December 2023, the newly released 2024 Robert Half Salary Guide reveals the majority of New Zealand employers have given pay rises to their employees.

Private sector wage growth surged to 6.6 percent in the year to December 2023, spurring employers to prioritise competitive compensation for their staff while also exploring additional ways to keep employees from leaving.

Salary remains the key motivator for both employees staying with their company and candidates thinking about a new role.

“During 2023, New Zealand businesses were open to increasing salaries in a bid to remain competitive in the shifting job market following immense change in previous years. The December quarter saw annual growth in private sector wages above six percent and employee salary negotiations …