NZ Finance Salaries Held Up Even During Recession

NZ Finance Salaries Held Up Even During Recession

A significant chunk of New Zealand finance and accountancy professionals reported their salaries rose in the past 12 months, the highest proportion of five Asia Pacific countries surveyed on the topic of salary by Robert Half International.

Almost two-fifths (39%) of the Kiwi professionals surveyed said their total income had risen by up to 10% in the past 12 months. That’s compared with a regional average of just 30% and one-third of Australian respondents surveyed in the Robert Half 2010/2011 Finance & Accounting Salary Survey. Just 9% of New Zealanders said their income dropped in the 12-month period, the lowest of the five countries (Australia, Singapore, Hong Kong and Japan) surveyed by a wide margin.

Forty-three percent of Kiwi respondents said their salary increased because of individual professional performance, compared with 39% in Australia, and a regional average of 33%. Megan Alexander, general manager of Robert Half New Zealand, said valued staff in local companies will expect to continue being looked after by their employers as the economy rebounds.

“New Zealand has always had a skills shortage so, even in the downturn, employers were keen to hang onto good people,” said Alexander. “Smart companies were also investing in those people. Talented Kiwi staff in competitive industries will continue to enjoy improving employment conditions as business activity accelerates.

“As things improve and headcount is added, loyal and talented staff will be relieved of the more mundane duties they had to take on during the recession, which should further improve their overall satisfaction.”

The Salary Survey also showed that New Zealand respondents were more loyal to their employers than elsewhere in the region and that two-thirds of New Zealand finance and accounting professionals are satisfied or very satisfied with their salary packages.

The emphasis on personal performance when setting salary levels is given more prominence in New Zealand than elsewhere in the region, the survey found, where the success of the overall company and time spent with the one firm is more of a consideration. Alexander warns that companies should not assume that New Zealand professionals will stay put just because they see their salary level as fair.

“Valued professionals who cannot be easily replaced are used to being looked after in New Zealand and that expectation is doubly so as the wider economy returns to growth,” said Alexander. “Remuneration is just one part of employee satisfaction and those who are feeling overworked and underappreciated may be seeking opportunities elsewhere. A simple ‘thank you’ goes a long way to keeping staff happy and productive.”

Companies which may, as yet, be unable to offer salary increases should be looking at staff retention strategies such providing more flexibility in work schedules, a greater variety of assignments, and more autonomy in decision making, she said.

The Robert Half 2010/2011 Salary Survey questioned 2,599 finance, accounting, HR and executive-level managers from five countries, including 585 from New Zealand. It was conducted by an independent research company in March and April this year.

ENDS

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