The Hays 2009 Salary Survey is out and shows some big changes in sentiment amongst employers.
According to the report around 2/3 of companies surveyed increased salaries by more than 3% during their last salary review period but only 1/4 of companies plan on increasing salaries by more than 3% during the next review.
The potential for larger salary increases is confined almost exclusively to the IT, manufacturing and retail sectors, with advertising, hospitality, financial services and the public sector hardest hit.
These facts are summarised nicely with a statement by Hays: "...the key change has been that the “premium” employers have had to offer new recruits has all but disappeared with starting salaries for new employees largely in line with that of their existing employees. This has, of course, led to a significant moderation in salary increases across the board..."
For the full report and more in-depth summary, visit the Hays New Zealand website.