Online employment marketplace SEEK has released its latest round of salary data, identifying the highest paying industry in the country as well as the sector with the most wages growth.
There is a lot happening in this space in New Zealand at the moment, from discussions around a low wage economy through to rising industrial action and proposed labour law reforms. Putting aside the at times mixed commentary around business confidence, our population is growing, we have increasing numbers of international tourists and the economy has been supported by higher prices for exporters and cheaper products for importers – all factors that contribute to stronger salary growth.
According to the SEEK data, these factors have translated to average wage growth of 7% over the last five years.
At the top spot is construction, which is now the highest paying industry in the country, moving up from fifth spot in 2013 (20.5% salary growth and an average advertised salary of around $101,600 a year). This shouldn’t come as a huge surprise, with over 2% population growth each year putting pressure (and demand) on infrastructure and housing.
At a regional level, Christchurch is certainly reflected in the results with the rebuild continuing to push up construction salaries.
This is spilling over into related sectors with 28.6% wages growth for design and architecture. This sector had the highest average salary increase in the study, rising from an average advertised salary of $65,502 to around $84,213 a year.
Other industry groups on the incline include community services & development (15%), farming, animals & conservation (14%), administration & office dupport (13%), education & training (12.9%), trades & services (11.7%) and retail & consumer products (10.9%).
In terms of high salary range, consulting & strategy is the second highest paying industry after construction, with an average advertised salary of around $100,610 a year. Mining, resources & energy still comes in at a high rate ($92,363) although it is one of the few sectors to experience a decline in wages growth (-15%).
So, what are the sectors to watch? BNZ senior economist Doug Steel points to information & communication technology (ICT), along with tourism & hospitability, and other service based industries.
The key takeout from the SEEK report and the challenge for businesses that are operating in the high growth sectors, is the impact of a competitive labour market on attracting and retaining talent.
Winning the race for talent in a tight market means rethinking your people strategy – think in terms of what promises you make (and keep) around your brand, opportunity, culture and purpose – because these are areas that will make all the difference when attracting new talent as well as retaining your superstars.
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The Decipher Team
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