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Employers are losing the battle to keep top talent even as they offer generous pay increases of up to 5.6 per cent, a remuneration survey says.
The survey by employment consultancy Mercer shows organisations have increased fixed packages by a median 5.2 per cent to hold on to their existing workforce.
Professionals received more than lower level staff. They enjoyed a 5.3 per cent pay rise, with management getting 5.6 per cent, and executives 5 per cent.
Staff at lower levels gained a more modest 3.8 per cent pay increase.
Mercer also found those who moved jobs were not necessarily being attracted by money alone. When new employees were included in the sample the median pay increase was 3.4 per cent. Voluntary staff turnover hit a record high of 18.5 per cent.
Mercer principal Martin Turner said: "Now that things are looking up, people are leaving their jobs because they're confident they'll find a new one."
- NZPA
