Pay Packets up 7% in 2014

MEDIA RELEASE

05 JANUARY 2015

PAY PACKETS UP 7% IN 2014

The average Kiwi pay packet increased nearly $5,000 in 2014, data released by SEEK New Zealand has shown. Salaries rose 7% to $76,538 per annum for jobs advertised on www.seek.co.nz from January to December.

December was the highest performing month for salaries, following five months of consecutive growth in the country’s average annual pay. As Janet Faulding, General Manager of SEEK New Zealand, explains, such increases reflect the positive change seen in the economy in 2014;

“An extra $400 or so dollars in the hand each month will make a significant difference for many New Zealanders. The local economy had a resoundingly good year in 2014 and it’s great to see Kiwis directly benefiting from this economic growth with higher salaries,” she says.

“What’s more, after Kiwis have spent years flocking to our neighbour’s shores in search of better pay, the wage gap between New Zealand and Australia appears to now be closing with pay packets for roles in Australia rising by 3%, compared to our 7%, in 2014.”

The country’s two main centres, Wellington and Auckland, were the highest paid in 2014. For the best chance to earn the highest salary, workers will need to head to Wellington where the average salary hit $82,357 per annum, $5,819 higher than the national average. In Auckland, salaries also rose to above the national average, reaching $78,414 in December. Both centres saw increases of 7%, on par with national growth.

Interestingly, and despite not reaching the same level as the national average, it was the regions that experienced the strongest growth in 2014. Manawatu recorded an increase of 11%, while pay for roles in the Bay of Plenty rose 10%.

Average NZ salary packages by region (based on jobs advertised on seek.co.nz)

At an industry level, roles in Insurance and Superannuation saw the strongest gains in 2014, growing by a significant 23% from January to finish the year on an average annual salary of $78,133, well above the national average. The second fastest growing salary was Real Estate and Property roles with a 16% increase and a new average pay of $84,882.

Salaries for almost half of the industries monitored were above the national average in December with the top three earning classifications spanning white and blue collar roles. Consulting and Strategy was the highest earning industry in 2014 and the only one to crack six figures, with an average annual salary of $104,177, more than $27,500 above the national average. Engineering was the second highest paid industry in 2014 ($93,352), followed by Construction ($92,286).

“Roles in Consulting and Strategy tend to be quite niche, an attribute which usually results in higher pay due to scarcity of supply. In this instance, the particularly high average salary was largely driven by Management and Change Consultant roles which were earning an average of $117,857 in December,” says Ms Faulding.

“The average salaries in both the Engineering and Construction sectors were driven by Project Management and Management roles, both of which are capable of earning six figure salaries.”

Average NZ salary packages by classification (based on jobs advertised on seek.co.nz)

“The New Year is typically a time of increased activity on www.seek.co.nz as candidates begin to put New Year’s career resolutions into action and start applying themselves to the job hunt. Candidates often see a new role as the best opportunity to increase their pay packets, so employers should use this time to review salary packages to attract or retain good staff,” Ms Faulding concludes.

ENDS

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