Nearly two-thirds of Kiwis say their current pay doesn't offset the rising cost of living, according to a new employment report.
A report by HR software platform Employment Hero, released today, surveyed more than 1000 workers across the country in January 2023.
Of that number, 61% of respondents said their current pay does not meet the rising cost of living.
Pay increases also failed to ease the pressures, with 44% of respondents whose pay increased reporting it was less than 5% - below the inflation rate of 7.2%.
Sixty per cent of workers aged 18-34 had a pay increase, compared to just under half (47%) for workers aged 55-plus.
The report also found that just under half (45%) of employees who have been in their roles for less than 12 months want their next role to be in a different organisation or industry, rather than moving internally. Of that number, 26% are currently hunting for a new job.
Job seekers also expressed resentment for their current role and work environment, with 38% citing a dislike for their job as the main motivator for seeking work elsewhere. It was followed by 34% who said they felt overworked, and 32% who disliked their boss.
It also revealed higher levels of frustration among casual and part-time job seekers, with 75% motivated by a dislike for their boss.
While just under half (48%) of employees would consider staying if they receive a pay rise, a further 57% said they would consider leaving their current role if they received a competitive offer.
Despite this, 71% of New Zealand employees said they were feeling secure in their careers.
Paying a competitive salary is important, and compensation is a key strategy for successful employee retention, as it’s the most likely way to yield results - so keep that in mind, especially when it comes to motivating and instilling loyalty among your top performers," Employment Hero chief people officer Alex Hattingh said.
SHARE ME