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Bulk of Businesses Expecting to Raise Wages, but Mismatch with Employee Expectations, Survey Finds

Bulk of Businesses Expecting to Raise Wages, but Mismatch with Employee Expectations, Survey Finds

According to a survey by recruitment firm Hays, 95% of businesses in New Zealand expect to raise wages this year. However, there is a mismatch betwee

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According to a survey by recruitment firm Hays, 95% of businesses in New Zealand expect to raise wages this year. However, there is a mismatch between employer and employee expectations regarding salary and benefits. While businesses are planning wage increases, 52% of employees believe they would be better off financially by finding a new job, with uncompetitive salary being a major reason for considering a job switch. The inflation rate, currently around 6.7%, is seen as a baseline by the Unite Union, and falling short of that is considered a pay cut. Private sector wages increased by 4.5% in the year to March 2023. The survey also highlighted disparities in employee valuing of benefits such as training and the availability of hybrid working arrangements. Businesses are making efforts to meet employee expectations and plan for future growth amidst a tight labor market.

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