Downward Pressure On Salary Budgets
A study of remuneration and human capital forecasts, shows that national salaries are anticipated to rise by just two per cent in the year to February 2010 – the lowest forecast figure ever reported in the survey’s history.
Mercer’s 2009 Market Issues Survey, which covered 161 organisations, also found that New Zealand organisations are adapting operations to cope with the economic climate: the number of those planning to reduce operating spend has increased by 40 per cent over the past twelve months as a result of reduced export revenues, weak business sentiment and sharply curtailed investment placing pressure on New Zealand businesses.
Furthermore, eight percent of organisations plan to reduce workforce numbers, while 17 percent of organisations have put a freeze on hiring.
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