Insurance industry shows workers the money

Insurance industry shows workers the money | Insurance Business

Insurance industry shows workers the money
Professionals working in insurance and superannuation boasted the biggest salary hikes in 2014, according to data released by SEEK New Zealand.

The industry saw the strongest gains in 2014, growing by a significant 23% from January to finish the year on an average salary of $79,133, well above the national average.

The second fastest growing salary was in real estate and property roles with a 16% increase and a new average pay of $84,882.

At the other end of the scale, the mining, resources and energy sector took the biggest hit with a drop of 7% during the same period.

However, that sector, along with Information and Communication Technology, Construction, Engineering, and Consulting & Strategy still boasted the highest overall pay packets, with the latter the only sector with an average salary of six figures, at $104,117.

December was the highest performing month for salaries following five months of consecutive growth in the country’s average annual pay, according to SEEK New Zealand’s general manager, Janet Faulding. She said the increases reflected positive change in the economy.

“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 said.

“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.”

Not surprisingly, the country’s two main centres, Wellington and Auckland, were the highest paid in 2014.

The average salary in Wellington hit $82,357 per annum, and $5,819 higher than the national average; and in Auckland, salaries rose to $78,414 in December.

More of a surprise was that 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%.

Faulding said the New Year was typically a time of increased activity on SEEK as candidates 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,” she said.