Kiwi firms need to ward off 'talent threat'
The prospect of a slim pay increase for Kiwi workers next year could see some look to greener fields in Asia, where pay packets are rising fast.
New Zealand wages could rise by an average of 3 per cent in 2013, according to research by management consulting firm Hay Group.
But the country's results pale in comparison to wages in Asia's less mature markets - Vietnam's wages will rise by almost 13 per cent, Indonesia by around 10 per cent, and the Philippines around 8 per cent.
And Simon Woolley, the business unit manager at Hay Group, said Kiwi firms need to look out for Asia becoming a 'talent threat' - especially on top of the competition already posed by Australia.
"If your employees lack job security, feel overworked and under-rewarded, then there is a high chance that they will be attracted to economies or organisations that are continuing to grow strong, and that offer greater opportunities for career development and reward flexibility."
"It is evident that Australia is doing a very good job of marketing itself to New Zealand with a record 53,700 people moving across the ditch over the past year," said Woolley.
For this reason, Woolley recommends New Zealand companies make sure they have reward strategies in place with strong incentives to hold on to their staff.
Also reflecting the changes afoot in hiring and keeping staff, ANZ data has shown newspaper and online advertising for jobs fell last month.
Newspaper and internet job advertising fell 0.8 per cent, following a 0.9 per cent fall in October.
Sharon Zollner, a senior economist from the bank, said the overall monthly fall can be put down to the slump in newspaper job ads.
"The monthly fall was driven by a 4.8 per cent fall in newspaper job advertising," she said.
"The number of internet job advertisements was unchanged from October (both seasonally adjusted)."
Wellington saw the biggest fall in newspaper advertising, hitting an all time low, and Auckland's was the second-lowest on record.
Bucking the trend, newspaper job advertising in Canterbury was up at an eight-month high.
In the smaller centres, Waikato saw a one per cent fall in newspaper job ads, Otago and Manawatu up 2 and 3 per cent respectively, and Hawke's Baw say a 17 per cent dip.