Ag wage increase trumps cost of living rise

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Salaries across the agribusiness sector have increased at double the rate of the Consumer Price Index (CPI), a report has shown.

Ag wage increase trumps cost of living rise
Agribusiness salaries are expected to continue increasing over the next 12 months.

The Rimfire Resources HR Review indicates that agribusiness salaries has risen 5.75 per cent, greatly outweighing the rise in CPI of just 2.5 per cent to the March quarter of 2013.

Rimfire Resources adds it is the second consecutive year that salary increases have remained above CPI.

Further analysis from the review shows more than half (50.8 per cent) of organisations delivered salary increases greater than three per cent. In addition, the vast majority (96.3 per cent ) of organisations expect salaries to continue to increase over the next 12 months.

Rimfire Resources Director Nigel Crawley says the review provides subscribers with insights into emerging trends within agribusiness.

"The HR Review is a compilation of responses from 83 specific agribusiness leaders – the largest number in the eleven years Rimfire has been collecting and publishing data," he says.

In addition to pay increases, the report shows sign-on bonuses or one-off payments continue to be a crucial method in attracting and retaining talent. More than a quarter (29.3 per cent) of organisations surveyed reported using these methods.

This all comes as welcome news for ag graduates, with a whopping 96.5 per cent surveyed reportedly seeing a firm future in the industry and expecting to work in the sector for more than five years.

Rimfire Resources claims the review is the largest of its kind in the agribusiness sector and surveys human resources personnel and general manager in agribusiness to benchmark and evaluate remuneration and employment trends annually.

 

 

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