Infometrics chief executive Brad Olsen has recently analysed data to identify the sectors experiencing the biggest and smallest pay increases in 2024. According to the findings, healthcare and social assistance topped the list, with a remarkable 7.9% increase in wages.
“Higher pay rates for the broader health workforce show through in the numbers. Education was up there too, rising 5.7% for the third-largest increase,” Olsen said.
Olsen noted that the compensation growth in these sectors reflects recent pay agreements from the past two years taking effect, combined with sustained demand for their services.
Forestry and mining experienced the second-largest pay increases in 2024, with wages rising by 6.2%.
“This industry group is a small one, and part of the reason for the larger percentage increase may have been that lower-earning roles in forestry were lost over the last year—we know there have been job losses in forestry—due to lower commodity prices and weaker export potential.”
In contrast, the food services and accommodation sectors received the lowest pay increase last year, with wages rising by only 1.2%. This underscores the persistent challenges facing these industries, including reduced demand in 2024, which led to further job losses and business closures. Additionally, diminished consumer spending has restricted the demand for talent in this sector.
Professional services experienced the second-lowest pay increase in 2024, with wages rising by 1.7%. This sector has also faced job losses throughout the year, contributing to the overall challenges it has encountered.
The manufacturing sector came third, with only a 2.1% increase.
In a related report, recruitment agency Robert Walters conducted a survey that included 7,750 businesses and workers from New Zealand and Australia, with 39% of the participants hailing from New Zealand.
The survey revealed that only 62% of businesses in New Zealand plan to implement pay raises in 2025, while merely 57% of employees expect a salary increase.
In contrast, 71% of Australian businesses intend to raise employee salaries this year, while 64% of employees anticipate receiving a pay rise.