Insurance industry salaries should creep up this year according to the latest research from recruitment firm Hays.
The 2015 Hays Salary Guide shows that the insurance industry can expect “moderate” salary growth over the coming year with 35% of those working in financial services expected to receive a salary increase of 3% or more in their next review.
The guide includes salary and recruiting trends for over 1,000 roles in Auckland, Christchurch and Wellington. It is based on a survey of 451 New Zealand employers representing 374,007 employees.
Jason Walker, managing director of Hays New Zealand, noted that employers in general had a positive outlook for the coming year. “Forty-six percent of employers are expecting to increase permanent headcount and 76% are expecting business activity to rise.
“Given that employers are hiring more staff, it is a sign of New Zealand’s resilience that they are able to keep salary increases fairly consistent year on year.”
While insurance industry salaries have not increased dramatically there are exceptions where skills are hard to find or where candidates can bring a unique set of skills and experience to the firm, the report said.
“In such cases, there is little incentive for a candidate to leave their current employer unless offered career advancement and/or salary increase,” it said.
“Candidates in demand will remain those with business improvement and strategic operational management experience and the ability to bring with them innovative ideas about increasing market share.”
Commercial brokers with a strong business development focus and underwriters in the commercial space who are relationship and client facing are also in demand.
The report also said lower to mid-level claims professionals within broking and insurance and third party administrators would continue to be needed too.
This was as a result of employees moving into more senior or technical roles or leaving the industry altogether for better salaried positions.
