According to Rimfire Resources, almost 80 per cent (79.4 per cent) of organisations participating in the Rimfire Resources HR Review reported an increase in salaries for the year, with more than 80 per cent (80.2 per cent) predicting further increases of between 2-4 per cent in the next 12 months.
Now in its twelfth year, the Rimfire Resources HR Review surveys human resource (HR) professionals and general managers in agribusiness to evaluate remuneration and employment trends.
Managing Director of Rimfire Resources Mick Hay said while salary increases have dropped back to CPI levels when compared to the last two years, salary increases are still trending upwards with demand for skilled workers remaining strong.
“In the past two years, annual agribusiness salary rates have increased at close to double the rate of CPI, a growth rate only exceeded by the mining sector,” he said. “The 2014 results show that while salary rate increases have stabilised or fallen back in line with CPI, the sector continues to grow and that’s great news for all current and prospective agribusiness professionals.”
Further analysis revealed more than 70 per cent (70.2 per cent) of organisations achieved retention rates greater than 90 per cent, with more than 40 per cent planning to expand the size of their workforce within the next year.
Mr Hay said these results are in stark contrast to a shrinking mining industry typically looked upon as the mecca for job seekers.
In addition, succession planning is driving the recruitment of graduates, providing those entering the sector with job security and bright career prospects in an expanding industry.
Mr Hay said a record number of organisations participated in the review, highlighting the value of the data.
“Overall, these are great results for agribusiness and will provide organisations with a snap shot of current market trends relevant to their sector,” he said.
Rimfire Resources HR Review topics covered include agribusiness sector-specific benefits packaging information, salary reviews, human resource management practices, performance management schemes and recruitment practices.