Mercer’s New Hire Pay Rates measures the relativity between salaries offered to hire new staff compared to existing employees in the same role within an organisation.
Mercer’s remuneration database operates on a rolling basis, with organisations providing remuneration data submissions throughout the year. As a result, each month we share the overall new hire pay rate findings in addition to industry-specific results for those sectors for which reportable data is available.
In July 2020, the overall new hire pay rate is -2.3%. This result indicates that the market is hiring new employees into roles at a lower salary to existing employees in the same position.
There are some differences when looking at the breakdown by career level. For new hires in executive roles, we are seeing discounts offered of 2.3%, while new hires into para-professional and professional roles are offered discounted salaries of 3.7% and 2.5% respectively, when compared with existing employees in the same position. New hires in management roles are also receiving a discounted rate of 0.5%.
Disclaimer: While every care has been taken to ensure the accuracy of the information, no warranty is given in respect thereof.
In July, six reportable industries can be viewed in the following image. The health care industry is paying a premium of 1% to new hires, while the mining industry is offering the largest discount of 3.9%.
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