The 2018 Biennial Remuneration Survey has seen the increase on the number of participants who have shown commitment to putting in place credible and consistent procedures in dealing with their employees’ remuneration.
According to the 2018 survey, every year organizations, companies and businesses are using the Remuneration Survey and are developing policies and putting more structure into their remuneration framework.
The survey’s findings were presented to participating organizations during an information session on Friday 15th February hosted by the Solomon Islands Chamber of Commerce and Industry (SICCI) at the Heritage Park Hotel for its members.
SICCI has been partnering with the Forum Fisheries Agency (FFA) since 2016 to facilitate organizations in the Solomon Islands to be part of the survey.
The Remuneration Survey was conducted by Strategic Pay New Zealand, based in Auckland.
Apart from the private sector, the survey also looks at the labour market across different sectors and organisations operating in the Solomon Islands.
There was an increase in number in the 2018 survey with 62 organizations participating covering 23,000 employees compared to 28 in the 2016 survey.
The purpose of the survey is to provide a credible, reliable and consistent methodology for analysing rates of employee remuneration within Solomon Islands organisations.
Mr Mike Boneham, Technical Consultant at Strategic Pay New Zealand, said while most of the data collected come from the public sector, the private sector doubled in size from the 2016 survey.
“This survey is important for both sectors and everybody involved in the economy because as soon as you have a basis to be able to refer to with your wages and your salary, then you’ll be able to provide a structure.
“It’s not only about your wage bill, how much you pay people and keeping that under control, but it also affects your retention and recruitment because aside of paying people it will help to keep the best people in the best positions who hopefully develop into future leaders without losing them to other organizations,” he said.
Mr Boneham, who worked in HR roles for more than 10 years starting in the Australian public sector before moving into the private sector in Europe and New Zealand, said housing was a big topic during the survey.
This was due to the difference between using the housing assistance and rental assistance.
Mr Boneham said the issue was some organization have set amount per person while others are working on the percentage of their base salary for housing.
“A lot of organizations even if they are paying a higher base salary than other organizations, their staff will go somewhere else simply because it’s more of a housing allowance and they have a better place to stay,” he said.
SICCI Chief Executive Officer (CEO), Ms Atenasi Ata said it is encouraging to note the increased participation from both the private and public sector because a better understanding of employee remuneration will ensure attraction, motivation, and retention of high calibre employees for organizations.
Ms Ata also highlighted one particular finding in the latest survey which saw the increasing remuneration for people in middle management roles apart from CEOs, Directors and General Managers.
“SICCI has always advocated for a vibrant private sector which leads to better lives for our people and we acknowledge participating organizations who have seen the importance of putting in place a proper remuneration framework which will go a long way in not only improving the standard of living for employees but contribute to enhancing productivity at the workplace,” Ms Ata said.
The survey results are accurate and contains valid information.
Amidst the challenges in the labour market, a remuneration survey is vital for organizations, because it provides information which helps the companies to understand the value of employees in the labour market.
The next Remuneration Survey will be conducted in 2020.
– SICCI Media