95% of Australian agribusinesses increased employee pay in the 2023-24 financial year, with most raises above inflation.

95% of Australian agribusinesses increased employee pay during the 2023-24 financial year, with most raises above inflation. 69% of these companies also offered discretionary bonuses, and two-thirds have structured worker performance plans. The Rimfire Resources HR review found that 75% of companies surveyed reported increased payroll and back-office costs, leading to tempered hiring plans and a focus on retention. Nearly one-third of the 123 participating companies counter-offered resigning employees, down from 39% in 2023. The agricultural industry faces rising costs, declining profits, and challenges such as a green drought and new workplace rules. Despite these challenges, employers have been able to adapt and juggle staffing requirements with rising overheads and inflation.

August 11, 2024
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