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Expats in African mining industry to get 2017 salary increase
| Published: | 29 Dec at 6 PM |
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Tagged: Travel Abroad
Expats working across Africa in the mining industry can expect salary increases in 2017, according to a recent report.
According to consultancy firm Globe 24-7, expat professionals in the continent’s mining industry can look forward to slightly increased salaries in the coming year. The report states the remuneration crash has now bottomed out, adding encouraging signs of positive sentiments are emerging across the sector.
Over the past several years the industry's employment market has been in decline, with expat salary cuts the norm for new hires as well as dramatic general cost cuttings across many companies. In 2016, short term incentive payouts rose sharply to an average payout level of 99per cent of target bonus amounts, with the increase allowing companies to achieve objectives both in the corporate arena and on site as well as increasing focuses on financial performance, production levels and safety.
The report also states 2017 ‘s goals will focus on tight fiscal management, especially in the field of employee-related costs, taking into account uncertain commodity prices and cautiousness on part of investors. The past several tough years have left the market wary over increased employee costs such as flights and travel classes, accommodation and insurances.
The report was the first in three years to give positive news about the industry and its plans for its future on the continent. Around 75 per cent of surveyed companies operating in the field stated they were expecting to increase expat professionals’ salaries at some time during the next year. In 2016, around 60 per cent of expats had no salary increases, and although the forecasted percentage increase in 2017 is expected to be as low as two per cent, it’s being seen as sign of better times to come for the industry.
According to consultancy firm Globe 24-7, expat professionals in the continent’s mining industry can look forward to slightly increased salaries in the coming year. The report states the remuneration crash has now bottomed out, adding encouraging signs of positive sentiments are emerging across the sector.
Over the past several years the industry's employment market has been in decline, with expat salary cuts the norm for new hires as well as dramatic general cost cuttings across many companies. In 2016, short term incentive payouts rose sharply to an average payout level of 99per cent of target bonus amounts, with the increase allowing companies to achieve objectives both in the corporate arena and on site as well as increasing focuses on financial performance, production levels and safety.
The report also states 2017 ‘s goals will focus on tight fiscal management, especially in the field of employee-related costs, taking into account uncertain commodity prices and cautiousness on part of investors. The past several tough years have left the market wary over increased employee costs such as flights and travel classes, accommodation and insurances.
The report was the first in three years to give positive news about the industry and its plans for its future on the continent. Around 75 per cent of surveyed companies operating in the field stated they were expecting to increase expat professionals’ salaries at some time during the next year. In 2016, around 60 per cent of expats had no salary increases, and although the forecasted percentage increase in 2017 is expected to be as low as two per cent, it’s being seen as sign of better times to come for the industry.
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