Michael Page report finds they are among the few who earn more than R2 million.
In a report by specialist recruitment firm Michael Page, CHROs are shown to be among the top five earners in the country, averaging around R2.9 million per year when employed in a multinational firm.
Their salaries are only bettered by finance directors (multinational corporation), who earn R3 million on average, vice presidents of the supply chain (multinational corporation), who earn R3.1 million on average, and partners at International law firms, who earn around R3.25 million on average.
The Michael Page Salary & Skills Guide 2020 was compiled by capturing job advertisements and placements throughout 2019, supplemented with data and insights from our other studies such as our quarterly job market surveys, and validated against insights from our leaders’ and consultants’ interactions with clients and candidates, to show what skilled professionals can expect to earn in 2020.
It was developed as a reference for hiring managers and job seekers to make informed employment decisions in South Africa and provides an overview of market and employment trends, including observations such as job seekers’ sentiments.
Paul Newman, Associate Director at PageGroup South Africa says that, with the decline in demand across most industries within South Africa, and certain industries feeling the impact more than others, companies are looking for ways to increase output and productivity, while at the same time cutting costs.
Says Paul: "Therefore, automation, robotics, artificial intelligence, digital and in broader terms, technology is playing a bigger role in achieving the above-mentioned goals. We have also seen an increased need for strong commercial leaders with the capabilities to steer businesses through these challenging economic times, focusing on guiding and leading the workforce, and increasing the bottom line. South Africa is also facing a brain drain of highly skilled labour who are opting to emigrate; this is creating a talent gap in the market, further contributing to the challenges of investing in the economy."
