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Wednesday, 3 September 2008

South Africa losing executives to Australia

from IOL

The average executive turnover in South Africa for the period August 1 2007 to July 31 2008 increased to 13,5 percent compared to 10,5 percent in the same period last year, Human Capital at Deloitte said on Tuesday following its annual survey.

"This statistic extrapolates to South Africa losing up to 50 percent of its executives every four to five years," Deloitte spokesperson Willem Verwey said.

Australia had replaced the UK as the most popular destination for executives leaving South Africa, he added.

Reasons for attrition at the top levels of companies included early retirement (22 percent), emigration (15 percent), lack of career advancement (11 percent) and retrenchment (11 percent).

A full 60 percent of the relatively high number of executives emigrating gave their reason as being crime and violence, with better employment opportunities being cited by 35 percent of respondents and company transfers 30 percent.

Manufacturing and finance were the two sectors which reported the highest percentage of executives emigrating over the last three years.

The survey also found that executive salary increases for the period August 1 2007 to July 31 2008, averaged 9,3 percent.

"When we published the results of our research last year, participants anticipated increases of 7,5 percent - however, with the rate of inflation escalating from 8,8 percent to 13 percent, companies have obviously had to take steps to ensure that their executives' salaries have kept pace with price increases," Verwey said. - Sapa

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