Salaries shoot up as firms seek global experience

The Summit assembles Africans in the Diaspora, linking them up with the Continent’s blue chip companies.

Since inception of the Summit six years ago, the recruitment firm has placed at least 4,500 African hitherto in the Diaspora into leading blue chip companies.

“This year’s Summit has already seen a marked increase in the number of companies looking to recruit into Africa and the number of executives applying for African-based roles, ” said Mr Adcock.

Largest corporations

This years’ event begins on Friday and will be attended by at least 40 of the world’s largest corporations as well as Kenyan firms.

In Kenya, competition for talent has resulted in high staff turnover with the best paying companies benefiting the most in hiring and retaining the best talent in the market, in turn raising labour costs.

According to the Economic survey 2010 the annual wage bill of the private sector has more than doubled to Sh517.7 billion in 2009 from Sh262 billion in 2003.

In contrast staff numbers have increased by only 20 per cent signalling that the wage bill has been driven by pay increases, notably of mid and top tier employees.