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Purchase IPC research reports for immediate self-service access. Salary survey and benchmarking studies drawn from our regional data, listed by sector and year. View a description before you buy; after checkout you receive a secure download link by email.
2026
2026 BANKING SECTOR SALARY AND BENEFITS SURVEY Q1
The 2026 IPC Salary Survey for the Banking Sector in Zimbabwe benchmarks compensation across all 15 IPC Levels using data drawn from seven anonymised participating organisations, covering 2,995 individual incumbent records. The survey was conducted in the first quarter of 2026. Six of the seven participants also participated in the 2025 survey, enabling a consistent year-on-year salary increase measurement of +5.0% for the common sample. The participants encompass commercial banks and a specialist financial institution whose combined footprint spans retail banking, corporate banking, treasury, digital banking, and building society operations.
2026 FINANCIAL SERVICES SECTOR SALARY SURVEY REPORT Q1
The 2026 Financial Services Sector Salary Survey consolidates compensation data from 32 participating organizations across Zimbabwe's Banking, Insurance, and Asset Management sub-sectors. The survey encompasses 4,084 salary records benchmarked in the first quarter of 2026, providing a statistically robust reference for remuneration committees, boards, and HR practitioners operating within the financial services industry.
2026 INSURANCE SECTOR SALARY SURVEY REPORT Q1
The 2026 IPC Salary Survey for the Insurance Sector in Zimbabwe benchmarks compensation across all 15 IPC Levels using data drawn from 19 participating organizations, covering 2,064 individual incumbent records. The survey was conducted in the first quarter of 2026 and draws on data from organizations across four regulated segments: Life Assurance, Short-term Insurance, Health/Medical Insurance, and Reinsurance. The survey provides statistically robust benchmarks for remuneration committees, HR leadership, and boards making compensation decisions in an environment of continued macroeconomic complexity and regulatory transformation.
2026 MANUFACTURING SECTOR SALARY AND BENEFITS SURVEY Q1
The 2026 IPC Manufacturing Sector Salary Survey benchmarks remuneration across ten participating organisations spanning beverages, food and agro-processing, packaging, tobacco, chemicals and edible oils. Together they cover the country’s principal manufacturing footprints, Harare, Bulawayo, the Midlands estates and the Eastern Highlands, and a wide range of scale, from sub-US$100 million national operators to integrated regional businesses generating revenues above US$1 billion. The analysis draws on a consolidated dataset of 2,642 incumbent records.
2026 MINING SECTOR SALARY SURVEY REPORT
The 2026 IPC Salary Survey for the Mining Sector in Zimbabwe benchmarks compensation across all 15 IPC Levels using data drawn from participating mining houses and miningservices companies. The survey was conducted in the first quarter of 2026 and spans gold, ferrochrome, diamond and coal producers together with mining-equipment and services firms. It provides statistically grounded benchmarks for remuneration committees, boards, and executive management making compensation decisions in a sector that is the engine of the national economy but operates under acute cost, power, and talent-retention pressures.
2026 NATIONAL SALARY SURVEY REPORT
The 2026 IPC National Salary Survey consolidates remuneration data from 67 participating organisations across eight sectors of Zimbabwe's formal economy: Insurance, Banking, Manufacturing, Quasi-Government, Tourism and Hospitality, Telecommunications, Asset Management, and Mining. The survey was conducted in the first quarter of 2026 and benchmarks compensation across all 15 IPC Levels.
2026 NGO SECTOR SALARY AND BENEFITS SURVEY Q1
The 2026 IPC Salary Survey for the Non-Governmental Organisation (NGO) Sector in Zimbabwe benchmarks compensation across the IPC Level framework using data drawn from 24 anonymised participating organisations. The survey was conducted in the first quarter of 2026. The average salary increase awarded across the sector for the period was 4.0%. The participating cohort spans the full breadth of Zimbabwe's development and humanitarian sector, HIV and health implementing partners, humanitarian and relief agencies, child-protection bodies, governance and human-rights organisations, and economic-development and livelihoods organisations.
2026 QUASI-GOVERNMENT SECTOR SALARY SURVEY REPORT
The 2026 IPC Salary Survey for the Quasi-Government Sector in Zimbabwe benchmarks compensation across all 15 IPC Levels using data drawn from 8 participating state-owned enterprises and statutory bodies, covering more than 2,500 individual incumbent records. The survey was conducted in the first quarter of 2026 and spans the telecommunications and ICT, energy, revenue and regulatory, Media, aviation, and fuel sub-sectors. It provides statistically grounded benchmarks for remuneration committees, boards, line ministries, and the shareholder Ministry making compensation decisions in an environment of fiscal constraint, regulated executive pay, and continued macroeconomic complexity.
2025
2025 Agro-processing Sector Salary Survey Report
The 2025 Agro-Processing Salary Survey offers a critical examination of the remuneration landscape in Zimbabwe’s agro-processing sector, highlighting key insights that reflect both opportunities and challenges within the industry. Despite a modest 3% increase in salaries compared to last year, this increase does little to address the ever-growing economic pressures, particularly in light of inflation and currency fluctuations both in the domestic and global markets.
2025 Banking Sector Salary Survey Report
The 2025 Banking Sector Salary Survey Report provides comprehensive compensation insights from eleven organizations across Zimbabwe's Banking sector, covering over 2,500 employees in industries including energy, mining, telecommunications, regulation, and tourism.
2025 Bonus Scheme Survey
This report represents a comprehensive market survey of bonus and incentive practices within Zimbabwe's financial services sector and related industries. It presents findings from twelve organizations across Banking, Insurance, and Manufacturing.
2025 Executive Compensation & Market Trends Report
The 2025 executive compensation landscape is experiencing significant shifts, demanding a fresh look at how top talent is valued and rewarded. This report provides the critical data and insights necessary for C-suite executives to navigate this new talent landscape effectively.
2025 Financial Services Sector Salary Survey Report
Industrial Psychology Consultants is pleased to present the Q4 Financial Services Sector Salary Survey for 2025. The report provides valuable insights into the remuneration trends prevailing within the Financial Services Sector. The data incorporated in this report reflects the most up-to-date information available as of the fourth quarter of 2025.
2025 Insurance Sector Salary Survey Report
Capturing salary data as of the fourth quarter of 2025, this report provides valuable insights into salary structures, allowances, benefits, and the broader economic factors affecting compensation practices within the industry.
2025 Manufacturing Sector Salary Survey Report
The 2025 Manufacturing Sector Salary Survey Report for Q4 offers comprehensive compensation insights from 10 organizations across Zimbabwe’s manufacturing industry, covering over 2,900 employees in sub-sectors including food and beverages, chemical and allied products, tobacco and related products. In the face of persistent inflation, rising input costs, and global supply chain disruptions, Zimbabwean manufacturers are recalibrating their compensation structures. While executive and technical roles have experienced notable adjustments, entry and mid-level positions have remained relatively stable, indicating a cautious yet evolving approach to wage reviews. The sector continues to balance cost containment with the imperative to retain critical talent in high-demand roles such as plant supervisors, quality controllers, maintenance engineers, and production planners.
2025 Mining Sector Salary Survey Report
Industrial Psychology Consultants is pleased to present the fourth Mining Sector Salary Survey for 2025. The report provides valuable insights into the remuneration trends prevailing within the Mining sector. The data incorporated in this report reflects the most up-to-date information available as of the fourth quarter of 2025.
2025 National Non-Executive Directors Fees and Practices Survey
This comprehensive analysis of non-executive director fees across Zimbabwe's key economic sectors provides critical market intelligence for organizations, board members, and shareholders. Based on data collected directly from company secretaries and HR executives responsible for board governance, the report offers unprecedented insights into compensation practices, trends, and differentials across various sectors and governance positions.
2025 Reinsurance Sector Salary Survey Report
The reinsurance market demonstrates sophisticated compensation structures that reflect the sector's technical complexity and capital-intensive nature. Market compensation comprises three primary components: basic salary, direct cash allowances, and indirect benefits, with structures varying significantly by seniority and role complexity.
2024
2024 Agro-processing Sector Salary Survey Report
Our comprehensive review of Q3 2024 compensation data highlights a significant trend in the composition of employee remuneration. A substantial portion of compensation is distributed through direct cash payments—comprising basic salary, housing, and transport allowances. Additionally, indirect benefits such as medical aid, pension contributions, and company-provided motor vehicles form an essential part of the overall compensation package.
2024 Banking Sector Salary Survey Report
Industrial Psychology Consultants is pleased to present the Banking Sector Salary Survey for 2024. The report provides valuable insights into the remuneration trends prevailing within the Banking sector. The data incorporated in this report reflects the most up-to-date information available as of September 2024.
2024 Financial Services Sector Salary Survey Report
Industrial Psychology Consultants is pleased to present the fourth Financial Services Sector Salary Survey for 2024. The report provides valuable insights into the remuneration trends prevailing within the Financial Services sector. The data incorporated in this report reflects the most up-to-date information available as of November 2024.
2024 Insurance Sector Salary Survey Report
Industrial Psychology Consultants is pleased to present the fourth Insurance Sector Salary Survey for 2024. The report provides valuable insights into the remuneration trends prevailing within the Insurance sector. The data incorporated in this report reflects the most up-to-date information available as of Q4 2024.
2024 Manufacturing Sector Salary Survey Report
Our analysis of Q4 2024 compensation data reveals that a large proportion of the compensation is provided as direct cash (basic, housing, transport, bonus) and indirect benefits (medical aid, pension, motor vehicle). Most of the Manufacturing companies are providing salary adjustment on a sliding scale.
2024 Mining Sector Salary Survey Report
Our analysis of Q3 2024 compensation data reveals several key trends shaping Zimbabwe's mining industry. The key findings of the report on USD Payments reveal that nearly all participants offer part of their salaries in USD, with only 17% using local currency. A significant disparity in earnings is evident, with non-managerial employees earning on average 55 times less than CEOs.
2024 NGO Sector Salary Survey Report
The NGO sector reveals a distinct trend in prioritizing benefits and allowances over base salary increases as a key strategy for talent attraction and retention. While the overall cost of employment has seen a moderate rise, the stable average headcount suggests a focus on cost management through efficiency measures and strategic hiring. The emphasis on allowances, rather than base salaries, signals a tailored approach to compensation, aiming to meet the diverse needs of employees and address regional variations.
2024 National Non-Executive Directors Fees and Practices Survey
Board Meetings and Payment Frequency: Board meetings are held on a quarterly basis for all the organizations. Correspondingly, the majority of organizations pay their directors' board fees quarterly. All participating organizations also pay a retainer fee to their directors on a quarterly basis.
2024 National Sector Salary Survey Report
The 2024 National Salary Survey Report highlights a substantial increase in compensation practices across Zimbabwean organizations from 2023 to 2024. Median total costs of employment saw notable rise, with the overall median increasing by an average of 57%. Basic salaries now constitute 63% of total remuneration, complemented by allowances which make up 37%, split into 43% direct and 57% indirect allowances. The most common allowances include medical aid (72%), housing (70%), and Pension (78%). The survey covered 49 diverse organizations representing over 13,300 employees, with an average organizational size of 288 employees and an average wage bill exceeding $632,587. Our analysis reveals that, on average, non-managerial employees earn approximately 1/38th (or 2.63%) of the CEO's total compensation package.
2023
2023 Agro-Processing Sector Report
This survey report covers the Agro-processing Sector for the second quarter of 2023. The data used in this report is current as of August 2023.
2023 Banking Sector Report
This report is the first edition of the Banking Sector Salary Survey for 2023. The primary purpose is to show remuneration trends in the Banking Sector. The data used in this report is current as of July 2023.
2023 FMCG Sector Report
This is the first edition of the Fast-Moving Consumer Goods (FMCG) Sector Salary Survey for 2023. The main purpose is to show how organisations in the FMCG sector compensate their employees. The data used in this report is current as of August 2023.
2023 Financial Services Sector Report
This is the second edition of the Financial Services Sector Salary Survey for 2023. The main purpose is to show how organisations in the Insurance sector compensate their employees. The data used in this report is current as of June 2023.
2023 Insurance Sector Report
This is the second edition of the Insurance Sector Salary Survey for 2023. The main purpose is to show how organisations in the Insurance sector compensate their employees. The data used in this report is current as of July 2023.
2023 Manufacturing Sector Report
This survey report covers the Manufacturing Sector for the second quarter of 2023. The data used in this report is current as of August 2023.
2023 NGO Sector Report
This survey report covers the NGO Sector for the first quarter of 2023. The data used in this report is current as of March 2023.
2023 National Non-Executive Directors Fees and Practices Survey
Board meetings are held on a quarterly basis. Directors are paid their board fees quarterly. All participating organizations pay a retainer fee to their directors except for one organization. Male directors make up 72 percent of board members. The majority of directors are over the age of 55. It is common practice that board members meet and are paid quarterly. Most companies pay sitting allowances and retainer fees to their NEDs, while a few companies either pay sitting allowances or retainer fees only. None of the participating companies give fuel allocation or cell phone allowances to their NEDs.
2023 National Salary Survey USD Report
This report is the first edition of the National Salary Survey for 2023. The report's primary purpose is to show how companies in Zimbabwe compensate their employees. The data used in this report is current as of July 2023.
2023 Quasi-Government Sector Report
This survey report covers the Quasi-government Sector for the third quarter of 2023. The data used in this report is current as of August 2023. Converting Data to the Same Currency When participants provided their data, some salaries were in USD and some in ZWL. Additionally, some clients pay their salaries in ZWL but their allowances are in USD. To properly analyze this data, we converted to the same currency using the Alternative Market Rate for those participants who pay in actual USD Inter-BankBank Rate for those clients who peg their salaries in USD and pay the equivalent amount in ZWL converted at the bank Rate. It is important to note that this report does not recommend adjusting salaries and benefits upwards. The top consideration should be your ability to pay and sustain the proposed wage bill.t
2022
2022 Agro-Processing Sector Report
This is the second edition of the Agro-processing Sector Salary Survey for 2022. The main purpose is to show how organisations in the Agro-processing sector compensate their employees. The data used in this report is current as of June 2022.
2022 Banking Sector Report
This is the Banking Sector Salary Survey for 2022. The main purpose is to show how organisations in the Banking Sector compensate their employees. The data used in this report is current as of June 2022.
2022 Executive Directors Report
Industrial Psychology Consultants (Pvt) Ltd, carried out a first edition of the Executive Directors Salary Survey for 2022. The main purpose of the report is to show how companies are compensating their employees. The data used in this report are current as of July 2022. This report details our findings
2022 Financial Services Sector Report
This is the first edition of the Financial Sector Salary Survey for 2022. The key sectors in the Financial Services industry are, Banking, Reinsurance and Insurance. The main purpose is to show how organisations in the Financial Services sector compensate their employees. The data used in this report is current as of June 2022.
2022 Insurance Sector Report
This is the second edition of the Insurance Sector Salary Survey for 2022. The main purpose is to show how organisations in the Insurance sector compensate their employees. The data used in this report is current as of July 2022.
2022 Manufacturing Sector Report
This is the second edition of the Manufacturing Sector Salary Survey for 2022. The main purpose is to show how organisations in the Manufacturing sector compensate their employees. The data used in this report is current as of June 2022.
2022 Mining Sector Report
This is the first edition of the Mining Sector Salary Survey for 2022. The report's main purpose is to show how organisations in the Mining sector are compensating their employees. The data used in this report is current as of June 2022.
NGO SALARY SURVEY REPORT SOUTHERN AFRICAN REGION
Industrial Psychology Consultants (Pvt) Ltd carried out the first edition of the Non-Governmental Organisation (NGO) Salary Survey for Southern African Africa. The report's main purpose is to show how NGOs in the region are compensating their employees.
National Non-Executive Directors Fees and Practices Survey
Industrial Psychology Consultants carried out a fees and practices survey for Non-Executive Directors. The report's main purpose is to provide market information on the fees being received by Non-Executive Directors in the Zimbabwean market and shed some light on some of the prevailing practices. This report, however, must not be read as a conclusive recommendation but rather as a general description of market practices. Data for this survey was obtained from sixteen (16) organisations. All the companies are from the private sector except one that is state-owned. Fifteen of the participants are listed on Zimbabwe Stock Exchange.
Quasi-Government Sector Report
Industrial Psychology Consultants (Pvt) Ltd, carried out the Quasi-government Sector Salary Survey for 2022. The main purpose of the report is to show how companies in the Quasi-government sector are compensating their employees. The data used in this report are current as of June 2022. This report details our findings.