MIXED SALARY GROWTH ACROSS THE GLOBE, EIGHT YEARS AFTER THE START OF THE GLOBAL RECESSION.
The fall of Lehman Brothers signalled the beginning of what has become known as 'The Great Recession', and a new analysis by Korn Ferry Hay Group shows mixed salary recovery figures since then, across the world. The study looks at developed nations in what is known as the “G20,” which denotes the world’s top economies.
About this study
Pay data is drawn from Korn Ferry Hay Group’s PayNet database, which contains salary and job data for more than 20 million workers in more than 25,000 organizations across 110 countries. Economic data (CPI and GDP) is from the Economist Intelligence Unit.
Data shows the ‘real’ change (i.e. absolute change minus CPI inflation) in base salary median pay levels, from 2008 to 2016, averaged across three benchmark job levels (clerical/entry level, professional and senior management) for each country. We also show the change in GDP over the same period.
In Australia, al role levels saw salary increases: lower-level roles at 3.6% mid-level employees at 7.0% and senior managers at 7.1%.
India saw clerical roles' and professional level roles salaries decline by 30.1% and 2.5% respectively, but senior manager level roles increase by 33.1%.
In Japan, clerical roles saw salary growth decline by 5.1% and professional level roles by -1.8%, but senior manager level roles an increase of 1.0%.