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 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
The pay data is drawn from Korn Ferry's Pay 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.
China saw a 10.6% salary growth on average and with a gross domestic product (GDP) gain of 75.9%. This is the largest salary growth out of all developed nations.
Salary growth in the United States decreased 3.1% on average since September 2008 – despite a gross domestic product (GDP) growth of 10.2%. Whereas, China saw a 10.6% salary growth on average and with a gross domestic product (GDP) gain of 75.9%.
Salary growth in Germany increased by 5.0% on average since September 2008 – despite a gross domestic product (GDP) growth of 6.0%. Whereas, China saw a 10.6% salary growth on average and with a gross domestic product (GDP) gain of 75.9%.
China saw the highest with 10.6% salary growth on average since September 2008 and with a gross domestic product (GDP) gain of 75.9%, whereas:
10.6%
9.3%
8.9%
-34.4%
-18.6%
-17.1%
-15.3%