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
Pay data is drawn from Korn Ferry's Pay Hub 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.
Which country do you think has seen the largest salary growth since the start of the recession?
Correct
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.
Incorrect
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%.
Incorrect
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%.
Incorrect
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:
- In the United States salary growth decreased by 3.1% - despite a GDP growth of 10.2%.
- Salary growth in Germany increased by 5.0% - despite a GDP growth of 6.0%.
- In Canada salary increased by 7.2% - despite a GDP of 11.2%.
Highest country salary growth
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China
10.6%
Indonesia
9.3%
Mexico
8.9%
Lowest country salary growth
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Turkey
-34.4%
Argentina
-18.6%
Russian Federation
-17.1%
Brazil
-15.3%
Salary gaps by job level in select countries.
Australia
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
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%.
United Kingdom
Lower-level employees experienced a 2.9% salary decline but mid-level professional roles and senior managers a 1.0% and 1.7% growth respectively.
Japan
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%.
United States
Employees with entry-level titles saw a 14.1% salary decrease, those in mid-level and senior managers roles saw a 2.0% and 3.5% salary growth respectively.
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