The globalisation of managerial pay

While many complain about globalisation in the West, in developing economies it is seeing rewards for managerial and professional staff take off. Andrew Taylor reports in the Financial Times that Pay to ‘race ahead’ in Asia and E. Europe

The pay gap between professional staff and managers employed in emerging Asian and eastern European economies and those working in more mature markets is narrowing rapidly after taking inflation into account, according to research published on Monday.

Forecasts of wage increase in more than 50 countries, published by global consultants Hay Group, reveals that real pay, after allowing for local cost of living, is predicted to race ahead in Asia and eastern Europe this year compared with the “developed old economies” of western Europe and the US.

Faster wage growth reflects “the wealth creation being generated by rapid economic acceleration in China, India, the former Eastern Bloc and the Baltic states,” says Hay.

...According to Hay’s research, the real pay of senior mangers in China is forecast to rise by “an impressive” 8.9 per cent this year. Earnings of professional staff after adjusting for inflation are predicted by 7.9 per cent administrative workers and by 7.8 per cent for professional staff.

Extremely high pay rises in India last year also look set to continue in 2007 with real earnings of senior managers forecast to rise by 6.9 per cent, it says.

Real pay in eastern Europe is also rising “at a rate far above that in the west,” The biggest rises this year are expected in Bulgaria where average real increase of 6 per cent are predicted for managers, professional staff and administrative workers.

Scott Marlowe, general manager for Hay in the Czech republic says: “While wages are growing from a much lower level for manual and administrative workers, pay levels for managers are closer to western standards.

...Salary increases in western Europe by comparison are forecast to be much “ much more moderate” this year. Real pay rises for managers, professional and administrative staff are expected to average less than 1.5 per cent in Germany, Italy, Spain and France and just 1.5 per cent in Britain.

US workers are also expected to fare worse “with predicted increases of just 1.4 percent across all three categories. ...“Much like their colleagues in Europe, American employees cannot look forward to stellar pay rises in 2007.”

A classic example of supply and demand at work. This will not only reduce the brain drain in those countries, it also increases the rewards for human capital - which can be no bad thing.

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