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Emerging giants led among survey group in 2014 total salary budget hikes
India, China and Brazil averaged the highest 2014 total salary budget increases at 10.5 percent, 8.2 percent and 7.2 percent, respectively, among the 17 countries surveyed by total rewards association WorldatWork. The three countries are projecting similar salary increase budgets for 2015, according to preliminary findings from the WorldatWork 2014-2015 Salary Budget Survey, released July 8, 2014. The full survey results will be available in August.
Of the surveyed countries, only Australia and Italy reported a drop in budgets, each by a tenth of a percentage point. The reported 2014 average total salary budget increases by country are:
Alison Avalos, research manager for WorldatWork, said in a news release that the differences in planned pay increases between surveyed countries reflect the variance in economies and labor markets around the world. She explained that countries reporting the highest salary-increase budgets are not necessarily economic leaders and that developing countries experiencing a tight labor market, or those subject to mandatory pay increases, will generally report the highest salary hikes.
Avalos went on to say that, “since WorldatWork started gathering global data [in 2012], the rate of growth for all countries has been limited, indicating that there has been no major change in the degree of upward pressure on wages for any surveyed country.”
Roy Maurer is an online editor/manager for SHRM.
Follow him at @SHRMRoy
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