UK managers have amongst the lowest spending power in the world, says Hay Group
The UK is ranked 43rd amongst 56 countries worldwide in a new study of management spending power by management consultancy Hay Group.
Managers from Britain rank behind the likes of China, Mexico, Hungry, Slovakia and even Kenya in the international “real pay” stakes due to "high taxes and a high cost of living". And the competitiveness of UK management pay is not likely to improve in the foreseeable future: the country is braced for a range of tax increases following this month’s pre-budget report (PBR) as the government addresses the national debt.
A final word
“Contrary to recent headlines about managers receiving generous salaries in recessionary times, UK managers are amongst the world’s lowest paid in real terms. UK firms must look carefully at how they manage their pay bill if they are to retain management talent.” - Mark Thompson, Associate Director, Reward Consulting at Hay Group UK.
Want to know more?
Title: Global Management Pay Report, Hay Group, December 2009.
Survey data: The report compares disposable income for managers from 56 countries, by analysing data from the Hay Group’s PayNet database alongside local taxation levels and costs of living. Hay Group PayNet globally includes data from 15,000 organisations in over 100 countries.
Availability: You can download the 21-page report in PDF format at www.haygroup.com/uk/press/Details.aspx?ID=22296.
Hay Group is a global consulting firm that “works with leaders to turn strategies into reality”. With 86 offices in 47 countries and data in over 100 countries, it works with 7,000 clients across the world. For more details visit www.haygroup.co.uk.