The world economy is still to shake off from the 2008 crisis. Globally, growth has dipped to around 3% in 2012. Industry experts prognosticate that this trend will likely continue for some more quarters before there is the inevitable light at the end of the long dark tunnel. This year, the global salary forecast across most businesses, is a modest growth of about 10% on the average.
To add further, a significant 26% of the respondents indicated no salary growth last year. In other words, their salary remained constant. Average salary growth was between 6-10% which 23% of the respondents felt so. A majority of 32% felt the growth was less than 5%.
Interestingly, many companies are closely evaluating compensation packages for their employees and are trying to work out the best approach to retain talent, but are adequately cautious to not go overboard in increasing costs substantially. This slowing trend will likely continue. Mature economies are still healing the scars of the 2008-2009 crises. But unlike in 2010 and 2011, emerging markets did not pick up the slack in 2012, and won’t do so in 2013. There is a lot of uncertainty across the major regions of the world. Unlike 2008, this time around India and China too have been caught in the vortex of the global meltdown apart from the slow US recovery and the continuing Eurozone conflagration.
Things do not bode well for India in the near to mid- term. The next year or two will be very challenging for India particularly as it tries to rebuild its rapidly waning investor confidence, which is causing a flight of capital out of the country and depreciating the Indian Rupee to unheard of levels viz the USD.
In an effort to fathom the impact of all the socio – economic trends from the employer and employee perspective, and in some way address the same, SuperCFO has conducted The Salary Appraisal Survey 2013. The response to our latest Survey was more than satisfactory, to say the least. We received an overwhelming response from participants spread across 59 countries in the world. Respondents were divided across small, medium and large business as well. Overall the survey results spell out the economic condition of the world rather accurately and make for an interesting read.
In a radical change from the past, this year’s Salary Appraisal Survey 2013 from SuperCFO, is presented in a novel manner. For the past few months, the staff at SuperCFO has been diligently working on an innovative Business Intelligence (“SuperCFO BI”) platform, which is primarily targeted towards the small and medium business segment. Soon to be launched globally, as an online commercial offering, SuperCFO BI will be a one of a kind offering from a company that has been a leader in the CFO services space.
Please click here to get a unique interactive experience on the SuperCFO Salary Appraisal Survey 2013.