A study says India is on pole position in terms of global average real salary of senior managers, followed by Germany and Switzerland.
MUMBAI: Which country has the highest-paid senior managers in the world? The US? Or one of the developed countries, right? Wrong. It’s India.
The Hay Group, Philadelphia-based human resources firm, has conducted a global study, which says India is on pole position in terms of global average real salary of senior managers, followed by Germany and Switzerland. For perspective, India’s per capita income stands at Rs 12,416 per year. What’s behind this startling development?
“It’s a case of too many jobs at senior levels chasing too few candidates,” says Shiv Agrawal, CEO of ABC Consultants, the country’s leading head-hunter for senior level placements. “Today, every good senior-level candidate has more than two jobs available.”
The Hay Group study accounts for the cost of rent, which is at exorbitant levels across global financial centres. In Sweden, for instance, high taxes pulled down the real pay levels so much that the country brings up the bottom in the rankings.
Among other countries, Brazilian senior level salaries are the fourth-best, while Britain figures ninth on the list. The US is placed at a modest 12th, while Japan is 21st, just above China, in the ranking of 24 countries.
Recently a Hewitt & Associates study found salaries in developed economies were growing at single digit increments, while Indian salaries were galloping at double-digit levels.
“If you’re looking at value for money, India offers a good alternative for senior managers,” says Purvi Sheth, vice-president of headhunting firm Shilputsi Consultants. Agrawal agrees. “Indian salaries are catching up fast with global standards. The cost of living in India also compares well with the rest. But on quality of life and services, India is deficient,” he says.
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