Global employees switch for less
UK and European employees lag significantly behind the global average, with UK workers prepared to switch for a modest 5.3% increase in pay.
This is in sharp contrast to the expectations of those in fast-growing Asian, Latin American and African economies. On average, Chinese employees would switch for a 12% uplift in compensation and the percentage rises to 17.1% for South Africa, 20.1% for Brazil and 20.6% for Indonesia.
These are the findings of recent research by member-based advisory company CEB, highlighting the trends from the firm’s most recent Global Labour Market Survey of approximately 18,000 employees.
This month Britain’s six-year recession, the longest on record, was declared over but CEB’s findings demonstrate that candidate confidence has yet to catch up with the recovery.
Pay expectations are higher not only in the Nordic countries (with their comparatively strong economies) but even in recession-stricken Eurozone states such as Spain. Spaniards would expect an increase of 5.9% in compensation whilst French workers want an uplift of 8.6% to switch jobs.
Jean Martin, executive director at CEB, commented, “Britain’s Great Recession is over but British employees remain surprisingly negative about their pay prospects in comparison with the rest of the globe. Perhaps Brits have absorbed the persistent message of a recessionary squeeze on budgets more than their counterparts.
“Our research in the first quarter of 2014 shows the percentage of HR executives in Europe expecting to see their budgets increase in the next 12 months has doubled compared to the same time last year. Economic prospects look better than they have for a long time but poor expectations on pay may mean our best talent is on the move just as we have more money to invest in them.”