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Financial crisis boosts Eastern managers purchasing powerUpdated: 10-09-2008 |
Romania went up 14 places in the ranking of managers' purchasing power globally, according to a study by HR consulting company Hay Group. It currently ranks eighth, compared to 22nd in 2007.
The recent financial turmoil on international markets and the shortage of skilled managers on emerging markets led to a in increase in salaries for managers in Eastern Europe.
"Romania already became an El Dorado for managers, especially for those in Asia, where income available is significantly lower. The development of emerging markets, including Romania, generated an unprecedented demand for management positions," according to Hay Group Romania General Manager, Harry Meintassis.
In Western Europe, salary hikes are virtually frozen, given many financial and non-financial institutions laid off employees due to the international financial crisis, according to Raiffeisen Bank's Chief Economist, Ionut Dumitru.
"Romanians' purchasing power increased considerably in recent years and the Real salary increase was significant, above productivity. Personnel shortage in certain fields was a pressure for salary rises, while in developed countries of the euro-zone, salaries increased very little in recent years," Dumitru said.
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