CEOs in Spain and Italy still enjoying high salaries, despite continued widespread unemployment
With economic instability persisting in Europe, one would certainly expect to see continued caution in the remuneration decisions made by organisations all over the region. Not so, according to the Pay in Europe 2013 survey from the Federation of European Employers (FedEE). While Denmark continues to offer Europe’s highest gross pay packages for middle-order jobs, in crisis-hit Italy and Spain, CEO pay packages do not seem to reflect the job-security crisis which has been afflicting the PIGS countries for over half a decade.
Whether an attempt to retain great minds, or an ill-executed or badly thought-out policy, two of the countries hardest hit by the economic crisis have posted the highest average basis CEO salaries in the whole region. With unemployment posted at over 27% in Spain—56% for those under 25 years—and 12% in Italy, according to each country’s national statistics office (INE and ISTAT), questions could be asked as to the budget allocation decisions made by their private enterprises. Emerging relatively unscathed from the global crisis, thanks to close links with both the Eastern and Western business worlds, the latest figures from the Hong Kong statistics office (CENSTATD) reveal that local unemployment stands at 3.5%.
It could be argued that skilled minds will be needed to help rebuild the infrastructure of the industries in these struggling nations. While the economic crisis has wreaked havoc globally on a scale not witnessed in recent times, experience could be key to bringing the people back into the workforce.
Paul Arkwright
Publisher
