Faced with the surge in living costs, it is imperative for companies to swiftly readjust salaries, ensuring employees can maintain their standard of living. However, in a fast-paced and dynamic society, despite a global average salary growth rate of 4.9% in 2022, keeping pace with inflation remains a formidable challenge.
Taipei, Taiwan (WS News Publisher) – Do you believe that your current salary meets your needs adequately? Global prices and housing prices continue to soar, but has your salary increased? According to the international cost of Living Index released by the Economist Intelligence Unit (EIU), due to the impact of the Ukrainian-Russian War, the average global cost of living will rise by 8.1% in 2022. Still, wages will only increase by 4.9%.
Wage adjustment is a big issue. The HKSAR government has raised the statutory minimum wage from HK$37.5 per hour to HK$40 per hour since May 1; the adjustment is only 2.5 yuan, which does not meet the people’s expectations. However, Hong Kong is not alone, and many people are unsatisfied with their country’s salaries.
According to Glassdoor’s findings, Mexico, Brazil, and Russia had the lowest salary satisfaction ratings in 2021. Only 24% of Mexican workers said they were delighted with their pay, compared with 26% in Brazil and 29% in Russia.
In contrast, the same data shows that salary satisfaction is highest in Switzerland, Germany, and the US. 64% of employees in Switzerland are satisfied or highly satisfied with their pay, compared with 62% in Germany and 61% in the US. Canada, France, and the UK follow, with about 50% of workers saying they are satisfied with their pay.
Which country has the highest average salary? The World Bank calculates the average salary of workers in various countries every year. According to the latest data, the top five countries with the highest average wage in 2022 are primarily European and American:
No. 1: Luxembourg (average annual salary: $67,967)
No. 2: Switzerland (average annual salary: $63,782)
No. 3: Norway (Average annual salary: $53,514)
No. 4: United States (average annual salary: $53,329)
No. 5: Denmark (Average annual salary: $52,666)
Although the salaries in the above countries are enviable, in addition to high wages, the cost of living in each country may also have to be considered so as not to spend all the money on living expenses, and not easy to save money.
In addition to the cost of living, salary levels are also related to the economic situation and industries of the respective countries. In some developing countries, people may feel frustrated due to low job satisfaction because the economic development of these countries is still in the early stages, making it difficult for companies and organizations to afford high salaries.
Furthermore, industries can also impact salary levels. For instance, in certain industries such as finance and technology, compensation standards may be significantly higher than in other fields. Additionally, the level of taxation and social welfare in different countries can also influence salary standards.
Overall, while high salaries are an important factor in attracting talent, they are not the sole criteria for evaluating a job for everyone. Job conditions, work content, company culture, career prospects, and job stability are equally important. In addition to salary, employees also need to pay attention to the overall development trends in their industry and country, as well as the corresponding skills and qualifications required.