As economies around the world are starting to recover, existing staff are bearing the brunt of job cuts made during the depths of the recession.
Working hours for finance professionals are increasing across the globe, according to the findings of the 2010 members’ salary survey carried out by Chartered Institute of Management Accountants (CIMA).
The average working week for CIMA members globally is 45 hours, with South East Asian economies (48-50 hours) and the USA (50 hours) working the longest hours. The primary reasons reported for the increase are understaffing/lack of resource (up 12 per cent to 61 per cent from 2009), and more responsibility or more pressure (down 3 per cent to 63 per cent from 2009).
“The survey findings show that economies around the world are beginning to recover, but organisations need to be mindful of the pressure on existing staff as workloads increase. Employee satisfaction will become increasingly important to retain key staff and organisations should look at creative ways to achieve this, such as providing more flexible working options,” said Ray Perry, CIMA Executive Director of Brand, Profile and Marketing comments,
The good news for CIMA members is that their skills are valued, as the survey shows that Chartered Management Accountants earn significantly higher salaries than the national average in every nation featured in the research. In developed economies, members’ salaries are usually between two and three times the national average. However, in developing economies such as Malaysia or Sri Lanka, the percentage is as much as six or even ten times average earnings.
Bonuses also featured as a significant proportion of member remuneration. In many countries this accounts for between 8 and 15 per cent of total income with significantly higher rewards in the USA (19 per cent) and Hong Kong (20 per cent).
The downturn and subsequent recovery in some areas is having a mixed impact on CIMA members. Malaysia and Australia show the most significant increases in average remuneration since 2009. But countries such as Sri Lanka and the UK have experienced only modest growth— less than 4 per cent on average.
