The difference in salaries between the management and the national average has gone down this year compared with 2007, when managers earned 9.6 times more than the net average, according to the PayWell-Salary and Benefits 2008 survey conducted by audit and consultancy company PricewaterhouseCoopers (PwC).
"This does not mean that the absolute salary of a manager has gone down this year compared with last year, because we have to take into account the net wages have increase throughout the entire country in 2008, compared with last year," explained Ruxandra Stoian, HR Services manager of PwC. To measure the gap between the salaries of managers and the average wages, PwC's analysis took into account the net average pay as reported by National Statistics Institute (INS), a figure that stood at 1,282 RON (352 euros) in April. With a manager's salary 9.2 times higher than the net average, the heads of the companies on the local market earn 3,240 euros per month.
Average management salaries went up by approximately 10% compared with last year, from 2,960 euros to 3,240 euros in April. Whereas the net average pay of a manager exceeds 3,000 euros, an employee who completed secondary education earns an average of 356 euros. "Whereas entry level salaries were higher compared with the gross average pay in 2007, this year they are lower. For employees who completed secondary education, the salary at multinationals stands at only 74% of the national level, and for those who completed higher education, the salaries are comparable," Stoian added.
When breaking down salaries by sectors, banking employees are the highest-paid, with almost double salaries (107%) compared with the gross average pay announced by INS for April, 1,751 RON (481 euros). "Bankers" earn 995 euros a month in gross amount on average.
Next come employees in pharmaceutical companies, whose monthly gross average salary stands at 918 euros and those in IT&C - 880 euros.
"An explanation for this would be the high number of people who completed higher education and work in banks, IT&C and the pharmaceutical industry, while in retail most of people only completed secondary education," Stoian explained.
On the other hand, at the bottom of the ranking are the FMCG, retail and hotel employees, who earn less than the average gross pay registered in the entire country. The cited survey reveals that people in Bucharest earn 65% more than the gross average wages in the entire economy. Which means that a person in Bucharest earns a gross salary of 793 euros. "Bucharest is at the top as always, followed by the big cities in the West and in the centre of the country. We noticed that Iasi, as the representative of Moldova, is catching up fast, as a result of the significant investments made in outsourcing centres," Stoian added.
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