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The Korn Ferry 2019 Global Salary Forecast reveals that, adjusted for inflation, real-wage salaries globally are expected to grow only an average of 1 percent in 2019.Regionally, Asia is expected to see the highest real wage growth, with salaries forecast to increase by 2.6 percent, while in North America, both the United States and Canada are predicted to achieve a real-wage growth of 0.6 percent. Employees in Eastern Europe are predicted to see an average salary increase of 2 percent after accounting for inflation, and in Western Europe, salaries are forecast to increase by only 0.7 percent.
In the Middle-East, inflation-adjusted salary increases are predicted to be 0.4 percent, while Africa’s salary forecast is expected to go up by 0.9, after adjusting for high inflation. In Latin America, employees are forecast to receive an average real salary increase of 1.3 percent. The Pacific sees the lowest prediction in real salary increases, with an inflation-adjusted forecast of only 0.3 percent.
© Korn Ferry 2019 All rights reserved.
2.6
%
0.0
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-1.7%
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DA
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AH
RA
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ZB
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UK
RA
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TUR
KEY
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ROMANIA
POLAND
LITHUANIA
LATVIA
KAZAKHSTAN
HUNGARY
GEORGIA
ESTONIA
CZECH REPUBLIC
CROATIA
BULGARIA
BELARUS
AZERBAIJAN
ARMENIA
UNITED KINGDOMSWITZERLANDSWEDENSPAIN
PORTUGALNORWAYNETHERLANDS
LUXEMBO
URG
ITA
LYIRELA
ND
GR
EEC
E
GE
RM
AN
Y
FR
AN
CE
FIN
LA
ND
DE
NM
AR
K
CY
PR
US
BE
LG
IUM
AU
ST
RIA
US
A
CA
NA
DA
NE
W Z
EA
LA
ND
AU
ST
RA
LIA
PE
RU
PA
NA
MA
NIC
AR
AG
UA
ME
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O
HO
ND
UR
AS
GU
AT
EM
ALA
EL SALVA
DO
R
ECU
AD
OR
DO
MIN
ICAN
REPUBLIC
COSTA RICA
COLOMBIA
CHILEBRAZIL
BOLIVIAARGENTINAVIETNAM
THAILANDTAIWAN, CHINA
SINGAPORE
PHILIPPINES
PAPUA NEW GUINEA
MALAYSIA
KOREA
JAPAN
INDONESIA
INDIA
HONG KONG, CHINA
CHINA
ZAMBIA
UGANDA
TUNISIA
TANZANIA
SOUTH A
FRICA
NIG
ERIAN
AM
IBIA
MO
ZA
MB
IQU
EM
OR
OC
CO
MA
UR
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KE
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QA
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GLOBAL SALARY
INCREASES
REAL SALARY
INCREASES
REGIONAL AVERAGES
Global Salary Forecast 2019: Smaller real-wage increases predicted for most parts of the world.
NORTH AMERICA
Real Salary Increase
Salary Increase
2.8%
0.6%
PACIFIC
Real Salary Increase
Salary Increase
2.5%
0.3%
MIDDLE EAST
Real Salary Increase
Salary Increase
3.6%
0.4%
LATIN AMERICA
Real Salary Increase
Salary Increase
4.6%
1.3%
EASTERN EUROPE
Real Salary Increase
Salary Increase
6.6%
2.0%AFRICA
Real Salary Increase
Salary Increase
7.7%
0.9%
ASIA
Real Salary Increase
Salary Increase
5.6%
2.6%
WESTERN EUROPE
Real Salary Increase
Salary Increase
2.5%
0.7%
Korn Ferry pay experts recommend taking a holistic approach when determining pay.“While inflation indices are a solid benchmark for reviewing market trends in pay, we recommend that companies take a broader perspective by defining and agreeing upon their own measures of cost drivers, business strategy and local trading conditions,” said Benjamin Frost, Korn Ferry’s Global General Manager – Pay. “Compensation programs need to be regularly reviewed to make sure they
align with changing business and market conditions.”
About the StudyThe data was drawn from Korn Ferry’s pay database which contains data for more than 20 million job holders in 25,000 organizations across more than 110 countries.
It shows predicted salary increases, as forecasted by global HR departments, for 2019 and compares them to predictions made at this time last year regarding 2018. It also compares them to 2019 inflation forecasts from the Economist Intelligence Unit.
Visit the interactive website to get your personalized salary forecast here.
Editor’s Note: Global and regional averages exclude Argentina due to particularly high inflation. Figures correct at the time of data collection.
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