Salary levels for top management in Ireland are predicted to increase by an average of 6.6% during the current year, according to a recent management compensation survey by global consulting firm Watson Wyatt. This level of increase is the same as that paid during 2000.
The Watson Wyatt Tom Management Compensation Survey 2001 studies top management remuneration levels in 17 countries in Europe, plus the US and Israel.
63 organisations in Ireland took part in the survey, which provides information on 21 different senior management roles, including Chief Executive Officers, Project Managers, Corporate Relations, Head of Human Resources and Marketing.
58% of the Irish firms surveyed said that pay increases for management were a combination of general and merit increases. 37% of top managers received a merit only annual increase and the remaining 5% received a general increase only.
The survey points out that salary increases for top management levels may be impacted by the current high levels of inflation.
But overall, it predicts that wages in the Irish market are projected to increase rapidly, reflecting the strong demand for labour and the need to pay wages similar to those in the high-productivity exporting sectors. It said wage increase are likely to remain high to ensure appropriate attraction and the retention of key staff.
