Madrid executives earn 12% more on average than the rest of Spain
Financial managers are the most highly paid whereas commercial managers are feeling the pinch of the crisis the most
Salaries are at a standstill with the crisis and hardly any raises are expected
Barcelona, November 11th, 2010.- Madrid executives earn 12% more than the average for Spain whereas those in Catalonia only earn 1% more. These figures have been taken from the survey “Tendencias Retributivas del Equipo Directivo” presented today in Barcelona. The report, a joint collaboration effort between ICSA and EADA business school, was compiled from a sample that gathers salary data for over 80,000 individual freelance employees in Spain. In exact figures, the average gross salary of a manager in the Autonomous Community of Madrid is 80,162 euros per annum, in Catalonia 72,412 and for the whole of Spain, 71,610 euros.
Ernesto Poveda, president of ICSA Grupo points out that, “signs of lukewarm economic recovery are more visible in large companies, which are making some hiring moves, with more and more emphasis on the need to retain talent inside corporations”. Given that the biggest concentration of large companies is in the capital city, that’s “where this increase in the hiring of top executives is beginning to be noted”.
Furthermore, David Parcerisas, president of EADA Foundation, commented on the study in the context of the economic crisis and the sluggish recovery and emphasised the need to match supply and demand in the job market. “It’s true that the unemployment rate in our country is dramatic but at the same time there are job offers that are not being covered. Something’s not working right in the market. That’s why it is crucial that the education system is able to meet this latent need. In this respect, it has been demonstrated that more training means higher pay and, above all, greater job opportunities”.