Salary level survey 2013: Long days not seen in salary
According to SEFE's, the Finnish Association of Business School Graduates, annual salary level survey the median salary of its graduate members rose by 2 per cent or nearly 100 euros compared to the year before. The middle salary, i.e. the median salary, of all working members was 4894 euros compared to 4800 euros the year before.
Business school graduates are putting in long hours. Actual weekly working hours of full-time employed business school graduates are 41.2 hours, practically the same as the year before. Top management puts in 45 hours a week whereas experts put in 40 hours.
"There is still room for improvement in working hours monitoring," SEFE's Research Manager Juha Oksanen summarizes the survey results.
"42 per cent of the respondents report that their working time is not monitored at all. A little less than 40 per cent of the respondents say that their working hours are monitored by a time card or a similar system. Approximately 20 per cent have to rely on their personal records." As for position levels, 42 per cent of middle management and 26 per cent of experts work without any working hours monitoring.
Reporting on the preceding week, respondents said they put in on average 5.4 hours which were not recorded at all. Only 30 per cent reported that all their working hours were recorded. "This so called shadow working time cannot be seen in salary, nor in social benefits," Juha Oksanen regrets.
Across-the-board increase is the safest way to get a pay rise
An across-the-board rise increased the business school graduates' monthly salary in more than half of the cases. 30 per cent of those had received a personal pay rise. "Without the pay rises agreed upon in the collective agreements many business school graduates would have been left without a raise," Juha Oksanen estimates the relevance of collective agreements in the business school graduates' salary development.
Nearly half of SEFE members enjoy across-the-board pay rises. SEFE is constantly working towards separate collective agreements for professional and managerial staff in those fields which do not yet have one. For example auditing, food industries, trade and insurance are industries where a number of business school graduates work without a separate collective agreement.
Business school graduates' pay packet kept its purchasing power
Business school graduates' median salary rose by 2 per cent whereas inflation in 2013 was on average 1.5 per cent, so the salary kept its purchasing power.
The median salary in the private sector was 5096 euros, approximately 1 per cent higher than the year before. The municipal sector median rose by nearly 2 per cent to 4300 euros and the state sector median by nearly 5 per cent to 4500 euros. "State euro is now 88 cents compared to private sector euro, a difference of 3 cents less than the year before".
Economic uncertainty and rising unemployment can be seen in entry-level salaries. "Entry-level median salary was 3020 euros, more than one per cent less than the year before."
The average monthly salary in October 2013 without bonuses was 5617 euros.
SEFE surveys the salary development of its graduate members by its annual salary level survey.
The questionnaire is sent to half of the association's graduate members of working age who live in Finland. There were approximately 5100 respondents in 2013, with a response rate of 35 per cent. Approximately three quarters of the respondents were employed by the private sector. Some three per cent of the respondents were full-time entrepreneurs.
Own employment feels more secure than the general situation at the workplace
Workplace uncertainty has somewhat increased as a consequence of difficult economic situation. 65 (66) per cent of the respondents rated their workplace situation as stable or relatively stable, whereas 81 (83) per cent of the respondents said the same about their own situation.
Research Manager Juha Oksanen, tel. 0201 299, 040 556 6671
Communications Director Eeva Riittinen-Saarno, tel. 0400 846 170
Salary level survey is member service
The results of the salary level survey offer SEFE members an opportunity to compare one's own salary to that of other business school graduates with similar experience and tasks. Comparison is facilitated by an estimate model − exclusive to SEFE members − built on factors with most impact on salary level.
Salary level information supports SEFE members in their salary negotiations and in setting up their individual salary requirements.