Wage of single CEO equal to salaries of 13 young professionals: Report
The salary gap between bottom- and top-rung employees in Turkish companies is relatively high compared to Europe.A top ranking executive’s wage is equal to 13-fold of a young professional salary in Turkey, while the ratio is between four to six-fold in Europe, a report has revealed.
According to a Towers Watson compensation survey, which illustrates payment balances in Turkey, there is a remarkable gap between C-level executives, including CEOs, and entry-level young professionals.
The survey analyzes the data obtained from various sectors in Turkey and found that salaries of 13 young professionals who have recently graduated from university are equal to the salary of one CEO, displaying great inequality within institutional ranks.
When compared to their Turkish counterparts, European young professionals enjoy considerably fairer payment, as the difference between bottom-rank and top-rank employees is around four to six fold in European companies.
The salary gap between bottom-level and middle-level employees, meanwhile, is relatively close to the averages in Europe.
While there is a 2.9-fold difference between a new university graduate professional and a middle-rank executive, the same ratio is 1.7-fold in Switzerland and Norway, 1.9 in Germany, 2.1 in France, 2.6 in Italy and 2.7 in the United Kingdom.