The inevitable has finally happened. for the past two years, bosses in construction have happily pocketed inflated salary rises as commentators warned that the good times wouldn't last In 2002, the Hays Montrose/Building executive salary guide reported the average increase as 5, and last year executives' wallets swelled by a whopping 8. And this year, as predicted, increases across all sectors have slumped, with building, civil and housing averaging a meagre 3. It seems the party is winding down and people are starting to wend their way home. "Last year people were more bullish in housing and general construction, but interest rate rises, the housing market slowdown, and the consolidation of housebuilders has taken some of the confidence out of the market," says Stuart Cullum, business director at Hays Executive. "Executive salaries are driven by the market - if it is bullish, people will invest heavily in bringing in people; when the market is not so bullish, firms postpone investment in new people, which results in more cautious salary increases."
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