"Only 35% of companies declared they denominated their salaries in the U.S. dollar, which is 17% less than in the 2004/2005 report," the company said in its report concerning salary levels and variable wages for 96 jobs, the structure of compensation packages and current human resources practices and policies in different industries and market sectors.
Tim Carty, a partner of Ernst & Young's Human Capital group, said salaries had continued to grow on average by 10-12%, but the growth varied for different departments and employee levels.
Human Capital Manager Pyotr Zimovsky agreed.
"We have noticed considerable pay rises with client servicing, supervising and internal risk management (internal auditors and accountants), logistics and production jobs," Zimovsky said.
Apart from the increase in salaries, there are a number of other popular trends on the market, such as deferred and performance-related compensation. Ernst & Young also notes that the companies are much more willing to maintain top-level personnel by inspiring their shareholding in the company.
The company attributes a rise on the labor market in Moscow and other rapidly developing cities to the sustained GDP growth rate of 6-7% in the last five years. Almost 60% of companies announced their plans to increase staff by an average 29.7% within a year.
