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If you wish to employ staff at the lowest possible cost, you might want to search for talent from Ukraine, Turkey, or Vietnam.
According to the Global Cost of Talent Index by Universum, undergrads in those three countries have the lowest salary expectations in the world.
The survey, which polled students from 33 countries, found the average salary expectation of students in Ukraine was US$521 per month. Turkey followed the list with an average of US$6,566 yearly, followed by Vietnam at US$7,119.
Switzerland remained in the highest salary spot for another year where students expect to earn on average around US$7,423 per month. Norway and Denmark follow Switzerland in the top three, with a yearly expectation of US$71,325 and US$68,225 respectively.
In comparison, undergraduates in Singapore said their average annual salary expectation was US$31,979. In Hong Kong, respondents expect US$26,806, while in Malaysia undergrads want an average annual salary of US$12,275.
“In a world where one population is ageing out of the workforce and another is primed and eager to take their place, finding, recruiting, and keeping the top talent from around the world is an absolute must for top brands to stay competitive,” the report said.
“Salary expectations continue to go up among the best and brightest, and with their propensity for international careers, students have more choices than ever before.”
The report also delved into the differences between average salary expectations of women and men, finding that men on average earn 13% more than women globally.
However, these salary expectations between genders vary wildly. In 2013, Poland was in last place with an expectation of $963, with women expecting $133 less each month. This year, Ukraine is in last place with an expectation of $521 per month but with only a $40 difference between men and women.
“There is still a clear salary gap between the genders, men are expecting to earn $4,678 more than their female counterparts,” the report stated.