For the purpose of the research, we surveyed 253 companies across different sectors in the country to understand their attitudes towards making changes in salaries and benefits and how external factors such as inflation and turnover are affecting these processes.
Companies in the Manufacturing, Information Technology, and Retail & Fast Moving Goods sectors were the most active.
With the help of the data we collected and examined in detail, we identified one of the main objectives of the companies - retaining the current employees in the organizations, as well as creating conditions for attracting new suitable specialists. The majority of businesses shared high levels of turnover until now in their organizations.
According to the data, there is no expectation of a dramatic rise in salaries across most sectors in the country. Most changes and increases were implemented in the first half of 2023, with average gains of up to 13% - 15%. Despite this trend, a small minority of businesses are considering reducing additional incentives and bonuses for the second half of 2023.
Looking at the data by sector, the inflation rate is an important external factor influencing decisions to change remuneration. Regarding the percentage increase in employee remuneration, companies indicate increases in the first half of 2023, with almost no downward trend. Again, we talked about the topic of staff turnover as a key one, with the highest rates seen in the Retail and & Fast Moving Goods sectors.
Given the high interest in the survey results, we dedicated the July episode of HR Navigator. On 19.07 in the Club House studio, Maria Dineva from the Business Intelligence team at Assert International Bulgaria presented the survey data in the company of Milena Balevska, HR Director - Payroll and Administration - Pontica Solutions, Ivelina Petkova, Business Development Manager at Manpower Bulgaria, and Natalia Shishkova - Georgieva, Executive Director at AIBEST.
We commented on the expected changes in remuneration, bonus systems, and additional benefits for the second half of 2023. You can watch a recording of the event directly on our YouTube channel.
For more information, you can view the full report in detail here: SATR H2/2023 Report