238 companies took part in the survey and shared their plans on what changes will be made to their employees' remuneration and whether additional packages and benefits will be updated. The Manufacturing, Information Technology, and Automotive sectors had the highest number of respondents. In the survey, expertise was shared by both local and foreign companies, giving a broader view of the trends we can expect in the coming year.
The data shows that in 2023, employers from a variety of sectors have taken pay rises at least once during the year - by an average of between 6 and 10 percent, with others sharing increases of between 11 and 20 percent on average. Respondents said the reasons for this were mainly inflation, as well as the need to grow the team and target highly skilled staff.
High turnover has not been reported in the past year. The average figures indicate such between 1 and 5%, reaching a maximum of 10%. Experts from Assert International Bulgaria say that the reasons people change jobs are most often due to more competitive remuneration or the inability to develop professionally.
The overall data from the 238 companies surveyed suggests that in the first half of 2024 (H1/2024), salary levels will be raised again, this time by between 6 and 10 percent. half). According to the data, we can argue that the practice of indexing remuneration at least once a year in large organisations is already well-established with most employers. In the case of fringe benefits, there are plans to change for only 17.5% of respondents, but these changes will affect the majority of employees in companies.
We'll be dedicating the January episode of HR Navigator to the topic of "Compensation and Fringe Benefits - Trends" to discuss the survey trends in more detail, as well as get the expertise of leading experts.