Satr H1 2024: Wages and Employment Trends For The First Half Of 2024
For the fourth year in a row, Manpower Slovenia has been conducting the "Wage and Employment Trends" survey, which helps employers create effective strategies and achieve exceptional competitiveness on the labor market. The latest SATR H1 2024 survey report provides reliable and high-quality data and wage and employment forecasts for the first half of 2024.
The SATR survey for the first half of 2024 reveals that Slovenian employers are planning a smaller number of jobs compared to the same period of the previous year. Similarly, there is a decrease in the number of companies expecting a salary increase. The average turnover rate also indicates calm conditions on the labor market, which suggests a less dynamic period compared to last year.
However, the results of the survey are positive compared to the previous half-year, when more than half of Slovenian employers did not raise wages. As many as 56% of employers predict a salary increase for the beginning of the new year. Employers in the science and education sector predict the biggest wage increase, followed by the automotive industry and transport and logistics.
The questionnaire was answered by human resources and managerial personnel working in companies in the following industries: manufacturing sector (35.14%), retail and wholesale trade (18.21%), information technologies (14.06%), transport and logistics (5.11%), telecommunications , electronics, electrical engineering (4.15 %), tourism and hospitality (3.83 %), healthcare and pharmacy (3.19 %), banking, finance, insurance (2.24 %), construction (2.24 %), automotive industry (1.92 %), mechanical engineering ( 1.60%), research, media, marketing and PR services (1.28%), science and education (0.64%) and other activities (6.39%).
Key findings for H2 2023:
- For the second half of 2023, 26.68% of employers planned to increase wages, actual changes record that 41.05% of employers increased wages.
- Of those employers who increased gross monthly wages in the second half of 2023, the largest share was those who increased wages by 6 to 10% (47.37%). They are followed by those who raised wages by up to 5%, namely with a 42.11% share.
- More than a third of employers (38.97%) indicated that changes in wages and benefits in the second half of 2023 were conditioned by the retention of current employees.
- The average employee turnover rate in companies in 2023 was 10%.
- In 2023, the number of employees at more than a third of employers (38.27%) increased by up to 5% on average. Approximately one third of employers (35.80%) did not hire any additional employees in 2023.
Key findings for H1 2024:
- For the first half of 2024, the largest share (33.33%) of those employers who will raise wages plan to raise wages by up to 5%, while 21.70% of employers plan to raise wages between 6 and 10%.
- 44.03% of participating employers announce that they do not plan to change wages in the first half of 2024.
- Approximately three-quarters (73.27%) of Slovenian employers predict that they do not plan significant changes regarding additional benefits and financial incentives for employees in the first half of 2024, while 24.84% of employers say that they will increase additional benefits or bonuses.
- The net employment forecast for the first half of 2024 is optimistic and amounts to +42.41%.
- Comparison for the first half of 2023 and the first half of 2024:
- Compared to the same period last year, when 68.79% of participating employers announced a wage increase, 55.97% of employers predict a wage increase at the beginning of 2024.
- For the first half of 2023, the net employment forecast was +54.49%, and for the first half of this year, the employment forecast is +42.41%.
"The forecasts of the SATR survey for the first half of 2024 indicate a slight cooling of employment, but we still see positive trends in the Slovenian labor market. Talent retention and acquisition strategies remain key to success in this highly competitive environment," emphasized Tamás Fehér, Manpower's CEO for Hungary, Croatia and Slovenia.
All SATR H1 2024 reports can be ordered HERE.
