Companies in Greece say they will implement pay raises to tackle inflation

Companies in Greece say they will implement pay raises to tackle inflation

One in three companies (33%) in Greece say they will implement pay raises in line with inflation, or even more than that at another 30% of enterprises, according to the HR trends survey by Randstad.

Despite the radical changes 2021 brought to the labor market, with the multiple consequences of the pandemic for employers and employees, the human resources trends survey shows that corporations have reformed their operations and are prepared to implement significant changes within the year, as 70% of them expect sales to grow, up from 49% last year. This finding, Randstad commented, illustrates the intention of enterprises to maintain and strengthen their business operations.

There have been significant shifts in salaries, as raises have been recorded across almost all salary brackets and service sectors. The highest pay is to found in the technology sector, with monthly salaries peaking at 14,000 euros per month (on a 14-month basis that includes the holiday bonuses) for a chief informatics officer (CIO) in this sector. The second place belongs to the sales sector, with the position of a business department director paying €12,000 per month, while sales consultants in stores get €800. The next sectors in the salary hierarchy are those of financial services and shipping.

All sectors reported an increase in salaries this year compared to 2021, and not a single company surveyed anticipated a reduction in its salaries in 2022. A remarkable 86% of participating corporations expressed their intention to implement business policies and increase salary levels so as to attract and retain talented employees.

The majority of enterprises (64%) say they keep up with their competition in salary terms, while 21% said they offer higher salaries than their rivals.

Randstad also found that 76% of businesses have fully recovered from the problems brought on by the coronavirus pandemic, with just 21% still facing corporate risks.

The survey took place between November 2021 and March 2022 with the participation of 545 corporate officers from various domains of the Greek market with posts that have a key role in human resources decisions.

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