Yasemin SALIH
The global agenda of Michael Page International, a UK-based recruitment company, is not very different from that in Turkey. Fatih Cömert, Turkey Managing Director of Page Group, the company’s umbrella organization, explained that the great resignation and inflation have left their mark on the labor market, saying: “Inflation is more effective in Turkey. The talent market broke records in the first quarter. Now moderately difficult hikes are on the program. Turkey has put price update on its agenda mid-year,” he commented.
Fatih Cömert, who said that Michael Page, as the Page Group’s largest brand, conducted a quarterly wage research during the pandemic, evaluated the results of the research for the first half of 2022 for DÜNYA. “The most important part of the pandemic was finding talent and the second problem was keeping that talent,” Cömert said, delivering the headlines about the new period.
20 percent end the year with a single raise
Earlier this year, most companies increased wages by 38-39 percent. Growth in the difficult automotive and tourism sectors remained low. Leaving the first half of 2022, 80 percent of companies indicated that they will increase in the meantime due to high inflation. Most of these companies were waiting for the minimum wage to rise. All companies are working hard on it right now. Only 20 percent of companies said they ended the year with a one-time increase. Twenty percent of companies that reported increasing wages during the year said they plan to update every four quarters.
As companies work on preliminary rate hikes, they base them on the inflation data announced by TURKSTAT. While some consider the inflation rate of the ITO, there are some who closely monitor and include in the study the development of the exchange rate. From this perspective, most companies will make an interim increase of between 30 and 45 percent. Some companies will go to 60 percent, but not many. Many companies also track how large, well-known holdings are behaving and use this as a reference.
In the case of the provisional export discriminator, it was not the industry but whether the companies exported or not that was the discriminating factor in the interim studies. In other words, what matters here is the company’s strength versus exchange rates. The increase in costs also had an impact in some areas. In sectors like fast-moving consumer goods and pharmaceuticals, expenses like fleet and fuel have been very effective in the field. The automotive and tourism sectors are also affected and this is reflected in wage increases.
Digital roles are valued more
During this period, wage increases were most pronounced for talent in digital roles. They receive higher salary increases because their chances of working in companies abroad have increased. Flexible working has made it easier for them to find a paying position in currency matters. E-commerce, technology-based roles are in demand. Investments are also being made in human resources. The power and sanctioning of human resources in companies has increased. On the other hand, the roles that have to work in the field are decreasing.
Experienced employees went abroad, the wages of new graduates increased
As experienced talent goes abroad, the tendency for companies to invest in new graduates has increased. This also changed the entry fees. With public spending, particularly in Istanbul, wage expectations have also risen. It was important to look for young people to study in Turkey’s top 10 universities. However, these young people are not only looking at the monthly base salary. The demand for engineers is particularly high. These young people want to see their development every 1.5 years. Position, salary should change. The work content has to change. Or they are looking for a new one. Most circulation is experienced during the transition from junior to senior. With the pandemic, the orbital period decreased to 1.5 years.
Instead of an official tool, money is given
Fringe benefits have also changed during the pandemic. In particular, there are changes to rights such as government vehicles and drivers. Vehicle manufacturers protected this right by reducing the brand to a few sub-segments. Rental costs have gone up. Anyone who has a fleet also saves fuel. Some companies have offered a specific budget instead of the vehicle right. With this money you can buy fuel or a vehicle; They offered the possibility to use the subway for your different needs if you want.
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