The coronavirus pandemic has shaken the world and changed the way we live and work. The majority of the Hungary’s economic infrastructure has not been impacted by the crisis, but the pace of production has slowed down. Hungary remains competitive in the global market – political stability in the country, low taxes, investment and development in infrastructure, combined with controlled energy costs, makes it an attractive investment destination.
Changes on the horizon
At the end of 2020, BMW announced that its first exclusively electric manufacturing site will be built in Debrecen. The country is seeing further investment in the electric car market, which brings new opportunities in the automotive sector and for those who manufacture components.
Technology is an emerging market in Hungary and its growth has been accelerated by the pandemic – putting it at least two years ahead of the European Union average for digitalisation. Over the next year, the need for remote working will only increase, so business services will change as quickly as the technology it relies on does.
Salaries and benefits
The best professionals in any sector will be looking for job security at present, as well as a robust benefits package on top of a competitive salary. Company culture also plays a part in talent attraction and retention – those who can provide a good working environment will be more attractive to any candidate.
A recent REED survey found that the opportunity to increase remuneration was highly desirable, with 63% of respondents seeking an annual salary increase, and 51% wanting a performance bonus. Candidates are aware of the high demand for talent and will expect a higher salary and better benefits as a result.
The most desirable benefits among professionals in Hungary were remote and flexible working – 68% and 61% respectively wanted these options. While coronavirus restrictions have made them a necessity for many, their popularity indicates that they should become permanent features after the pandemic.
Multilingual Shared Services
The MSS candidate market is packed with talent, and competition is extremely high due to the creation of more shared service centres. To stand out from the competition, candidates in the industry should demonstrate their independence, proficiency in more than one foreign language, flexibility, and the drive to develop themselves.
A vast majority of the most popular roles have seen salary growth across multiple industries. For example, multilingual senior accounts payable accountants with 2–4 years’ experience can earn 565,000 Ft on average – a 50,000 Ft increase from last year’s average. Also, strategic sourcers within the procurement and supply chain sector can earn much more than last year with their current average salary amounting to 675,000 Ft, up from 615,000 Ft.
Remote working brings optimism to the sector this year. Most businesses now know they can operate effectively virtually, and with locational barriers broken down, they can access talented professionals from further afield, creating a more competitive candidate market.
Some of the most notable salary increases in HR this year have been at both senior and entry levels. Training officers’ average salaries have gone up by 20,000 Ft since 2020 – from 430,000 Ft to 450,000 Ft. HR directors have also seen massive salary growth – with the average salary for 2021 jumping up from 1,500,000 Ft to 1,650,000 Lt.
To learn more about the recruitment market in your sector, download our 2021 Hungary Salary Guide.