PayWell is a wage and salary study and a remuneration planning tool providing an up-to-date view of remuneration in Slovakia, including HR policy and strategy information and trends. At PwC Slovakia, the PayWell survey has been undertaken by HR Consulting for 31 years.
About the PayWell 2023 Study
The PwC’s Paywell 2023 study which covered 222 companies operating in 14 sectors analyses the overall remuneration strategy of companies and trends in employee benefits.
The basis for evaluating wage and salary data and information relating to remuneration policy, social policy, and employee benefits in 2023 was an extensive data sample from 222 companies operating in 14 sectors. Companies and employers use the PayWell study results to map their position in the remuneration market as a basis for further development and stabilisation of their human capital.There is a higher demand from employers for information about the labour market and projections of its future development, as this kind of information constitutes an important basis for making decisions and preparing future business strategies, including investments into growth and product portfolios.
* Guaranteed wage or salary = basic wage or salary + all guaranteed bonuses that do not depend on the firm’s or employee’s performance
While inflation rose by 12.8% (y/y increase in April 2023), only 8% of companies took this into account on average
In 2023, the real wage increase (median) is most apparent in the SSC (Shared Service Centre) sector (11%)
While the market median is approx. 8%. Compared to the previous year, in which SSCs were at the market median level (5.1%), this is a significant increase.
Formalized appraisals still important in reviewing employee performance
92.9% of companies appraise their employees based on set goals and criteria for measuring performance.
The PayWell 2023 study found the following regarding wages and salaries at Slovak companies:
13th and 14th wages and salaries still not standard
Just over one-third of companies (36.1%) pay their employees the 13th wage or salary, and only one-seventh (14.3%) a 14th wage or salary. Compared to the previous year, the payment of the 14th wage or salary decreased slightly.
13th and 14th wages and salaries most common in the manufacturing sector
13th and 14th wages and salaries are most often paid (more than 60% of companies in the given sector) to employees in the following sectors: mechanical engineering, automotive, energy, and electrical engineering.
Flexible working hours still very popular
90.9% of companies allow their employees to use flexible working hours.
Work from home still preferred form of working time arrangement
The combination of work from home and at the company’s premises remains one of the most popular working time arrangements. For most employee categories, it exceeds 90%.
Other financial rewards
Some companies also pay other financial rewards to improve employee performance and motivation, most frequently bonuses for outstanding performance (61.2%), innovations, or team leadership.
222 companies from 14 sectors participated in the PwC’s Paywell 2023 study. The manufacturing sector was represented by 88 companies.
