Managers wait six months for jobs with 30% less payPublish date: 06-07-2009
Experienced manager, looking for a job. I am already waiting for six months. I am willing to be paid 30 percent less compared to my latest job, I am ok with not getting any bonuses and incentives.
This is what a job demand announcement by a top or middle manager hit by the crisis wave in Romania. While many companies were forced to make layoffs in order to survive, others are taking advantage of the supply on the labor market to replace poor-performing managers.
"Many companies are taking advantage of the crisis to replace part of the managers - either because they are poor-performing or they are too expensive - with others as good as the previous ones, but at least 30 percent cheaper, or with much better ones, paying the same salary," according to one of the top head-hunters in Romania, George Butunoiu, for moneyro.
Furthermore, although salary package demands have dropped, managers still have to wait five to six months before getting a new job. Last year, due to the personnel deficit in most industries, caused by companies' sound expansion, managers were virtually stolen by companies from their competitors and the salary offer was at least 30-50 percent better. In some cases, the revenues of managers doubled upon changing job.
Last year, employees made the market. Many times, they would not even come to interviews and when they did come, their demands were exaggerated. However, they were usually employed, as companies had no choice. They are now less demanding, as companies have several options when employing.
When negotiating now, the focus is on bonuses. "Companies are still willing to make attractive offers, but they change the component ratio, increasing the variable one - bonuses and incentives - based on results and performances," according to the Managing Partner of Executive Search Alexander Hughes Romania, Dana Patrichi.
She added that there is still demand for managers. "Competent CFOs are very sought after currently, while managers specialized in sales and operations, who worked in fields more severely impacted, such as real estate and construction, can shift to other sectors. Things are more difficult for those who have strictly technical professions and low professional mobility," Patrichi stressed. Executive Search Alexander Hughes Romania had projects for the fast moving consumer goods (FMCG), financial-banking sector, telecom, services, law segments.
The General Manager of Aims Human Capital Romania, Mihaela Perianu, says that demand for managers this year came from FMCG, financial services, and industries for positions such as Finance Manager, Sales Manager, Commercial Manager, Country Manager, HR Manager.
"Candidates are much more willing to cooperate and focused on reality compared to the way they acted in the past two years," Perianu said. Once the economic situation became more difficult in Romania, employees, including managers, are less willing to change their job, in spite of the offers. According to Butunoiu, managers are less willing to make professional moves amid crisis.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei