by Elita Babayan
In late 2013, EY issued its 2013 Compensation & Benefits Survey reports for the Armenian market. In 2013, around 50 Armenian and international companies from banking and financial, trade, chemical and pharmaceutical, telecom, professional services, FMCG, mass media, advertising, non-profit and other sectors participated in the Compensation and Benefits Survey conducted by EY in Armenia. Along with general industry, a special industry report was also issued for the financial services and banking sector of Armenia. The reports include detailed information about monthly and annual fixed pay and annual variable compensation for up to 200 cross-industry jobs as well as more than 250 positions for the financial and banking sector.
The reports also provide details on the cash compensation structure, and they include comprehensive information on HR policies and practices implemented in Armenia, including those related to business travel, training, social allowances, incentive plans, insurance, pension plans and other benefits, recruitment, and other policies and strategies. In addition, the report offers analyzed data on HR metrics regarding organizational effectiveness, remuneration, recruitment, HR function, employee ratio in organizations and lots of other useful information on the Armenian labor market.
Overall, the survey results prove the continuation of general trends observed on the Armenian labor market over the last few years. As in previous years, most of the companies surveyed do not plan to make any changes in the number of personnel in the upcoming year, while 36% of the companies plan an increase and only 10% a reduction in staff in 2014. The same indicators for the financial and banking sector are 41% and 11%, correspondingly. According to the survey, the inflation rate, followed by market data, are the most popular indicators used by Armenian companies as a basis for salary changes.
Among the most important HR management priorities indicated by survey participants in 2013 were performance evaluation and management, corporate culture, motivation and retention of employees and the link between the company’s HR policy and business strategy, strategic HR issues and HR organization.
EY conducts the Compensation and Benefits Survey, as well as a number of other surveys, annually in nearly all CIS countries. Hundreds of companies are involved in general industry surveys, industry specific surveys (financial and banking, insurance, consumer goods, logistics, pharmaceutical, IT/telecommunications, etc.), customized surveys (key market players, top management surveys, foreign employees and regional surveys) and other surveys.
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