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 2024 Study
PwC’s Paywell 2024 Survey covered 212 companies operating in 11 sectors and offers a comprehensive view of remuneration strategies and current trends in employee benefits in Slovakia.
Based on the data provided by the companies, the survey maps not only the development in wages and salaries, but also the social policy and employee benefits offered. The survey provides employers with an important tool for benchmarking their position in the labour market. Companies use this data not only to adjust wages and salaries, but also to set up competitive employee benefit packages that support staff retention and engagement. In a period of growing competition and uncertainty in the labour market, employers are increasingly seeking forecasts of future developments. These forecasts help them make strategic decisions as regards investments, human capital development, and productivity growth.
* Guaranteed wage or salary = basic wage or salary + all guaranteed bonuses that do not depend on the firm’s or employee’s performance
Wage and salary increases remain a key element of employers’ strategic planning in 2024
From May 2023 to April 2024, companies saw an average increase in basic wages by 7.2%. This increase is slightly lower than in the next preceding period in which the average growth amounted to 8%.
Forecasts for 2025 indicate a continuing trend of wage growth, although slightly lower, as expected average growth is around 5.3%. This development reflects companies’ response to factors such as inflation, higher pressure on productivity growth and sustaining profitability.
Companies must take challenges into account when setting their wage and salary strategies, while trying to sustain competitiveness in the labour market. Therefore, companies still place great emphasis on remuneration to retain key employees and respond to continually changing economic conditions.
Wage and employee benefits development according to the PayWell 2024 Survey
13th wage/salary is a motivator, not a rule
Only 12% of companies provide a guaranteed 13th wage/salary, while 35% tie it to results, such as company achievements, work attendance, and individual employee performance. The target amount of the 13th wage/salary for all job categories is set at 100% of the basic wage/salary.
14th wage/salary is rare
Only 14% of companies pay a 14th wage/salary, proving it is still an exception. This benefit remains an occasional bonus, rather than a standard part of remuneration strategy.
Sabbatical leave at Slovak companies
According to the latest survey, 13% of Slovak companies offer sabbatical leave as a benefit. This innovative approach, though still rare, is an effective tool for companies to improve the loyalty and well-being of their employees. Sabbatical leave is usually unpaid, but some companies pay employees a part of their wage or salary, so they have an income while away from work.
New employee benefits on the horizon
Up to 47% of companies plan to introduce new benefits. The main ones include a flexible benefit system, mental health support, extended health benefits, and the introduction of Multisport cards or the Cafeteria system.
Non-standard employee benefits on the rise
Around 29% of companies offer non-standard benefits, such as “workation” (i.e. work and vacation abroad), a financial contribution for not smoking, corporate breakfast or caravan rental for employees.
212 companies from 11 sectors participated in the PwC’s Paywell 2024 study.
