Baltic countries saw wage growth of 7.4% in the IT sector

Wages in the information technology sector in the Baltic countries grew by 7.4%, almost twice as much as in 2023. This is 0.1% less than the forecast (7.5%), according to the study conducted by Figure Baltic Advisory.

The study covered 78 organizations and presented data about 16.3K employees. It shows that 47% of the companies have increased the number of employees in the last 12 months, and 40% have reduced them. The rest of the companies did not change the amount of employees. However, 56% of the companies expect to increase their personnel by the end of this year. According to the study, 100% of the companies plan to increase wages paid to their employees.

Anta Pranevica, Member of the Board and Lead Consultant of Figure Baltic Advisory noted that, in 2023, wage growth was 12.8%, in 2022  - 11.8%, and in the next year, the salary will grow only by 6.2%. She explained that the reason for the difference in numbers was the high demand for specialists in the industry and inflation in the previous years. In 2024, the inflation is low, and wage growth has returned to the figures for 2021.

The study also revealed the average annual budget spent on providing bonuses to one employee - €1,871. The most popular benefits include health insurance, the opportunity to work remotely, and joint entertainment events.