Accountancy & Finance
Although professionals are reluctant to move, recruitment activity for top finance talent remains steady, particularly in the manufacturing, shared services and pharmaceutical sectors. Budapest and the central/western regions continue to attract investment in manufacturing, which has resulted in an increased demand for senior finance experts. Those with pharma or FMCG backgrounds are highly sought after. Given that the majority of Shared Service Centers (SSCs) focus on finance related processes, this makes the sector especially attractive to junior candidates. Elsewhere, recruitment in the private banking sector remains muted.
Business services
This is the biggest market segment for foreign language speaking fresh graduates and junior professionals in Hungary, primarily in the areas of finance and accounting, customer services, IT (helpdesk and development) and, to a lesser extent, sales, procurement and HR support. Suitably qualified candidates are in a strong position as companies try to secure the best talent, which drives up salaries. Senior professionals are increasingly expected to take on regional responsibilities and need to demonstrate a previous track record in business development.
Engineering
Automotive, electronics contractors, consumer electronics and metal fabrication are the most important areas in this sector. Automotive continues to hire high numbers of engineers, for example quality engineers, electrical engineers and production specialists for their plants in western and central Hungary. There is strong demand for experts with 1-3 years’ experience who speak good English and these individuals can expect a 20-30% salary rise on average. Remuneration will also reflect the need to relocate. Although salaries are marginally lower than automotive, the electronics sector continues to perform well. Metal fabrication is also enjoying good growth with companies looking to hire both graduates and experienced professionals.
Life Sciences
The dramatic salary increases witnessed in clinical research slowed down in 2012 due to an excess supply of jobs. However, remuneration is still competitive regionally, in contrast with pharmaceutical commercial operations positions. Salaries for medical devices have remained at 2012 levels. For high value products, such as imaging diagnostics, professionals can expect a higher rewards package than in the consumables and disposables sector. The variable non-monetary financial aspect is increasingly important to entice professionals, particularly in medical and regulatory affairs. Those in non-field positions value flexible hours and homeworking, which are becoming ever more important in attracting top talent.
Sales & Marketing and Logistics
Although salaries for brand managers at major FMCG companies have fallen, the demand for professionals with sales or trade marketing backgrounds has risen. We have also seen a growing need for category and trade marketing managers. Remuneration for sales roles largely depends on the industry and on technical qualifications. More senior positions command higher salaries and a lower variable component with company cars standard for senior salespeople. In the logistics sector, the variable component is not common and professionals who speak English or German fluently can expect better career opportunities and higher salaries, both in this and the sales sector.
Retail
Demand remains steady right across the board, from sales assistants to country managers. Major retail developments have stalled and some smaller fashion retailers have closed their operations or downsized, concentrating on their flagship stores. However, the dominant players in fast fashion are continuing to expand. While experienced and well-qualified retail experts are in demand, there is a general lack of high caliber specialists. Clients usually ask for higher education and English fluency for mid-level retail positions.
Information Technology
Specialist IT experts are highly sought after by employers and this is set to continue in 2013. Even junior candidates with up to one year’s experience can command salaries that are on average 8-10% higher than in 2012. Employers recognize the importance of these niche skills for long-term growth and this is reflected in the salaries offered.
(Note: All articles marked expert opinions are paid promotional content for which the Budapest Business Journal does not take responsibility)
