Bulgaria – Labor Market Competition
Bulgaria’s business climate improvement following the EU accession resulted in the creation of many new jobs in many different economic sectors. At a certain point there was an apparent shortage of people on the labor market which turned out not quite well-prepared to meet the demands of actual businesses. Afterwards, the world financial and economic crisis spread along causing the considerable increase of unemployment levels in the country.
The labor market competition, however, remained more or less the same despite the negative crisis implications. This is valid for several economic sectors in which there still seem to be a lack of well-trained and experienced people. Such are often needed for the practical realization of the necessary work volume in the growth process of certain companies.
Interesting discussions are caused by the relations within the “IT” industry labor market that is currently quite active. Due to the shortage of experienced “IT” specialists international businesses operating with specific branches on the Bulgarian market compete with one another to get the best possible employees. There are cases in which companies get in touch with active employees of other firms in the same area offering them an attractive remuneration, better work conditions and sometimes – even paying their mandatory contract cancellation notice period fee. All this leads to a drastic (sometimes – even unrealistic) salary increase in this area, hence, tangible work conditions improvement in this sector.
Of course, competition always results in development. And despite the unfair (at times) approach of some companies, this process appears quite positive in Bulgaria in the context of the still high overall unemployment level. The intensive competition for high-quality employees in Bulgaria is not in the “IT” industry only – it is common for other business areas as well. That makes education, qualification and experience the key to the successful realization on the labor market that seems to be in a good condition despite some slight concussions.