BY BESTENIGAR KARA
The highest annual salary for a Chief Executive Officer (CEO) in Turkey amounts to TRY 1.6m (TRY 133,000 monthly) and over for 2022, according to research prepared by the UK-based Page Group’s executive research and recruitment consultancy brand Page Executive.
The report called ‘A Guide to Salaries & Skills 2022’, which is normally prepared on an annual basis but was prepared for the first time quarterly due to high inflation in Turkey, said the lowest CEO pay ranges between TRY 1.1m (TRY 91,666 monthly) and TRY 1.3m (TRY 108,333 monthly).
The lowest salary for a C-Level executive (CTO), meanwhile, will be TRY 650,000 for 2022.
Work-life balance stands out
Page Executive’s “Guide to Salaries & Skills 2022” research includes a general overview of the work environment fo executives in banking and financial institutions, finance, sales and marketing, health and life sciences, human resources, retail, information technology, and engineering and manufacturing sectors. C-Level executives are particularly focused on issues such as work-life balance and flexible working hours. These factors pave the way for companies to attract talents that are most reluctant to change positions, and also to retain their employees. Company cars, health insurance, pension plans, and bonuses or stock options are among the most common fringe benefits provided by companies, according to the research. These elements substantially increase the attractiveness of companies and help them attract and retain executive profiles.
The study showed that emotional salaries are more prominent within organizations and are used to attract management. The pandemic has opened the door to new working models and benefits linked to flexibility and a better work-life balance. “An organization who puts people at the center of its strategy and focuses on culture and values would be seen as an attractive employer in the job market,” the Page Executive report added.
Executives remained in their comfort zones
The salaries of C-Level and top executives increased by 40-45% in Turkey for 2022, according to Melih Mumunoglu, Director of Page Executive Turkey. As he noted, the satisfaction of executives with the increase in their salaries changes depending on the sector and how affected it is by inflation. Stressing that the resignation wave which was seen across the world among white-collar employees who are unhappy with salary surge hasn’t been observed in Turkey, Mumunoglu added: “We’ve experienced a period when C-Level and top executives in Turkey haven’t abandoned their comfort zone and refrained from resigning as a result of 40-45% increases in their salaries.” Muminoglu also said many companies that implemented determined wage increases for 2022 in November-December 2021 had to revise their figures due to the recent economic data. “The increase that was reflected on February salaries complied with our forecasts,” Muminoglu noted.
Here are the annual C-Level salaries for the first quarter of 2022 (*)
>> Chief Financial Officer (CFO): TRY 850,000 – TRY 1.2m and above
>> Chief Operating Officer (COO): TRY 800,000 – TRY 1.1m and above
>> Chief Commercial Officer (CCO): TRY 900,000 – TRY 1.3m and above
>> Chief People Officer (CPO): TRY 800,000 – TRY 1.1m and above
>> Chief Sales Officer (CSO): TRY 750,000 – TRY 1.1m and above
>> Chief Marketing Officer (CMO): TRY 850,000 – TRY 1.1m and above
>> Chief Tehnical Officer (CTO): TRY 950,000 – TRY 1.4m and above
(*) The lower limit indicates companies with an annual turnover of below EUR 50m. The upper limit shows companies with an annual turnover of over EUR 150m.
