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

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Wages in the information technology sector in the Baltic countries grew by 7.4% in 2024, almost twice as much as in 2023. This is 0.1% less than the forecast (7.5%), according to a study conducted by Figure Baltic Advisory. The study covered 78 organizations and presented data about 16.3K employees.

Key Findings

• 47% of companies increased their number of employees in the last 12 months, while 40% reduced them. The remaining companies made no changes.
• 56% of companies expect to increase personnel by the end of 2024.
• 100% of companies plan to raise wages in 2024.
• Average annual budget spent on bonuses per employee: €1,871.

Wage Growth Trends

Anta Pranevica, Member of the Board and Lead Consultant of Figure Baltic Advisory, noted the following wage growth trends:

• 2023: 12.8%
• 2022: 11.8%
• 2024 (forecast): 6.2%

The slower growth in 2024 is attributed to lower inflation and a return to pre-2022 demand levels for specialists.

Benefits

The most popular employee benefits include:

• Health insurance
• Remote work opportunities
• Joint entertainment events