Bratislava, Slovakia – The salaries of politicians are subject to constant public point-scoring. Slovak Members of Parliament currently earn €3,576 per month, which seems high when most ordinary Slovaks earn around €800. Unless Parliament passes a salary freeze, their monthly salaries should rise in January to €4,503. However, this is still significantly less than the earnings of top managers.
According to a Pedersen & Partners compensation survey, the average monthly salary of top managers in 2014 was €6-8,000, with the leaders of the biggest companies earning even more. According to the European Banking Authority, two Slovak managers earned more than one million Euros per year.
Slovak corporations are aware of the need for public sector jobs to be as well-paid as positions in the private sector. “The top positions in the public sector should be paid similarly to equivalent private sector positions. This would certainly increase the competitiveness and attract more qualified managers to the public sector,” Marek Danko from Penta Investments suggests. He thinks that the salaries of top public servants currently correspond to those of private sector middle management.
RegioJet owner Radim Jančura also thinks that there needs to be more salary competition between the public and private sectors, and that eliminating this issue could bring more professionals to the public sector. Vladimír Baláž, economist at the Slovak Academy of Sciences, agrees: “We should look at salaries in the commercial sector. If people work with large amounts of money, they should be paid the same as in the private sector.” However, he is more circumspect when it comes to the Prime Minister and cabinet, and he says that these people should not use politics to make money.
Conrad Pramböck is the Head of Compensation Consulting at Pedersen & Partners. Based in Vienna, Austria, he is responsible for consulting companies on all aspects of compensation, including providing companies with up-to-date market information on salary ranges and design of bonus systems across all industries and geographies. Prior to joining the firm, Mr. Pramböck held several senior positions in international consultancy firms. He started his career with a German Consultancy firm working in management consulting and later in the Compensation Consulting business unit based in Austria. For the following seven years he worked with one of the top Austrian Executive Search firms as the Head of Compensation Consulting. He was responsible for all international compensation consulting activities and developed and maintained an international compensation database in 40 countries.
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