Compared to 2023, when companies implemented wage increases almost every quarter, the first half of this year has shown a more stagnant picture. Between February and May 2024, companies did not make any wage increases for their employees.

On July 9th, the “Turkey Technology Sector Wage and Benefits Research Report June 2024” was published. This report was jointly conducted by Endeavor Turkey, an entrepreneur network supporting influential entrepreneurs worldwide and active in our country since 2007, and Melon, a consultancy firm specializing in strategy, leadership, and people & culture for technology companies. Data was collected from 71 fast-growing technology companies in Turkey for the research. According to the results of the first half of 2024, despite the rising inflation, it was found that this increase did not reflect in the minimum wage, thereby continuing the environment of uncertainty. Due to these economic conditions, it was observed that companies do not yet have a clear plan for wage increases.

Salaries in Foreign Currency Fall Victim to Inflation

While 49% of technology companies plan to increase wages during the mid-July period, 33% are still undecided. Meanwhile, 18% do not plan to increase wages at all. This means that a total of 51% of companies are either undecided or do not intend to raise wages.

One in five companies surveyed indicated that they base their wage increases on foreign currency. Additionally, 18% of the companies continue to pay their employees in foreign currency. However, as inflation continues to outpace the rise in foreign exchange rates, employees, even those receiving payments in foreign currency, expect wage increases.

Daily Meal Allowance Increases to 225 TL

The median daily meal allowance, which was set at 121 TL at the end of 2023, has risen by 88% to 225 TL as of June 2024. In the lower quartile, this amount is 170 TL, while in the upper quartile, the daily meal allowance is 250 TL. Most companies indicate that they will continue to increase the daily meal allowance.

Turkey is No Longer a Young Country!

Just five years ago, in 2018, Turkey had an average age of 32. By 2024, this number has risen to 34. According to the research results, the narrative of Turkey marketing itself as a “young and digital market” during the 2010s no longer holds the same significance. Many countries that are much younger and more dynamic than Turkey have started to come to the forefront recently.

Aslı Kurul Türkmen, General Secretary of Endeavor Turkey, who evaluated the research results, stated, “We are conducting our study for the fifth time, and in the past five years, the global and local economic conjuncture, especially our ways of living and working, have undergone significant changes. Amid all these changes, we see a new workforce entering the labor market and the expectations of the new generation evolving. At the same time, we witness the successes of Turkish-origin companies abroad. Every challenge creates an opportunity. There are also very exciting changes happening globally. The integration of artificial intelligence technologies continues to be a game-changing element. Ventures that are the first to catch and economically keep up with this change need to have very strong teams to achieve and sustain success. In this study, we aim to understand how these strong teams can be made sustainable. I sincerely thank the ventures that participated in this study and, of course, the Melon team, who helped us create this data.”

Sure Köse Ulutaş, Founder of Melon, evaluated the situation by stating, “In Turkey’s ongoing high inflation environment, employees’ expectations and employers’ strategic decisions have become even more critical. The 49% increase in the minimum wage at the end of last year and the approximately 25% inflation rate in the first six months of this year have led companies to revisit their wage policies. This report, which covers all roles in the sector including human resources, finance, marketing, and sales, emphasizes the importance of accessing accurate data and turning this data into strategic decisions. This study, prepared for senior business executives, company founders, and HR teams, provides valuable insights by examining market dynamics and changes in wage policies, guiding companies.”

According to the research, the technology sector highlights a significant talent shortage as a major issue. It’s noted that the challenges of finding and retaining highly skilled employees have become even more complex with the addition of inflation. The report also emphasizes the critical importance of sector policies to ensure sustainable growth of the Turkish technology sector and enhance global competitiveness, while providing key recommendations.

For access to all data related to the “Turkey Technology Sector Wage and Benefits Trends Report June 2024,” conducted in partnership with Endeavor Turkey and Melon, you can reach out via email to hello@teammelon.co.

For more detailed information about an upcoming event where we will discuss current dynamics in the technology sector, online compensation approaches, benefit trends, and more, alongside various industry experts, visit the link https://www.linkedin.com/events/7207374303091138560/comments/.

Endeavor Türkiye hakkında

Merkezi New York’ta bulunan ve 40 ülkede faaliyet gösteren Endeavor Derneği, Türkiye’de 2007 yılından bu yana Yönetim Kurulu Üyeleri ve mentörlerinin desteğiyle, etkin girişimcilerin büyüme aşamasındaki ScaleUp şirketlerini tespit ederek büyümelerine ivme kazandırmaktadır. Tüm dünyada 1700’den fazla girişimci ve 3200’den fazla mentörü ağında bulunduran Endeavor’ın, Türkiye’den seçilen 77 şirketi arasında Yemeksepeti, Insider, Gram Games, Peak Games, iyzico ve Foriba gibi başarılı şirketler bulunmaktadır. Endeavor Türkiye Yönetim Kurulu Başkanlığını Mynet Kurucu ve Başkanı Emre Kurttepeli üstlenmektedir. Endeavor Türkiye hakkında detaylı bigiye www.endeavor.org.tr üzerinden ulaşılabilir.

Melon Hakkında

2018 yılından bu yana büyümekte olan teknoloji şirketlerini İnsan ve Kültür konularında destekleyen danışmanlık şirketidir. Hizmet alanları arasında İK sistem ve süreçlerinin kurulması, şirket kültürü ile ilgili faaliyetler, OKR uygulamaları, ücret ve performans süreçleri tasarımı ve uygulanması, işe alım süreçleri ve sistemlerini kurma, işveren markası olma sürecinde destekleyici faaliyetler ve liderlik gelişimi programları vardır. Detaylar için: www.teammelon.co’yu ziyaret edebilirsiniz.