An average salary of top managers in Georgia amounts to $ 58. 300 thousand yearly. Conrad Pramboeck, the Head of Compensation Consulting at Pedersen & Partners, told The FINANCIAL.
This amount comprises an average base salary of USD 48,700 plus a bonus of USD 9 600 on top. Pharmaceutical companies, oil, energy, and production industries are among the sectors with the highest salary levels in Georgia. There are great differences between the compensation packages of top executives. While some managers earn less than USD 30,000 gross per year, others have a compensation package of USD 100,000 and above. Pedersen & Partners is a leading international Executive Search firm. Operating 56 offices in 52 countries, the firm was founded by Poul Pedersen in 2001 with the establishment of the first offices in Prague and Warsaw.
According to the latest salary survey conducted by Pedersen & Partners, average salaries of top executives worldwide have increased to EUR 1.45 million, an increase of 3.8% over the previous year.
In the words of Pramboeck, the salary package of a top executive is usually comprised of a base salary, a bonus which typically ranges from 20 to 35% of the yearly base salary, and company benefits, like company car or health and accident insurance. “Typically, a higher base salary results in a higher bonus opportunity leading to exponential growth of top executive compensation in larger companies.”
“Top executives in Georgia typically don’t receive large amounts of stock options unlike CEOs in the United States or the United Kingdom. While the elite of top managers in the United States earn millions of dollars through stock options, executives in Georgia and most other countries in Central Asia largely rely on fixed salary and cash bonuses. Stock options in Central Asia are less relevant for executive compensation because the financing of the companies is mostly through bank loans and not through the stock market,” said Pramboeck.