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More than half of the respondents are optimistic for the economic situation in Bulgaria for 2015, despite the instability in the country. This comes out from a recent survey conducted among top managers of local and international com-panies in Bulgaria in December 2014. The survey aimed to identify current trends in the business environment in the country, as well as the most important drivers that motivate managers in Bulgaria for change. It is conducted annually by Stanton Chase Bulgaria – a global executive search company operat-ing in Bulgaria since 2006.

Although participants in the survey feel the political instability in Bulgaria had negative impact on the business in 2014 (76%), companies tend to keep their positive atmosphere (65%). In addition, there is a distinct feeling of distrust in the government – more than 58% stated they will not rely on the state for open and constructive dialogue.

Top managers outline the most important actions in order their companies to be successful in 2015 - sustaining stable cash flow remains as top priority (60%) together with human factor - discovering talents (56 %) and employee retention (46%). Employees remain a major asset for companies, and salary and benefit cuts (1%) and employee dismissal (0%) come last in this list.

In terms of growth during 2014, Technology, Telecommunications and Outsourcing/ BPO are pointed out as leaders. When asked how business developed, respondents report slight (51 %) to huge growth (20%).

In terms of the general requirements for C-level managers and where they face difficulties, the majority of the respon-dents (88%) shared their companies find it challenging to identify qualified candi-dates for key positions within their orga-nizations. According to the survey, com-panies use executive search mostly for top (44%) and senior managerial posi-tions (51%); middle management and

expert roles with specific expertise are also within the scope of executive search.

When asked in which senior functions top managers think there is shortage of leadership talent in Bulgaria, respon-dents consider namely General Management (47%), followed by Sales (14%), HR (10%) and manufacturing industry (9%). In that context, managers

are expected to be good leaders (87%) with strategic thinking (78%), flexible/adaptable (63%) and with knowledge of change management (49%) - quite an impressive combination to pursuit as a CEO.

The survey shows that managers tend to consider change in the following cases: difference of values – their personal and the company ones (43%) and dissatis-

Managers in Bulgaria Face Right Talents for Key Positions

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faction with senior management/share-holders (41 %). Responsibility without authority, lack of career advancement opportunities and/or training and devel-opment (34-35%), together with poor financial performance of the organization (34%) are also considered as serious reasons to start looking for new opportu-nities.

Motivation for relocation, both within the

country and abroad, seems to be grow-ing – 72 % of the participants are open to take such steps.

As a whole, more than half of the partici-pants share they are open for new oppor-tunities.

Despite all that, the majority (72%) stated they find perspectives for development in their current companies.

The survey was conducted among more than 200 top managers (General Managers, Board members, managing Directors, CEOs, Country managers and representatives, etc.) from companies in all economic sectors, including both Bulgarians and expats working in the country. 71% of the respondents were men and 29% - women. The majority (77%) are over 35 years of age and almost half (47 %) have more than 10 years of experience on senior managerial roles. The majority come from the following sec-tors: Consumer Products & Services (18 %), Technology & Telecommunications (16 %) and Industrial (12%). More than half of the respondents come from big compa-nies with more than 5 000 000 Euro turn-over and more than 50 employees.

Stanton Chase International is one of the top 10 executive search companies worldwide with 72 offices worldwide in 45 countries. Stanton Chase Bulgaria was founded in the beginning of 2006 to focus purely on retained executive search. The Sofia office specializes in all economic sectors - Consumer Products & Services, Technology, Financial Services, Life Sciences & Healthcare, Industrial Natural Resources & Energy, Logistics & Transportation, Professional Services & Government, Government, Education & Non Profit.

Difficulties Finding the Within Their Organizations