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A total of 81 participants from 60 companies in Bulgaria observed firsthand the current trends in Compensation and Benefits in the state of economic downturn. The second Watson Wyatt Annual Forum took place in Sofia on Thursday, April 16 in the Holiday Inn hotel. The event was organized by ACE Consulting Group, an official representative of Watson Wyatt Data Service for Bulgaria.
A number of lecturers presented to the audience the up-to-date trends in the field of Compensation and Benefits in Central and Eastern Europe. According to the Watson Wyatt report, economic downturn in the region has become ever more severe since October 2008. The situation is expected to get even worse in the next few quarters.
According to the overview from Watson Wyatt, the economic trends for Bulgaria are not optimistic, either. The business climate is slowing down and the country’s real GDP growth will decline to -2.4 %. However, the unemployment rate in Bulgaria is estimated to below 7 %, while in Europe it amounts to 8 %.
The Forum gave the participants the unique chance to participate in an interactive workshop and complete a live Actions and Reactions Survey dedicated to the Financial Crisis. Watson Wyatt presented them with the opportunity to receive the results on the spot and interpret them.
Three speakers shared information and ideas concerning the economic crisis and companies’ reactions to it. Zhaneta Draganova, Head of HR and Organization, CU Bulgaria and FYROM, Ericsson, Darryl Davis, Consultant from Watson Wyatt Data Services and Rostislava Ivanova, HR Consultant from ACE Consulting Group presented valuable insight at the event.
The organizers from ACE Consulting Group had planned a pleasant surprise for the guests. A total of 15 prizes from three different categories were awarded on a lottery basis to participants in the event. A total of five winners were drawn from each category.
The categories were dedicated to three areas of major importance to the current state of crisis. The one concerning Talent Development presented the winners with the opportunity to win five free leadership assessments aimed to answer questions such as: Are company managers ready for the crisis? Can they lead the company through the storm? Can they seize challenges and unfold their true potential?
The Leadership Empowerment category provided free assessments of strategic leadership styles to increase individual and group use of appropriate leadership approaches. The Sales Performance Improvement will enable five companies to take advantage of a free demonstration on how to transform business opportunities into lasting relationships.
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