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📣 Announcement
Testing, testing. 1, 2, 3. Can you hear me? Good!
The newsletter will now be published twice per month.
Up until now, there was no writing cadence. I would publish new issues whenever I felt like it. Sometimes once, sometimes twice and often none per month.
After careful thinking and helpful feedback from many of you, this will now change.
I want to make this the best newsletter about Greece. To do so, quality is everything. But consistency is also key — especially if this is to become a habit for both me and you.
What does this mean in practice?
For now, you will be receiving a new standard issue in your inbox every two weeks, on Friday morning. There will also be occasional special issues every few weeks. (If I see that I can retain the quality, I might even increase the velocity.)
Can’t wait to dive into more interesting topics with all of you.
Happy reading!
💸 Greek tech salaries
It is not a secret that salaries in Greece are extremely low.
A lot of ink has been spilled about the why. What’s the reality on ground?
A quick overview of salaries in Greece
The gross median wage has been increasing steadily over the past 5 years…
…but salaries in real terms have been in a downward-looking trend.
Inflationary pressures have made real gains difficult, despite actual wage increases.
I have talked extensively about Greece’s overall wage situation. It is still very bad, but improving over the past few years. Here is a summary:
The average salary in Greece has increased 20% since 2019. Progress is undeniable, but the gap with EU still remains quite large. (Link)
Minimum wage remains lower than in other countries but is increasing. (Link)
Average full time adjusted salary per employee is still diverging significantly from the European average. (Link)
Greece seems to have one of the highest increases in real compensation per employee across Eurozone countries between 2019 and 2023. (Link)
Greeks have started making higher salaries with more people moving to higher salary bands over the past few years. (Link)
The wages cost index, the job vacancies index and the gross salaries index are all reaching local or global (positive) maxima since the start of the crisis. (Link)
Difference between male vs female unemployment in Greece has almost halved, from 2018 to 2023. Same has youth unemployment over the same period. (Link)
Long-term unemployment is at a 12 year low. Population living in jobless households is at a 12 year low. At-risk-of-poverty rate is at a 8 year low. (Link)
Let’s now talk specifically about salaries in Greek tech.
Greek tech salaries
Why are salaries in the Greek tech domain so important?
They are usually higher that in most other domains.
They typically pertain to high-productivity jobs.
They can help drive salaries in other industries up.
A healthy job market tends to have a well-compensated and high-valued tech scene. So what is the case in Greece?
Below are the min/max salary bands in Greek tech for 2024 according to Randstad. These are presented as gross salaries in euros and based on 14 annual salary payments (Greek law requires the payment of two extra salaries as bonuses).
Needless to say, the numbers are definitely not impressive.
With the exception of two top executive roles (CTO and CIO), there is not a single role with a reported gross salary higher than 10,000 euros. That’s pretty bleak.
Data from the Greek startup compensation report by Marathon VC from 2022 seem to confirm these findings. (Notice also how only 34% of startup employees get equity.)
These numbers become even more disheartening when we compare them with other European countries.
The average compensation of Greek IT workers is the second lowest ($43k) in Europe after Romania. Our nearby neighbour Italy is close to double that ($81k).
If we only focus on the subset of full-time developers, we see that Greece is also far behind in terms of developer compensation.
Even though we have some of the best developer talent in the world, its median compensation is third worst in Europe (after only Bosnia & Herzegovina and Russia) and significantly below the average in the global sample of countries analyzed.
For example, the median salary at Microsoft Greece for a Software Engineer at Level L3 with 8 years of experience seem to be about $54k. And that’s supposedly one of the best IT jobs in one of the best tech companies operating in the country.
It should not be surprising to hear that Greece has the second lowest percentage of technical talent satisfied with its cost of living (only surpassed by the UK).
Evidently, Greece leaves much to be deserved for local techies.
What now?
I have long maintained that the tech domain can help lift Greece up both in terms of skills and capabilities, but also in terms of its work environment and salary situation.
Greece is still experiencing an asymmetry between its high-quality tech talent and its low cost of labour. This gap has decreased through time but it is still quite prevalent today, especially for junior engineers and developers.
Remote, global companies are taking advantage of this asymmetry already. And Greek techies are starting to look more and more outward, knowing that they can get a significantly better paying job working for a company abroad.
It is not a coincidence that Greek employers face enormous difficulties in finding high-quality employees. Vacancies are higher than ever. Why? Because proper salaries, perks and growth potential are all missing from these roles today.
Domestic companies hiring local tech talent are in for quite a surprise. With Employers of Record (EORs) becoming more common and individuals spinning up their own personal Greek private company (IKE) with just 1 euro, Greek techies are increasingly working as contractors or even FTEs for global entities.
Where does that leave us?
I actually think this is a good time for people working in the Greek tech scene.
There is high demand for their skills from abroad. This in turn is driving more competition between local employers for top talent — big tech companies will have to increase their compensation packages, while startups will have to be more open in giving equity. Greek techies are also starting to have a better sense of their worth.
My advice to anyone working in Greek tech today: Don’t be afraid to negotiate, and don’t sell yourself short. You have a better profile, higher leverage and more options than you might think.
My advice to Greek employers of local tech talent: Do better. Before better does you.
💰 Raises & Investments
Public Investments Program stands at €12.2B for 2024.
Lightsource bp secures €315M to build 560MWp project in Greece.
Trastor plans €100M investments over 2 years, expand in Cyprus.
Flexopack plans to invest €7-8M to open 4th factory in Greece.
Inditex unveals its biggest shop in Greece, new Zara store (5,000 sqm).
WeatherXM raises €7.1M Series A funding for its weather network.
Givelink receives funding from Family Office of Latsis and V Group.
🤖 Tech & Startups
World class research in robotics led by George Nikolakopoulos at LTU.
Greek scientists discover breakthrough materials at NSCR Demokritos.
New AI venture for personalised learning by serial founder Yorgos Papadakis.
Outseta’s innovative culture receives high praise.
Startups by diaspora Greeks are killing it across the US and Europe.
Greek state to get 13 satellites for climate monitoring, defense, security.
First helicopter airline in Greece launches from ex MarineTraffic CEO and team.
Open Coffee Thessaloniki had a great series of presentations at BEYOND Expo.
🏭 Economy & Business
10 years after the deep end of the Greek crisis. Progress and challenges.
20 years for Greece to converge with EU, according to BoG Stournaras.
200 years of Greek economy - between the state and the market.
Deposits continue upward trend, hit decade-long record in 2023.
Greece shows highest 4y improvement in the Good Government Index.
Bribery and corruption in Greece. What does the law say?
“I would return to Greece if…” - Brain gain is the country’s big bet.
🙌 Celebrating Greek gastronomy
Top Athenian tavernas serving up traditional food.
19 spots with Greek food in Athens to become your new favorites.
Must-go restaurants in Thessaloniki, a list of pure delight.
14 historic confectioneries that are a reason to travel around Greece.
Best souvlaki places in Athens during the summer.
Will the new Tiffany's in Thessaloniki be as hot as the old one?
📌 Spotlight: Life in Greek villages
Greek Village Life and Ariadne’s Village Life have become two of my favorite guilty pleasures. They are also the best digital ambassadors of Greek rural life. At a time when life in the city has become an anxiety-inducing experience in a jungle of concrete catering to the masses, these videos provide an alternative view of life in a simpler and more traditional way. Greek villages have a lot to teach us.
The depth of GVL’s documentaries and the quality of Ariadne’s videos are hard to put into words. You just have to start watching them to understand and get hooked yourselves.
If you find this newsletter valuable, share it with a friend, and consider subscribing if you haven’t already. Your support means a lot and motivates me to keep writing.
Also, make sure to hit that reply button. I love hearing from you.
Until next time!
Very good analysis. Thorough but with the right amount of detail. Thanks