How to Earn More in Serbia

Do you know that Serbia boasts an average monthly salary of around RSD 140,000 in 2023? This amounts to USD 1,324 per month (as per the exchange rate of May 2023). However, the figure varies depending on your industry, occupation, education, experience, and skills. If you are working or planning to work in Serbia, you may wonder how to earn a higher salary and improve your living standards there. Below, we will share some tips and strategies that can help you achieve your career and financial goals.

Choose a High-paying Sector and Occupation

One of the most obvious ways to earn higher salaries in Serbia is to choose a sector and occupation that pays well. According to the State Statistical Office, the highest average monthly salary of RSD 263,000 (USD 2,487) in Serbia in 2023 is in the financial and insurance sector. This is hardly surprising considering that finance directors, financial managers, investment advisors, risk management directors, economists, tax directors, audit directors, and investment fund managers all work here.

Employees in IT and communications come second in terms of salaries in Serbia, earning RSD 240,000 (USD 2,269) per month. Here we are referring to programmers, software developers, web designers, network engineers, database administrators, IT consultants, and IT managers. No wonder, if you remember that IT is the oil of today.

In electricity, gas, and air conditioning supply, experts follow suit earning RSD 222,000 (USD 2,099) every month. This applies to electrical engineers, power plant operators, gas technicians, energy auditors, and energy managers.

Other sectors that pay above-average salaries in Serbia in 2023 are mining and quarrying, public administration and defense, education, and health and social work.

If you have the qualifications, skills, and experience to work there, expect to earn a higher-than-average salary. However, you should also consider the demand and supply of labor in these fields, as well as the competition and challenges that you may face.

Negotiate Your Salary Effectively

Another way to earn a higher salary in Serbia is to negotiate it effectively with your current or potential employer. Although negotiating may appear a daunting task for many, especially if you are not confident about your worth or afraid to lose the job offer, if you do it right, you can increase your income significantly.

Here are some tips on how to successfully negotiate your salary in Serbia:

  • Do your research: Before you enter the negotiation process, do some research on the market rate for your position and industry in Serbia. You can use online sources such as Salary Explorer or PayScale to get an idea of the average salary range for your job title and location. Considering your qualifications, skills, experience, and achievements is not a bad idea either if you want to succeed.
  • Know your worth: Based on your research, you will have a realistic expectation of what salary you deserve and what you are willing to accept. The strategy is also useful to realize what perks or incentives you want from the employer. To demonstrate your value, prepare a list of your strengths, accomplishments, and goals in advance.
  • Be confident and assertive: Being confident and assertive but not arrogant promotes the negotiation process to a great degree. Hence, communicate your expectations clearly and respectfully, and provide evidence or examples to support your claims. You should listen carefully to what the employer has to offer and clarify any doubts or concerns. Avoid making ultimatums or accepting the first offer without discussion.
  • Be flexible and creative: Negotiating your salary is not only about numbers but also finding a win-win solution for both parties. Try to be flexible and creative and consider other aspects of the compensation package that may be important to you or the employer. For example, you may be willing to accept a lower salary in exchange for more flexible working hours, vacation days, or training opportunities. Or you may be able to negotiate a higher salary based on your performance or sales targets. Stay open to compromise and negotiation, and try to find a middle ground that satisfies both sides.

Upgrade Your Skills and Education

A third way to earn a higher salary in Serbia is to upgrade your skills and education. In today’s competitive and dynamic labor market, relevant and up-to-date skills are essential for career advancement and income growth. By upgrading them, you will not only improve your performance, productivity, and quality of work but also demonstrate your commitment and potential to the employer.

With enough time, money, and motivation, you can pursue a higher degree or certification in your field. This will help you gain more knowledge, skills, and credentials to boost your career prospects and salary potential. Nowadays, you can choose from various options including online courses, distance learning, and part-time or full-time studies. Eventually, it all depends on your preferences and availability. It also pays to look for grants, loans, or incentives to finance your education.

Looking to upgrade your skills or learn new ones in a shorter time frame? Attend training courses or workshops relevant to your job. These will help you acquire new techniques, methods, or tools to potentially enhance work efficiency. Various professional associations, educational institutions, and online platforms in Serbia offer training courses or workshops to boost your skills.

If you want to learn from others who have more expertise in your industry, seek mentorship or coaching. You may gain valuable insights, feedback, or suggestions on how to overcome challenges, solve problems, or achieve goals. It is not very challenging to find mentors within your organization, community, or online platforms in Serbia.

Interested in exploring the job market and other opportunities that Serbia has to offer? Whether you are looking for business, investment, or lifestyle benefits, Serbia will meet and exceed your expectations. At International Wealth, we have a local office in Serbia to provide you with first-hand information and assistance. It is by far not only about job opportunities. We can help you open a bank account, register a company, buy property, and handle various administrative, fiscal, and customs issues in Serbia. To make your life simpler and your relocation to Serbia hassle-free, contact International Wealth today!