Despite the rapid and thriving development of artificial intelligence, it seems the human capital constitutes the main pillar of companies. Therefore, the discovery, growth and development of professionals of all categories, is increasingly receiving attention.

How are international and Albanian companies facing this not so recent situation, which has turned into a challenge due to the ease of movement globally? In order to have a better understanding of what happens in companies we asked BALFIN Group, an international group, with headquarters in Albania, present in two continents, in the Balkan region as well.

The Human Resources Director of the BALFIN Group, Elvin Nosi, answered our questions and showed us how they face challenges with human resources and how they have found the right mechanisms to absorb the best professionals and develop talents through specific training programs.

He explained how with a group of more than 5000 direct employees and over 10000 more employed by the partners of the group's companies, they create new jobs every year. Through 2024 alone, it is anticipated that 600 new jobs will be created, increasing the annual salary fund to 70 million euros. Z. Nosi does not forget to mention the professional growth programs of BALFIN Group such as Talent Pool or Balfin Training Academy, or the policies for a work-personal life balance.

Has it become difficult to find qualified people? What strategies does BALFIN Group employ to attract and retain talents, especially in the competitive market and industry?

One of the priorities of our Human Resources’ strategy is to recruit the best talents as quickly as possible. The implementation of this strategy starts with better recognition of the potential of talents in the markets we operate. For this purpose, our companies’ Human Resources teams proactively perform a market talents’ mapping process every year. This way, in case of need for recruitment, we know where to refer to in the market and the recruitment process becomes more effective, thus meeting business needs more quickly.

Normally, it seems the recruitment process has become challenging in the recent years for certain job profiles (especially, in the IT and digital field). However, a significant number of our companies, leading markets in the sectors where they operate, hold a reputation as “the best employer”, an image they try to maintain by continuously investing in improving the added value we provide to our employees.

Some of the key elements we propose to our employees as values are: ongoing attention to employee compensations and benefits by increasing them and making continuous efforts to be competitive in the market. Another element is the ongoing investment in their development by allocating the necessary fund, enabling the provision of diverse development activities. The continuous acknowledgment of the achievements of our employees is another important element we apply, which significantly affects their motivation and retention in the company.

Recently, it has been mentioned that BALFIN Group had foreseen an increase by 13 million euros to the salary fund. If true, do you think that the salary increase alone is enough to keep employees motivated?

I can confirm that the annual salary fund for the year 2024 is increased by 13 million euros, amounting to a total of over 67 million euros for all the countries we operate. An increase by about 9 million euros results from the creation of new jobs and there is an estimation of 4 million euros for increasing the current employees’ salaries. Increasing salaries remains our constant practice in the context of the overall compensation and benefits package offered to our employees.

Undoubtedly, the salary and its increase plays an essential role in employees motivation, but being the only element, it does not guarantee the employee retention. There are many other important factors affecting employees’ motivation, beyond a fair and competitive salary in the market or the presence of various monetary and non-monetary incentives. Among these important factors, we would mostly highlight the decision-making style, the work objectives clarity, the company’s internal culture, the possibility for professional development and gratitude for their work.

Does BALFIN Group believe in the ongoing development and learning of employees? Do you employ any special policies or programs for this?

We, as BALFIN Group, consider investing in the development of our employees a key factor for success in achieving business objectives and motivating employees. The provision of training programs, such as the Balfin Training Academy, Talent Pool or other programs for executive leaders, combined with career opportunities within the Group, constitute a strong competitive advantage that the BALFIN Group has in the labor market for attracting and retaining talents. More specifically, with regard to training, each employee received an average of 19 hours of training during 2023, and an average of 670 employees were trained every month. For the year 2024, we anticipate a significant increase of 26% in expenses for employee training and development with a fund of over 650 thousand euros.

Does the BALFIN Group have an estimate on the new jobs that will be created this year? In which industries and countries will more new jobs be created?

Based on 3-year business plans, every year we have an accurate estimation of new jobs that need to be created to respond to business growth needs. During 2024, 600 new jobs are foreseen to be created directly in the structures of the Group's companies. Moreover, due to the increase of business volume for indirect partners about 2000 new jobs will be created.

Most of the new jobs will be mainly created in the companies operating in the retail sale sector, not only in Albania, but in the countries we operate as well. There will also be an increase in new jobs in the construction sector, which will mainly consist in increasing the number of subcontracted employees.

How does the Group support the employees’ well-being and work-life balance?

BALFIN Group pays constant attention to the well-being of its employees, which in fact affects the work-personal life balance. We continuously undertake initiatives aimed at the well-being of employees, whether through the provision of counseling sessions with health professionals of various specialties, the organization of sports activities or the inclusion of recreational activities in the working environment and outside of it.

Another important element is the flexibility that we have introduced by allowing employees to work remotely or adopting a flexible daily work schedule. Moreover, we carefully monitor the latest approaches that are in place in more developed markets, in terms of best practices that add value to employee well-being, in order to adopt them in our Group in time.

Many international companies, a category in which the BALFIN Group also belongs, have in place programs for the discovery of talents in universities. Do you consider today's students in discovering future talented employees? If yes, how?

The president of BALFIN Group himself, Mr. Samir Mane, takes special interest in supporting and developing talented and skilled students. We, as a Group, have chosen to follow two paths in parallel in discovering, approaching and retaining students who show that they have the right potential and ambition to join the Group's companies. The Group is the main investor and shareholder of the Tirana Business University. Having a university as part of the Group makes it easier to adapt certain academic curricula according to the needs, demands and trends of the labor market.

Meanwhile we also have our own program, B4Students, which supports student startups, intervenes in improving the infrastructure of public universities, offers professional internships and scholarships. B4Students is a dynamic, fully tailored and dedicated program for students and is supported by the Mane Foundation.

I believe that thanks to Tirana Business University and B4Students we manage to identify talented students, following the best international examples, however, many other students benefit from our programs.