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Closing Bulgaria’s IT Talent Gap for a Sofia-Based Software Firm

Client Background

Company: Mid-sized software development firm specializing in fintech solutions.
Employees: 120 (pre-project).
Industry: Information Technology & Financial Services.
Challenge Duration: 8 months (2022–2023).

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The Challenge

Bulgaria’s IT sector grew by 18% in 2022, but the client struggled to retain and attract senior developers. Key issues included:

  • Global Competition: Developers were lured by remote roles at EU/US firms offering 30–50% higher salaries.

  • Weak Employer Brand: Employees described the company as “traditional” with limited career progression.

  • Skill Mismatch: Local universities focused on theoretical knowledge, not fintech-specific tools (e.g., blockchain).

  • Turnover Rate: 25% annually, costing €200,000+ in recruitment and onboarding.

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Our Methodology

  1. Diagnostic Phase:

    • Conducted exit interviews and competitor salary benchmarking.

    • Mapped skill gaps.

    • Surveyed 500 IT professionals on workplace priorities (flexibility ranked #1).

  2. Strategy Design:

    • Partnered with HR analytics tools to create a talent acquisition roadmap.

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Implementation

Step 1: Rebranding as a “Future-Ready” Employer

  • Launched a LinkedIn/Instagram campaign showcasing:

    • Hybrid Work Model: “Work from Anywhere in Bulgaria” policy.

    • Upskilling: Partnerships with Coursera and Udemy for free certifications.

    • Equity Options: Long-term incentives for senior roles.

Step 2: University Partnerships

  • Co-designed a fintech curriculum with Sofia University, including internships with guaranteed hiring for top performers.

  • Hosted hackathons targeting students in Varna and Plovdiv.

Step 3: Retention Tactics

  • Introduced bi-annual “Innovation Sprints” where developers pitched projects for funding.

  • Revised promotion cycles from 24 to 12 months.

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Results​

​Before implementing the changes, the company received 45 monthly applications, had a turnover rate of 25%, and the average time to hire was 68 days. After 12 months, the number of monthly applications increased to 120, the turnover rate dropped to 8%, and the average time to hire was reduced to 32 days.​​​​

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Additional Outcomes:

  • 15% of hires came from university partnerships.

  • Featured in DARIK Radio’s “Top 10 Bulgarian Tech Employers to Watch.”

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