MOST EMPLOYERS IN THAILAND PREPARED TO INCREASE SALARIES UP TO 6%
However, more employees than employers anticipate increases beyond 6%
Thailand, 25 Mar 2024 – Hays, the global leader in workforce solutions and specialist recruitment released the 2024 Hays Asia Salary Guide which surveyed 181 skilled professionals from Thailand. The guide compiles salary and sector overviews based on real data and a survey of skilled professionals across Malaysia, Singapore, China, Hong Kong SAR, Japan and most recently Thailand following the establishment of a Bangkok branch in 2023.
22.9% of employers surveyed reflected plans to increase salaries by up to 3%, while 47.0% said they intended to increase salaries by 3-6%. 16.9% were confident in providing raises of up to 10% for staff, while 4.8% were willing to give raises surpassing 10%. Only 7.2% of employers expected no changes to remuneration in the coming year, while 1.2% forecasted a decrease in salaries for workers. 56.6% of employers also indicated plans to give bonuses in 2024.
31.5% of employees expected to receive a raise from between 3 and 6%, while 27.9% expected higher increments from 6 to 10%. 21.8% felt that they would receive raises surpassing 10%. Meanwhile, 12.1% of employees foresee no changes to salary this year while 6.7% braced for pay cuts.
“In the face of subdued economic growth forecasts for the upcoming year, employers and employees are bracing for the impact this will have on revenue and overhead,” said Tom Osborne, Managing Director, Hays Southeast Asia. “The crucial factor of success lies in how companies and their workplace navigate these challenges and ongoing skill shortages”.
On the hiring front, most employers in Thailand expect permanent staff levels to increase, with 40.5% anticipating to grow their workforce this year. 22.8% plan to hire more contract staff in 2024. For more 2024 trends and insights, download the 2024 Hays Asia Salary Guide.
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Contact
For more information contact:
Hays Thailand Marketing Team
E: marketing@hays.co.th
About Hays Thailand
Hays Recruitment (Thailand) Ltd. ("Hays Thailand") is a market leading specialist recruitment company in Thailand in recruiting qualified, professional and skilled people across a wide range of industries and professions. Hays has been in Thailand since 2022 with an office located in Bangkok.
At Hays Thailand, we specialise in mid to senior level recruitment services across the finance and
commerce industries. Operating across the private and public sectors, we deal in permanent positions in the following specialisms: Accountancy & Finance, Banking & Financial Services, Engineering, Human Resources, Life Sciences, Marketing & Digital, Procurement, Supply Chain, and Sales. We continue to strengthen our position in Asia with the world-leading ISO 9001:2015 certification in all our operational markets including Thailand, China, Hong Kong SAR, Japan, Malaysia, and Singapore.
About Hays
Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional and skilled people worldwide, being the market leader in the UK, Germany and Australia and one of the market leaders in Continental Europe, Latin America and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2023, the Group employed over 12,300 staff operating from 249 offices in 33 countries. For the year ended 30 June 2023:
– the Group reported net fees of £1,294.6 million and operating profit of £197.0 million;
– the Group placed around 76,800 candidates into permanent jobs and around 245,000 people into
temporary roles;
– 15% of Group net fees were generated in Australia & New Zealand, 30% in Germany, 21% in United
Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 57% of net fees and the permanent placement
business represented 43% of net fees;
– Technology is the Group’s largest division, with 26% of net fees, while Accountancy & Finance (15%)
and Engineering (10%), are the next largest
– Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China,
Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan,
Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore,
Spain, Sweden, Switzerland, Thailand, UAE, the UK and the USA