January 25, 2023
HCM CITY — Despite most of companies in Việt Nam assuming a “wait-and-see attitude” over the forecasted global economic downturn this year, companies are willing to raise salaries, according to the latest global salary survey from professional recruitment specialist Robert Walters.
Robert Walters surveyed 1,773 candidates and 546 companies in South East Asia in September last year to get feedback on their main expectations or concerns for the year to come with regards to salaries, career changes, or staff retention.
The survey indicated that 88 per cent of polled companies are willing to raise employees’ salary.
Job movers can expect to get 15-25 per cent this year. In some high demand sectors such as digital, the rise can go up as much as 35 per cent.
Seventy four per cent of employees across sectors expressing their intention to change or move jobs this year.
The anticipated increase in the cost of living make nearly 87 per cent of the respondents expect a pay rise this year.
Although 70 per cent of employees say that job security becomes more important to them in the face of economic recession and inflation, majority of them still place higher importance on maximizing earnings over job security.
It shows in their level of confidence as nearly 88 per cent are optimistic about the job opportunities in their sectors.
When being asked which criteria they value most in an employer, 53 per cent of the respondents mentioned excellent compensation and benefit.
Other factors such as inspirational working culture and colleagues (42 per cent) and flexible work arrangements (33 per cent) are also valued by employees.
As global markets transitioned to a post-pandemic climate, Việt Nam’s engineering and manufacturing industries experienced a bout of turnovers last year.
Across manufacturing sector, research and development (R&D) skills are in high demand as many companies are setting up new R&D centres in Việt Nam.
Meanwhile, the tech and digital industries are the strong influencers – and primarily the drivers behind Việt Nam’s hiring market.
Companies are on the way to complete their digitalisation plans and require a quick and continuous supply of quality people with the appropriate tech skill sets to fill those digital roles. Robert Walters’ experts anticipate a rise up to 35 per cent in salary for job movers in this segment.
This year, sales and client services profiles will see heavy demand in Việt Nam. Skill sets and roles in growth, strategy and digital transformation will also be highly sought after.
Another major trend noted in the current job market is a talent gap in almost all sectors.
“Companies will have to be more flexible with their hires. They will do well to distinguish between their must-haves and nice-to-have qualities when assessing potential employees,” said Phúc Phạm, country manager of Robert Walters Vietnam.
To fulfill talent demands, there should be an increased focus on hiring based on “potential” while Việt Nam’s talent pool matures and grows, Phúc said.
Finally, we expect an increased demand for overseas-based Vietnamese who are returning home. This wave of movement can be seen clearly in the technology and transformation or digital sectors.
These returnees will place emphasis on both salaries and companies’ culture when assessing job opportunities here, he said. — VNS