Salary picture: Most likely growth in 2024 will only stop at an average level, recruitment will be limited
Adecco Vietnam (Payroll, Recruitment and HR Outsourcing service provider) has just released the 2024 Salary Guide Report, providing an overview of typical salaries in Hanoi and Ho Chi Minh City.
Ms. Thanh Le – General Director of Adecco Vietnam said that reports show that in 2023 the world economy will face a series of difficulties, leading to a decrease in demand in the context of production and economic input costs. business increased. The recession in two important areas, the real estate and corporate bond markets, poses many challenges for Vietnam.
Domestically, these sectors have faced many difficult problems, causing a decrease in corporate capital absorption and an increase in bad debt, along with many other challenges. Despite facing many challenges, Vietnam’s economy still shows positive signs in the recovery process, thanks to a series of support measures from the Government.
Recruitment scale is growing rapidly in the wholesale and retail industry. Photo: NN
“The context of the recruitment and labor market in 2024 shows that businesses are choosing cautious solutions, which is reflected in their recruitment decisions. According to Adecco Vietnam’s survey, there are up to 74 “% of businesses predict growth next year will only be at a limited or average level,” Ms. Thanh commented.
Accordingly, 37% said they intend to maintain the current staff size, while 35% plan to increase the staff to less than 25%. Fields with a notable tendency to increase staff size include information technology, retail – wholesale – consumer goods and education.
In contrast, 18% plan to reduce staff size, an increase of 8% over the previous year, mainly focusing on the manufacturing and real estate sectors. This reflects that the recruitment market is still facing many challenges this year.
Salary picture: Recruitment trends are also changing
During this volatile period, employers tend to prioritize finding candidates with leadership and change management skills, with 47% of businesses participating in the survey choosing this factor. Technology and digital skills are also at the top of recruitment criteria.
From the perspective of employees, the unpredictable market situation is creating a cautious mentality in finding new opportunities. Research results show that, within the next 12 months, 29% of people surveyed do not intend to change jobs, while 36% are ready for new opportunities but are not actively looking for work.
The majority of surveyed employees prioritize promotion opportunities and benefits instead of salary when deciding to stay with the company. Photo: Ha Quan
In contrast to 2023, when salary is considered the most important factor when workers change jobs, this year workers participating in the survey prioritized opportunities for promotion, development and benefits. Welfare is a more important factor.
“In the context of a volatile market and a lot of competition, businesses are being cautious in recruitment decisions, while the source of quality candidates is scarce with high job expectations, we understand that Making decisions related to human resource policies will face many difficulties,” Ms. Thanh Le – General Director of Adecco Vietnam shared.
