Majority of employers willing to boost pay amidst job-hopping trend

January 17, 2023 | 12:42
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Despite most companies in Vietnam assuming a wait-and-see attitude to the forecasted global economic downturn in 2023, the latest Global Salary Survey from professional recruitment specialist Robert Walters indicates that 88 per cent of companies are willing to raise employees’ salaries.
Majority of employers willing to boost pay amidst job-hopping trend

Those who switch jobs can expect to gain 15-25 per cent this year, with some high-demand sectors potentially seeing as much as 35 per cent. These are some findings from the Robert Walters Salary Survey 2023 that was conducted on 31 international markets across six continents, including Vietnam.

2023 is expected to be a year of change with 74 per cent of employees across various sectors expressing their intention to change jobs. The anticipated increase in the cost of living leads nearly 87 per cent of the respondents to expect a pay rise this year.

Although 70 per cent of employees say that job security is more important to them in the face of economic recession and inflation, the majority of them still place more importance on maximising earnings over job security. This also shows in their level of confidence as nearly 88 per cent are optimistic about the job opportunities in their sectors.

Accordingly, employees will look for companies that can meet their top priorities. When asked which criteria they value most in an employer, 53 per cent of the respondents mentioned excellent compensation packages and benefits. Meanwhile, other factors such as an inspirational working culture and colleagues (42 per cent) and flexible work arrangements (33 per cent) are also valued by employees.

As global markets have transitioned to a post-pandemic climate, Vietnam’s engineering and manufacturing industries experienced a bout of turnovers in 2022. Across the manufacturing sector, research and development (R&D) skills are in high demand as many companies are setting up new R&D centres in Vietnam.

Candidates who possess strong leadership skills, holistic thinking, and the ability to effectively engage with people will also stand out, along with those who can thrive in ambiguous environments and make solid decisions amidst uncertainties.

The data shows that the tech and digital industries are strong influencers, driving the nation's hiring market.

Companies are on the way to completing their digitalisation plans, and hence, require a quick and continuous supply of quality people with the appropriate tech skill sets to fill those digital roles. Thus, Robert Walters’ experts anticipate a rise of up to 35 per cent in the salaries for job movers in this segment.

In 2023, sales and client services will see heavy demand in Vietnam, with talent supply limited in various industries. Skill sets related to growth, strategy, and digital transformation will also be highly sought after.

Majority of employers willing to boost pay amidst job-hopping trend

Noting the talent gap in almost all sectors, country manager for Robert Walters Vietnam Phuc Pham said, “Companies will have to be more flexible with their hires. They will do well to distinguish between their must-have and nice-to-have qualities when assessing potential employees. To fulfil the demand, there should be an increased focus on hiring based on potential as Vietnam’s talent pool matures and grows.”

Finally, it is expected that there will be an increased demand for overseas-based Vietnamese who are returning home. This wave of movement can be seen clearly in the technology, transformation, and digital sectors as overseas talents want to be closer to their families at home. These returnees will place emphasis on both salaries and the companies’ culture when assessing job opportunities here.

“For the younger Gen Z talent, companies have to keep them engaged by giving them the opportunity for job rotations as this allows them to stretch out and gain knowledge in a variety of areas. Most importantly, hiring managers should be involved from the very first stage of the recruitment process so they can construct the most effective career roadmap for every recruit,” Phuc Pham emphasised.

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