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.
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.