Boosting pay a priority for employers in Vietnam

Organisations in Vietnam are willing to raise salaries despite the global economic downturn forecast this year, according to Robert Walter’s latest global salary survey.

In the survey, 88% of organisations polled plan to raise salaries this year, and 74% of employees across sectors expressed their intention to change or move jobs this year. Job movers can expect a 15-25% rise this year, and in some sectors where demand is high, such as digital, the rise can reach 35%.

Almost 87% of respondents anticipate a pay increment this year because of the expected increase in living costs. In the face of economic recession and inflation, 70% of employees say that job security becomes more important to them, but the vast majority still value maximising earnings more than job security. Furthermore, 88% of them are optimistic about the job opportunities in their sector, which reflects their level of confidence.

In response to which criteria they value most in an employer, 53% of the respondents cited excellent compensation and benefit, followed by working cultures and colleagues that inspire them (42%) and flexible work arrangements (33%).  

READ: Vietnam set to hike wages starting July 2023

Phúc Phạm, Country Manager of Robert Walters Vietnam, commented, “Organisations 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.”

“To fulfil talent demands, there should be an increased focus on hiring based on potential, while Vietnam’s talent pool matures and grows. We can also expect an increased demand for overseas-based Vietnamese, who are returning home.”

These returnees, he added, will place emphasis on both salaries and the company’s culture when assessing job opportunities, reported ANN.