{"id":83473,"date":"2024-02-15T00:00:00","date_gmt":"2024-02-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/15\/your-comprehensive-guide-to-salaries-in-the-kingdom-this-year\/"},"modified":"2024-02-15T00:00:00","modified_gmt":"2024-02-15T00:00:00","slug":"your-comprehensive-guide-to-salaries-in-the-kingdom-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/15\/your-comprehensive-guide-to-salaries-in-the-kingdom-this-year\/","title":{"rendered":"Your comprehensive guide to salaries in the Kingdom this year"},"content":{"rendered":"

Salaries in the Kingdom are expected to increase by 6% this year<\/strong>, recruitment agency Cooper Fitch said in its Saudi Arabia 2024 Salary Guide<\/a>. The forecasts reflect growing demand for skilled professionals as the Kingdom\u2019s non-oil private sector continues to grow at a red-hot pace. The analysis is based on recruitment trends seen in the market and responses by the business community to a survey compiled by Cooper Fitch.<\/p>\n

Driving growth:<\/strong> \u201cSaudi Arabia\u2019s portfolio of gigaprojects and the development of new industries such as electric vehicles have positively impacted recruitment and remuneration over the past year. Industries across the Kingdom are expanding, along with major cities such as Jeddah and Dammam,\u201d Cooper Fitch Managing Partner Vilius Dobilaitis said.<\/p>\n

Nearly half of the surveyed companies raised salaries last year<\/strong>, with c. 9% saying they increased salaries in excess of 10% to help retain employees amid growing competition for skilled staff.<\/p>\n

52% of companies surveyed added staff in 2023<\/strong>, while nearly 30% trimmed headcount. Only 21% of companies downsized their workforce the year before, while 57% expanded it.<\/p>\n

But what about this year? <\/strong>Nearly 52% of respondents plan to raise salaries this year, reflecting \u201cthe widespread need to attract and retain employees capable of delivering on the nation\u2019s ambitious economic targets.\u201d Only 22% said they plan to trim salaries this year. 57% of respondents will grow their workforce this year<\/strong>, while 29% will make cuts.<\/p>\n

Everyone loves a bonus: <\/strong>More than 78% of surveyed companies will pay bonus comp if their financial performance makes it possible, the report showed, with most of the respondents planning to offer a bonus equivalent to one month\u2019s basic salary<\/strong>, it said. <\/p>\n

You\u2019ve struck gold if you\u2019re in the consulting, finance, investment management, real <\/strong>estate, or telecom<\/strong>industries<\/strong> with a bonus of up to six months\u2019 basic salary in the cards, the report showed.<\/p>\n

Construction and property companies are the least likely to offer bonus comp<\/strong>, the report showed. \u201cThis is unexpected given the unprecedented levels of development currently taking place in Saudi Arabia, as the nation pushes ahead with a slew of large- scale projects related to Vision 2030,\u201d the recruitment specialist said.<\/p>\n

The labor market is a little bit tight:<\/strong> Nearly 26% of surveyed employers are concerned about finding talent to meet hiring demands for this year, the report showed, with management and leadership accounting for the most notable talent gaps.<\/p>\n

Regulation has largely been on-point: <\/strong>Over the past year, the government has implemented various measures to strengthen its recruitment sector, according to the report. The Human Resources and Social Development Ministry expanded last year its Skill Verification Program (SVP). It also unrolled in August new regulations to enhance standards among recruitment agencies operating here.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly 52% of respondents plan to raise salaries this year<\/p>\n","protected":false},"author":1,"featured_media":83474,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2705],"tags":[2471,893,10],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business","tag-employment","tag-enterpriseam-ksa","wpautop","entry"],"acf":{"mongo_id":"6d6a2d6d-e04d-4b6e-b00a-08532a3dc6f9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1452.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Your comprehensive guide to salaries in the Kingdom this year","related_issue":[83465],"teaser":"Nearly 52% of respondents plan to raise salaries this year","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.7daff866-3e54-42f5-993b-101882ef29d7.mp3"},"yoast_head":"\nYour comprehensive guide to salaries in the Kingdom this year - 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