ALBAWABA – The global recruitment firm Hays has released its Saudi Arabia Salary Guide 2023, revealing that 69 percent of firms are planning to expand and add new jobs, as well as an average salary increase in an average of 5 percent across most fields.
The salary guide includes information on salaries for more than 200 positions in 11 sectors as well as employment trends that are influencing the Kingdom's labor market, with Manager at Hays Saudi Arabia commenting “Saudi Vision 2030 is diversifying the economy and almost every sector is being scaled,” as reported by Zawya.
Saudi Arabia has a strong labor market according to the article, however, despite 69% of firms expected to hire more people this year, an undersupply of competent workers tempered confidence as 50% of firms report a shortage. To solve talent issues, organizations are resorting to recruiting international talents and building their company brand.
A man and a woman in Arabian apparel discussing business plans (Shutterstock)
The guide shows that 77% of employers positively predict that salaries in their organization will increase this year, most commonly by up to 5% as reported by Gulf News. This level of salary increases indicates a positive outlook and shows that employers are willing to invest in their workforce according to the guide.
The banking and finance industry is growing rapidly and growing its staff, due to economic growth and government efforts, the construction and property industry is also thriving. While several mega-projects are under development, and others are planned for later this year, such projects are already advancing infrastructure, tourism, and urban development as well.
A quarter of professionals reportedly appreciate the availability of remote and hybrid work arrangements, and workers with these options express greater job satisfaction and improved work-life balance. Despite this, the guide emphasizes a notable trend towards in-office work, with 69 percent of employers indicating that their organization follows a completely office-based model, marking a 14 percent rise compared to the previous year.
