A seminar held in HCM City on October 6 to release the 2022 Talent-Mercer Total Remuneration Survey results. (Photo courtesy of Talentnet) This is a good sign as the quality of domestically trainedstudents is increasingly improving, especially foreign language skills.
The TRS also pointed out that high-tech, insurance, andlife-science industries have seen the highest salary increases this year, witha rise of 8.8%, 8.2% and 7.6%, respectively.
Oil and mining, various manufacturing, and retail industriescontinue to have the lowest pay growth.
The rate of pay growth in the Vietnamese market has been droppingover time, reaching its lowest point in 2020, however, there have beenindications of an upsurge due to the post-COVID economic recovery.
Budgets for pay raises in multinational companies increasedby 0.2% in 2022 compared to 2021, while Vietnamese businesses experienced a 0.3%decline.
Both multinational and local companies are expected to witnesssimilar pay growth trends of 7.1% in 2023.
The percentage of firms with additional staff needs has increased,with 45% of over 600 surveyed organisations reporting that they would hire moreemployees, 18% of businesses having not decided yet and 35% of businesseshaving no intentions to hire or dismiss personnel.
Only 2% of companies, on the other hand, plan to cut headcount inthe coming year.
According to Talentnet, many companies areimplementing benefits focused on three primary pillars - mentalhealth, physical wellbeing and sustainable development - as a result ofCOVID, and restructuring the compensation scheme to meet employees’expectations in the new normal.
Godelieve Van Dooren, Mercer’s CEO for the Southeast Asia GrowthMarkets, said employees of different genders, ages, and levels have quitediverse needs for their jobs. However, job security is still the topreason that makes them stay.
While female personnel are more concerned in wellbeing policies,flexible working hours, men tend to prioritise jobs with competitive salaries,advancement opportunities and professional development, she said.
Advancement opportunities, a pleasant working environment, andcareer growth will be prioritised by Gen Y employees, whereas Gen X willembrace a competitive compensation, flexible working hours, time off, or healthbenefits, she added.
A total of over 600 multinationals and local companies across 17industries with more than 483,000 employees took part in the survey, consideredthe largest in Vietnam.
"Talent attraction and retention has always been a challengefor any business. However, this will constantly shift in response to theeconomic and social environment. Employees in the new normal expect a morecomprehensive and equal policy for them, as well as one that is tailored totheir own needs,” said Nguyen Thi Thanh Huong, Deputy CEO of Talentnet.
“As a result, the more businesses understand the labour market andregional HR trends to rethink effective yet sustainable compensation practices,the better equipped they will be to develop a more relevant strategy," shesaid./.
VNA
