Despite Thailand forecasting a modest growth rate estimated at 2.5 per cent in 2016, the demand for talented professionals remains high. The country is currently experiencing high levels of foreign investment, particularly in the services and manufacturing sectors, an unemployment rate of 1.2 per cent and a high demand for overseas educated professionals. As a result, the competition for talent has increased among leading companies based in and around Bangkok.
Companies who adapt to the pace and have a well-run recruitment process in place continue to snap up the best talent available. The development of human capital and the ability to offer attractive and transparent career paths for employees remains a challenge for employers. That combined with increasing living costs, has resulted in more frequent job moves typically driven by remuneration and promises of career development.
Traditional sectors such as consumer, manufacturing and industrial have seen high levels of recruitment in recent years, but a dramatic increase in activity within the services space in Thailand has also emerged. Professionals moving into a new role can expect a 10 to 20% increase in salary, and even higher for those with specialist market knowledge, a similar trend to last year. Salary increases have generally remained around 5 to 6% for professionals staying in their roles, with a select few high performing individuals getting 10 to 15%.
To retain talent, companies should ideally have clear career paths for employees and programmes to develop them into future leaders. Even if the company is still relying on overseas talent, they would also require a strong transition plan to transfer knowledge to domestic talent. This will help to groom employees to be future leaders.
Launching Michael Page Thailand
Michael Page will be operating directly in Bangkok from 1st November 2016. We have a great track record locally and a management team with more than 35 years of recruitment experience. Globally, we have been established for 40 years. There are currently over 160 consultants across our South East Asia offices in Singapore, Kuala Lumpur, Jakarta -- and soon, Bangkok -- positioning us to support clients across the region. In addition to our current businesses, we are also supporting our clients in emerging markets such as Vietnam, Cambodia, Myanmar & Philippines.
Join over 80,000 readers!
Receive free advice to help give you a competitive edge in your career.