Hays Middle East, part of Hays plc, the global leader in workforce solutions and specialist recruitment, has released its latest Salary Guide for Saudi Arabia. The guide provides comprehensive salary data for over 200 roles across 11 professions, with the latest labor market trends based on expert insights and the analysis of a survey of 400 employers and working professionals.
Commenting on the report, Mark Paul, Manager at Hays Saudi Arabia, said: “In a flourishing labor market, optimism abounds as positive economic conditions and ambitious government initiatives drive rapid growth. Saudi Vision 2030 is diversifying the economy and almost every sector is being scaled.
With 69% of employers planning to expand, opportunities are plentiful. Simultaneously, 29% of professionals are actively preparing to change positions. As many organizations strive to be the employer of choice, understanding shifting dynamics is crucial. To build a workforce that fuels success in an ever-evolving landscape requires the latest knowledge and data-driven expertise. The Hays Saudi Arabia Salary Guide 2024 aims to equip readers with the insights and analysis necessary to successfully navigate this dynamic market. Whether an employer is seeking to attract and retain top talent, or a professional is looking to advance their career, this guide will serve as a valuable resource on their journey.”
An oasis of booming headcounts but a shallow skills pool
The guide reveals a buoyant labor market poised for growth, with 69% of employers in Saudi Arabia planning to increase their headcounts this year. However, optimism is tempered by challenges such as a shallow skills pool – 50% of employers report a scarcity of skilled professionals on the market. To address talent challenges, employers are increasing their international recruitment and working to strengthen their employer brand.
Saudi professionals to see substantial salary increases
Professionals in Saudi Arabia expect to receive fair compensation. Positively, the guide shows that 77% of employers predict that salaries in their organization will increase this year, most commonly by up to 5%. This level of salary increases indicates a positive outlook and shows that employers are willing to invest in their workforce.
29% of professionals are actively preparing to change positions
69% of employers in Saudi Arabia planning to increase their headcounts this year
77% of employers predict that salaries in their organization will increase this year
38% of employers anticipate that AI will eliminate more job opportunities than it will create
Career development key to unlocking job satisfaction
Career development emerges as a critical factor in talent retention. The guide shows that of the 29% of professionals who are actively planning to change organizations this year, a lack of career development opportunities is a primary reason. Employers are encouraged to invest in relevant training programs and mentorship opportunities to enhance job satisfaction and support career progression.
A significant shift towards office-based working
Remote and hybrid working options are a highly valued benefit among 25% of professionals, with those receiving such options reporting higher job satisfaction and better work-life balance. However, the guide highlights a significant shift back towards office-based working, with 69% of employers reporting that their organization adopts a fully-officed-based model, a 14% increase from the previous year.
The benefits of transparency and two-way communication
The guide also highlights a notable disparity between professionals and employers regarding the provision of benefits. While 37% of professionals say they do not currently receive any benefits, just 4% of employers claim not to offer any. Most professionals (61%) say that the benefits package is one of the most important factors to them when choosing an organization.
The influence of AI on the future of work divides perspectives
The guide indicates that employers are taking a cautious approach with respect to AI as 39% of organizations recommend its use in the workplace. However, just 14% of professionals say their organization has prohibited the use of AI in their workplace. While 38% of employers anticipate that AI will eliminate more job opportunities than it will create, only 22% are actively taking steps to address the potential impact.
Key stats from the guide include:
- Professionals expect to receive fair compensation, which is why 79% predict salary increases in 2024.
- Most professionals (49%) state that their employer is not taking steps to ensure consistent transparency about how pay levels and pay rises are set.
- 34% of employers admit that their organization is not taking action to ensure pay transparency.
- Of the 29% of professionals who are actively planning to change organizations in 2024, a lack of career development opportunities (47%) is the number one reason why.
- Aside from salary, the benefits package (61%) is one of the most important factors to professionals when choosing an organization in 2024.
- The most popular benefits are child education allowances (43%), air ticket or travel allowances (35%), and flexible working (26%).
- A substantial rate of organizational headcount increase is expected in 2024 as 36% of employers aim to expand their workforce by more than 10%.
- Intention to hire is high as 95% of all employers say they will recruit in some capacity in 2024.
- Significant skills shortages persist as 50% of employers report a scarcity of skilled professionals on the labor market.
- Most professionals (72%) are optimistic about the economic outlook and future employment opportunities.
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