Strong demand for talent who can help businesses evolve
In 2023, industries such as real estate and retail were on a smooth track to recovery, with some companies set to close out the year strong with a renewed need for more finance professionals to support the business as it grows. At the same time, it was observed that agriculture required more hiring.
However, this growth has not been uniform across all sectors. Kanruthai Somchitrmool, a Manager at Robert Walters Thailand who leads the Accounting & Finance division, notes that there has been stable demand among multinational corporations, whereas demand for start-ups and tech has been comparatively lower. “The focus has shifted towards organisational restructuring. Additionally, many of these companies are now hiring for mid-level positions, and in some cases, even for senior positions, on a contract basis in healthcare MNCs.”
Hiring demand for some roles have nevertheless prevailed, such as CFOs for listed, IPO and private equity-invested companies. There has also been a sustained increase in regional roles based in Thailand, which has been open to expats as well.
Read on to find out more about Kanruthai’s expectations of the labour market and hiring trends for Thailand’s Accounting & Finance professionals in 2024.
Tighter spending and adding more individual contributors
In the year ahead, companies will continue keeping a closer watch on their resource planning and spending.
Many companies are also in the process of transitioning to a matrix organisational structure. “We see this particularly in support functions that have transformed into business partner functions. This has resulted in the creation of regionally-based roles and specialised, ‘individual contributor’ type roles that require commercial business partnering skills,” reveals Kanruthai.
Demand for changemakers and mid-level business partners
More companies have been looking for finance professionals who are willing to take on roles that support projects around transitioning, such as implementing new systems, creating new roles, or turning the business around as change agents – a trend Kanruthai expects to continue in 2024.
Mid-level finance business partners will also remain greatly sought after across various sectors. It is also expected that counteroffers will prevail in the year ahead.
The most highly sought after roles in the year ahead are for CFOs and business development managers, and talents with experience in regional finance, supply chain finance, FP&A and commercial finance.
Set clear expectations and provide diverse benefits
Besides attractive compensation packages, finance candidates are very much motivated by roles with challenging scopes that allow them to enhance their profile or take the experiences they have contributed to drive impact for the organisation.
“Communicate the company’s challenges, expectations and culture clearly to prospective candidates, and be sure to demonstrate how finance professionals are involved in strategic decision-making and business planning,” Kanruthai advises. “To retain talented employees, companies must establish expectations and provide recognition and rewards for when those expectations are met.”
Kanruthai also says that candidates aren’t drawn only to remuneration and cash benefits. Other welfare and fringe benefits like provident funds, flexible benefits and insurance coverage are also appealing for employees. In her experience, companies who can showcase the option of hybrid work models can stir up more interest from talents on the market.
With such a strong demand for versatile candidates, companies should also look beyond the years of work experience and consider candidates who have been exposed to different roles, functions and projects.
In summary, she notes, “While job security and long-term career stability used to be the top motivators, these factors will likely become less important for candidates in the future.”
Salary increments stay firm in candidate-driven market
Since the market remains in favour of candidates, job movers can expect offers with increments of 20 – 25% over their existing salary. Talents that are highly sought after may even see increments of at least 30%.
Find out more
Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in the Accounting & Finance industry in Thailand.
