In 2023, many factories started operations on Thailand’s Eastern Seaboard after companies build new plants from their ground up, or relocated others existing in other countries. This has stoked demand for Accounting & Finance professionals in the industrial sector, driving companies to compete creatively to attract the talent they are after.
“Companies have had to review various aspects that affect hiring, such as employer branding and the compensation packages they can offer. Overall, the market is very candidate-driven and salaries have been on an upward trajectory,” comments Natiya Saul, Director of Sales & Marketing, HR, Supply Chain & Engineering, and Eastern Seaboard for Robert Walters Thailand.
Read on to find out more about Natiya’s expectations of the labour market and hiring trends for Thailand’s Accounting & Finance professionals in 2024.
In such a candidate-driven market, Natiya observed that companies have dished out generous counteroffers to try and retain talent that were looking to leave for other firms. This will likely remain the case going into the year ahead, and companies will also hear requests for flexible work arrangements from majority of candidates.
She also points to equity, diversity and inclusion (ED&I) as another trend that companies will keep focusing on in 2024. These efforts are aimed at enhancing the company’s branding, and to promote more inclusivity and fairness within the organisation.
Although salaries are set to rise higher still, the rate of increments are expected to be lower than before as salaries have spiked in recent years.
The tight talent pool means that hiring managers may need to adjust their hiring requirements. “Companies need help with rebalancing their portfolios, but given the state of the market now, more hiring managers have been open to taking on entry-level professionals who demonstrate a good attitude, high learning potential,” reflects Natiya. “Increasingly, companies will have to be willing to hire less experienced candidates and help them develop and learn on the job.”
This shift towards hiring based on potential applies to candidates of other seniorities as well. Candidates with leadership skills and experience managing large teams and headcounts receive many job offers at the same time, and to work around this war for talent, companies will start getting candidates with the necessary soft skills up to speed by training them in the technical skillsets they lack.
With so many factories established in 2023, talent with experience in system implementations, and project and leadership skills related to new factories will be highly sought after.
The most sought after roles in 2024 will be finance director, finance & accounting manager and financial controller.
Candidates on the market now prioritise career development and cultural fit, instead of only looking at total compensation. Flexible work arrangements, autonomy and clear lines of reporting are also appealing for candidates considering their next move.
Thus, employers should put career development programmes and internal trainings in place to let employees nurture their technical and soft skills. Natiya also recommends that companies invest more into streamlining and promoting their company and employer branding to highlight the value proposition for talent on their teams.
When it comes to securing great talent, Natiya suggests speeding up the hiring process by reducing the number of interview rounds. She also recommends that companies set clear expectations with candidates on what they should expect in their new role, and to have conversations about counteroffers at an earlier stage.
Lastly, companies will also benefit from hiring candidates based on their potential as it would expose them to a larger pool of talent. She adds,
These candidates will also stay on for the long haul if they see that the company is committed to their development.
Natiya says that candidates still have high expectations as the market vies for talent. However, companies will be more measured in their approach to increments as the market has subsisted on huge salary spikes for job movers since 2021.
She adds, “85% of offers we managed in 2023 saw candidates receiving counteroffers from their employers. We expect that companies will continue to put out these counteroffers as a way to retain their talent.”
Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in the Accounting & Finance (Eastern Seaboard) industry in Thailand.
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Accounting & Finance, Thailand
With Natiya’s strong network and over twelve years of recruitment experience, she manages clients and candidates across Bangkok and the Eastern Seaboard areas.
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