Companies rush to find diverse, experienced candidates as more senior employees retire
In 2023, digitalisation, transformation and business performance were the three major influences that impacted manpower planning for Thai businesses. Consequently, these areas also had a part to play in how Human Resources teams hired and carried out day-to-day responsibilities.
“More than just influencing headcounts, companies have sought support from their Human Resources teams to work towards new organisation structures. They hired differently in the past year, with new requirements for certain skillsets and positions,” explains Rungnapa Charoenrungsiri, who leads the Human Resources division at Robert Walters Thailand as a Senior Manager.
Read on to find out more about Rungnapa’s expectations of the labour market and hiring trends for Thailand’s Human Resources professionals in 2024.
In-demand, diverse candidates will be at an advantage
Rungnapa has also observed that many companies were willing to offer attractive compensation packages to talented candidates, which she foresees will remain the case in 2024. This will mean that sought after professionals had more bargaining power when it comes to negotiating their salaries and benefits, and they will also have their pick of the offers at hand. What will set the company apart is its reputation in the market regarding culture, working style, and even the vision of its management or founder. Additionally, it's crucial to recognise that how the company treats its internal employees sets the tone for its external reputation in the market.
To fulfil diversity indexes set out by the organisation, hiring teams will also continue to focus on diversity in hiring. A plausible side effect is that companies will sometimes take a longer time to find the right candidate who meets the diversity requirements as well as the skillsets for the role.
Demand driven by succession planning needs
In the year ahead, Rungnapa believes that companies will be more conservative about increasing their headcount as uncertainties cloud the economic outlook due to geopolitical events. However, there is also likely to be more mergers and acquisitions among global companies.
“Organisational development and talent management expertise will be in high demand, especially for HR generalists and HR business partners,” Rungnapa says. “More employees are retiring, and companies are rushing to bridge the gap for success planning. However, many of them won’t be able to grow talents within the organisation to fill on such big shoes so quickly, so companies will likely need to look to the market to bring onboard experienced professionals.”
The most in-demand roles in 2024 are HR business partners or HR managers, regional HR directors or managers, and C&B managers.
Attract and retain talent with purpose and embrace supervisor’s vision and style
It is now more difficult to attract talent, especially passive candidates who are not actively looking to move. Rungnapa states that candidates who do express a desire to move are typically looking for another workplace environment that allows them to fulfil their personal development, work purpose, and cultural fit. When evaluating potential opportunities, candidates consider satisfying challenges, the style of the supervisor, and the company’s direction as some of the key deciding factors.
“To attract and retain talent, proactively communicate with your employees and candidates about both learning opportunities and challenges they will face. This approach helps set expectations clearly and allows for a better understanding of their perspectives. The supervisor’s vision and working style are also important as they set the tone for the kind of culture they want to build in the organisation,” Rungnapa advises.
Salaries to match candidate expectations
In 2024, salaries are expected to increase by between 20 – 30%, in line with existing candidate expectations.
Find out more
Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in the Human Resources industry in Thailand.
