Competition for top-tier talent heats up in Thailand’s job market
In 2023, Punyanuch Sirisawadwattana, Country Manager of Robert Walters Thailand, noticed that the economic downturn has introduced a heightened sense of uncertainty among both employers and job seekers in Thailand.
“Top-tier quality candidates were very cautious when considering career moves. This has added a layer of complexity to the ongoing talent shortage,” she says. “Some vacancies remained unfilled for extended periods of time. Consequently, business operations and productivity have been affected.”
The talent crunch also meant that companies have had to intensify their efforts to attract and retain skilled professionals. There was a huge focus on retaining existing talent, which could be seen from the slew of competitive counteroffers given to talent who expressed their intent to resign.
Read on to find out more about Punyanuch’s expectations for Thailand’s labour market in 2024.
Focus on finding talent with the same values
Companies have already begun elevating their talent attraction efforts by embedding the company’s culture and employer branding into the recruitment process.
“Over the last year, more companies embarked on partnerships with sustainability-focused platforms and invested in training programs. They were also mindful about promoting equity, diversity and inclusion, and showcasing their corporate social responsibility (CSR) impact,” notes Punyanuch.
All of these efforts will persist in 2024 as companies seek to attract talent that are aligned with their values, mission and commitment to social and environmental responsibility.
Great benefits, but high bar for potential hires
As companies continue to struggle with a talent crunch, retaining their existing talent will remain a central objective. In 2024, companies will likely continue trying to meet candidate requests and offer substantial counteroffers when feasible.
Flexible work arrangements will continue to be an area where companies will strive to accommodate their employees. This will help them appeal to a wider pool of potential candidates.
Nevertheless, Punyanuch expects that companies will continue to be selective in their hiring, mentioning that many are still looking for suitable candidates who can integrate seamlessly into the organisation. This may mean more interview rounds and prolonged timelines for filling roles.
ESG, sales and marketing and tech-centric roles in demand
Now that more companies are placing an emphasis on sustainability, Punyanuch foresees that there will be a high demand for environment, social and governance (ESG) roles.
Another point of focus for companies in 2024 will be the need for sales and marketing professionals. “The healthcare, retail and automotive sectors in particular have been calling out for help with their business development efforts. This demand is coupled with the need for experts in digital marketing, e-commerce and data analysis for customer insights – both trends we expect will continue looking ahead,” says Punyanuch.
The market will also see larger hiring volumes for technology-centric positions, such as software development, data analysis, AI, cybersecurity and IT infrastructure.
Advice on talent attraction and retention
Through discussions with HR leaders at large Thai conglomerates and leading multinational corporations, Punyanuch has heard that companies now find it even more challenging to attract talent. “Most candidates are cautious about moving jobs – with many not looking to move at all. Those who are may not be suitable for the position open,” she reveals.
Looking to 2024, Punyanuch suggests that companies start with refining their employee engagement strategies. This includes offering flexible work arrangements and reliable mental health support.
Furthermore, investments in learning and development opportunities, competitive compensation packages, comprehensive benefits, and recognition and rewards programmes will contribute to employee satisfaction. Fostering a diverse, equitable, and inclusive workplace culture is also another critical step for attracting and retaining top talent.
Lastly, Punyanuch recommends creating an exceptional employee experience – beginning from as early as the hiring process. She explains,
“This means shortening and optimising your time-to-hire, and ensuring that you are efficient yet communicative when interacting with potential hires during the interview process.”
Stable pay raises for candidates with relevant experience
Candidates with the necessary skillsets and experience to start right away in a new job without much training can expect salary increments of between 15 – 25% when moving jobs. Others who require time or training to grow into the role may receive salary increments of up to 15%.
Employees who stay in the same company can expect their salaries to increase by an average of 1 – 4%.
Find out more
Request access to our 2024 Salary Survey to benchmark salaries and to find out more about key hiring trends in Thailand.
