In 2022, there was active hiring activity observed in the market as economic recovery drove recruitment of senior professionals across industries.
Companies were observed to prefer hiring local talent to replace incumbent roles that were previously held by expatriates in Thailand, says Kanruthai Somchitrmool, Manager of Accounting & Finance, Robert Walters Thailand.
“There was higher hiring demand of senior finance professionals,” she says.
Traditional businesses in real estate and energy sought to diversify portfolios by shifting towards tech-focused activities. This resulted in more mergers and acquisitions or joint ventures in Thailand as well as expansions in other countries across the region.
Read on as Kanruthai shares her expectations of the labour market and hiring trends for accounting & finance professionals in 2023.
As organisations continue to transform, versatile talent willing to take up evolving roles will be highly sought after in 2023.
The increasing demand for versatile functional skills will lead to a candidate-driven market. “We observed an increase in proactive counteroffers happening in finance and accounting businesses compared to previous years. This is due to organisations’ transformation into learner businesses and thus seeking to retain talent by increasing salaries or adjusting role responsibilities,” shares Kanruthai.
Professionals with high agility and potential to cover extended job scopes or hybrid profiles will be in high demand. Those with track records as change agents within organisations undergoing restructuring exercises, as well as those with strong partnering skills, will also be highly sought after.
According to Kanruthai, companies in 2023 will be looking for experienced professionals to fill Chief Finance Officer or Head of Finance positions. Talent skilled in business development, strategy, M&A, investment, FP&A, and commercial finance will also be in high demand.
To retain talent in 2023, Kanruthai advises companies to look at increasing employee engagement by involving employees to be part of company business strategies and action plans.
“By increasing the value of employees’ jobs, communication, and setting clear expectations and goals, employees can be part of business growth and advance along with the business,” she says.
Communication is key to retaining talent. “Line managers should always speak to employees regularly to understand their motivation and how they could contribute to the overall business,” shares Kanruthai.
Communication is key to retaining talent so speak regularly to employees to understand their motivations.
As the market has become more active, we can expect salaries in finance and accounting to increase in 2023.
“Increments could go higher than the market standard of 20-25%, especially for high-demand roles,” she says.
Request access to our 2023 Salary Survey to benchmark salaries and to find out more about the latest hiring and talent trends for Accounting and Finance professionals in Thailand.
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