The new Saudi Arabia Salary Guide 2024 shines a spotlight on salary data and insights into the workforce trends shaping the labour market in the Kingdom.
Hays Middle East, part of Hays plc, the global leader in workforce solutions and specialist recruitment, has released its latest Salary Guide for Saudi Arabia. The guide provides comprehensive salary data for over 200 roles across 11 professions and the analysis of a survey of 400 employers and working professionals.
The guide reveals that 69% of employers in Saudi Arabia are planning to increase their headcounts this year – however, 50% of employers report a scarcity of skilled professionals. To address talent challenges, employers are increasing their international recruitment and working to strengthen their employer brand. The guide reports that 77% of employers predict that salaries in their organisation will increase this year, on average up by 5%.
Of the 29% of professionals who are planning to change organisations this year, a lack of career development opportunities is a primary reason. Remote and hybrid working options are a highly valued benefit among 25% of professionals – creating a better work-life balance. However, the guide highlights a shift towards office-based working, with 69% of employers reporting that their organisation adopts a fully-office-based model – a 14% increase from the previous year.
79% predict salary increases in 2024 and 49% state that their employer is not taking steps to ensure consistent transparency about how pay levels and pay rises are set
Key guide highlights include; Professionals expect to receive fair compensation, which is why 79% predict salary increases in 2024 and 49% state that their employer is not taking steps to ensure consistent transparency about how pay levels and pay rises are set. Besides salary, the most popular benefits are child education allowances (43%), air ticket or travel allowances (35%), and flexible working (26%).
A substantial rate of organisational headcount increase is expected in 2024 as 36% of employers aim to expand their workforce by more than 10%. Intention to hire is high as 95% of all employers say they will recruit in some capacity in 2024.
Employers are taking a cautious approach to AI as 39% of organisations recommend its use in the workplace, according to the guide. However, just 14% of professionals say their organisation has prohibited the use of AI in their workplace. While 38% of employers believe AI will eliminate more job opportunities than it will create, only 22% are actively taking steps to address the potential impact.
Mark Paul, Manager at Hays Saudi Arabia, said: “In a flourishing labour market, optimism abounds as positive economic conditions and ambitious government initiatives drive rapid growth. Saudi Vision 2030 is diversifying the economy and almost every sector is being scaled.”
The full Hays Saudi Arabia Salary Guide 2024 can be found here
