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Salary Watch 2020:Thailand2 RGF Salary Watch: ThailandAbout this Report RGFs Salary Watch: Thailand report has been conducted with the aim of better understanding the salary trends and data across all industries and job levels in Thailand.This report is based on an RGF-owned candidate pool covering more than 20,000 candidates (collected from February 2019 to February 2020) in our Thailand database. The definition of annual basic salary used does not include allowance, stock, bonus or any other additional benefits, and the used is USD1 = THB30.58.Due to the real-time nature of some of this data, RGF encourages readers to use its insights at their discretion.3RGF Salary Watch: Thailand16Table of ContentsAbout the ReportTable of ContentsThailandOverviewKey TrendsJob Market Trends Salary Data ReferencesAbout RGF 23 57 8 12 38 394 RGF Salary Watch: ThailandOverview of Thailand5RGF Salary Watch: ThailandInvesting in TechnologyThough Thailands economy the second largest in Southeast Asia experienced ups and downs throughout 2019 due to factors such as internal political instability, drought and the U.S.-China trade war, it rebounded from a slowdown during the third quarter of 2019. Thailands GDP rose 2.4% compared to 2018, a sign that despite a lower-than-usual export and tourism levels, the countrys other industries were growing5.However, the impact of COVID-19 lead the kingdoms Bank of Thailand to revise its GDP projection to a contraction of 5.3% in March 20206. Further, the government closed its borders on 25 March in an effort to stem the spread of the virus7. Though this decision will further impact the already sluggish tourism industry and sharply cut the booming manufacturing industrys production, other sectors such as agritech and social commerce are beginning to thrive.LABOUR MARKET SIZE44.7 MILLION1GDPUSD543.7 BILLION2PMI50.14FDIUSD6.7 BILLION3(2019 Key Index)6 RGF Salary Watch: ThailandThough Thailands economy has been hit by COVID-19, sectors such as pharmaceuticals, e-commerce, logistics and supply chain, and energy are thriving, and the countrys workforce is evolving. When Thai talent look for new roles, the decision is often driven by a desire for a salary increase, but candidates are also seeking new experiences and the opportunity to learn new skills. Because of this, more companies are implementing new development initiatives and with these initiatives comes a need for organizational and developmental HR experts with experience in workforce transformation skills.In addition to new experiences and skills, Thai job seekers also consider benefits, such as bonuses, if career advancement will be possible, the reputation of the company, and its leadership style. Additionally, a fair work-life balance helps to retain employees.nullnullKittisak (Golf) SaithongManaging Director, RGF Executive Search ThailandThailands Evolving Workforce7RGF Salary Watch: Thailand41%69%66%Key TrendsHigh Demand for Digitalization SpecialistsBusiness around the world is increasingly conducted online, and Thai businesses know they need to digitize in order to move forward. That said, local businesses, which employ nearly 80% of the Thai workforce, are slower to digitize their operations, largely due to talent lacking the necessary skills11. Because of this, talent especially senior talent with skills and experience in informatization and digitalization are hugely in demand across the kingdom, with companies ranging from SMEs to multinationals looking to hire and pay competitively.However, compensation goes beyond just annual salary. Thailands job seekers value benefits such as10:PROFIT-SHARING SCHEME SUCH AS STAFF EQUITYGUARANTEED REMUNERATION, SUCH AS A FIXED BONUS AND ALLOWANCEPERFORMANCE-BASED BONUSESEmployees Salary Increment Expectationswhen they change employers9.32%Employers Annual Salary Increment Range87%(Data given was collected by RGF before February 2020)8 RGF Salary Watch: ThailandJob Market Trends9RGF Salary Watch: ThailandTalent TrendsThough annual salary is a main factor for Thai talent, when considering whether to accept a new role, it isnt the only factor. They also think about other types of benefits, such as bonuses, and beyond money to career advancement and development opportunities, the reputation of the company, the leadership style and the work-life balance they will be afforded.12Market TrendsCultivating AgritechAgriculture has long been an important sector for Thailands workforce 40% of the population is involved in agriculture, working in roles ranging from cultivating fruit and rice to exporting crops13. But in recent years, Thai farmers have seen an influx of foreign competition. To combat this, the kingdom introduced its Thailand 4.0 policy plan in 2017, which included long-term investment in agriculture and especially in agritech14. Since then, a growing number of startups aiming to provide solutions for everything from products that extend the shelf-life of fresh produce to ecommerce platforms and smart farming tools have cropped up. There is ample opportunity for digital innovation and implementation in Thailand agritech industry15.58% 57%EXPAND KNOWLEDGE AND SKILLS55%SALARY INCREMENTEcommerce Associates with 35 years of experience working at a local SME earn between USD19,600 and USD27,400 annually in Thailand.R&D Directors with 1520 years of experience working at a local SME earn between USD65,400 and USD117,700 annually in Thailand.TITLE AND RESPONSIBILITIES10 RGF Salary Watch: ThailandCombatting the Talent CrunchAs Thailands economy shifts from relying on agriculture and tourism to become more diversified, companies are looking for talent with specific experiences and technical skill sets and the demand currently outpaces supply. Meanwhile, Thai talent are looking for opportunities to not only make more money, but to learn new skills and be on track for career advancement.One way for employers to both decrease the talent gap and provide more opportunities for their workforce is to invest in talent development. By reevaluating talent strategies and introducing ways for employees to learn or hone new skills especially those that are highly sought-after companies will not be able to promote internally, but will likely boost their employer brand as well as their employee retention rate.What Thai employers are looking for in talent:RELEVANT KNOWLEDGE AND EXPERIENCE18DEDICATION CULTURE FIT19Mobile Commerce InnovationsThough business digitalization is still picking up steam in Thailand, the 52 million people in the kingdom are online, and 75% use social media16. Its little surprise, then, that ecommerce is on the rise this especially true for the travel, retail and entertainment sectors, as well as for disruptive services like ride-hailing. Social commerce is becoming especially popular, with people increasingly turning to platforms like Facebook and LINE to connect with businesses and make digital transactions in fact, social commerce accounts for 44% of Thailands ecommerce business17.Ecommerce Supervisors with 35 years of experience working at multinational companies earn up to USD21,900 annually in Thailand.Application Development Directors with 1520 years of experience working at multinational companies earn up to USD176,500 annually in Thailand.
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