Saudi Arabia Salary Guide: 70% of firms set to add jobs in 2024, salaries up 5%
70% professionals are predicting salary increases of 5% this year
Dubai: Saudi Arabia’s buoyant labour market is poised for growth, with nearly 70 per cent of employers in Saudi Arabia planning to increase their headcounts this year, a recent report has revealed. Recruitment firm Hays Middle East revealed in its Saudi Arabia Salary Guide 2023 that 69 per cent of the professionals are looking to expand their workforce this year.
Moreover, salary raises of at least 5 per cent is expected across the board this year, stated the report. 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.”
Paul said, “With 69 per cent of employers planning to expand, opportunities are plentiful. Simultaneously, 29 per cent of professionals are actively preparing to change positions.”
Salary increases of 5%
According to the report, professionals in Saudi Arabia expect to receive fair compensation. The guide shows that 77 per cent of employers predict that salaries in their organisation will increase this year, most commonly by up to 5 per cent.
“This level of salary increases indicates a positive outlook and shows that employers are willing to invest in their workforce,” it said.
Sectors that are hiring
The banking and financial sector is on a particularly dynamic growth trajectory, witnessing high headcount increases. Moreover, the construction and property sector is booming, driven by positive economic conditions and ambitious government initiatives.
Major infrastructure, tourism, and urban development initiatives are already underway through established giga-projects. While several new mega-projects are in the early stage of construction, others in the planning phase are set to launch later this year.
“The long pipeline of projects has led to a surge in recruitment activity as organisations across the country actively seek top talent to meet their objectives,” stated the report.
The industrial sector is also experiencing robust and sustained activity along with the sales sector. Start-ups and local players are also driving recruitment in the technology sector.
Monthly salaries for 2024
- Chief Financial Officer - SAR 120,000
- Senior Accountant - SAR 25,000
- Accountant - SAR 16,000
- Fund manager at a bank - SAR 70,000
- Analyst - SAR 24,000
- Architecture Director - SAR 82,500
- Project Architect - SAR 25,000
- HR Manager - SAR 35,000
Shallow skills pool
However, optimism is tempered by challenges such as a shallow skills pool, as 50 per cent of employers’ report needing more skilled professionals on the market.
“To address talent challenges, employers are increasing their international recruitment and working to strengthen their employer brand,” said the report.
Hays Middle East’s Saudi Arabia Salary Guide 2024 surveyed over 400 employers and working professionals.