Navigos: The higher the level personnel get the more salary reductions

The Navigos survey shows that the higher the level staff, the less optimistic about the economic outlook of 2021 and this is also the group that will see a lot of salary reductions in 2020.

The report “Human Resources Market 2021: Job Opportunities – Employment Challenges and Current Salary of Employees”, analyzed by Navigos based on a survey of nearly 6,000 candidates from 35 industries.

Surveyed during the Covid-19 period, the psychology of the workers was also quite optimistic, not only on salary but also in general economic outlook. Up to 50% expressed certain optimism, while 31% predicted the economy will decline.

The optimism about the economic outlook changes by hierarchy, the higher the level, the lower the level of optimism. Specifically, 58% of the newly graduated candidates think that the economy will maintain stability or grow. However, with personnel belonging to the executive board, at the level of general director / deputy general director, this ratio drops to 51%.

The survey also showed that 26% of participating candidates said they had a salary cut in 2020 at various rates, from 10% to 50% compared with before the Covid-19 epidemic. The remaining 74% of applicants say their salaries have not been changed.

The group of senior candidates, such as the executive board, the general director / deputy director level is the group most affected by Covid-19. 40% of survey participants in this group reported that their wages had been cut at various rates. Next influenced is the group of directors, deputy directors.

In terms of welfare, only 30% of respondents feel satisfied, with 24% feeling quite satisfied, and only 6% feeling completely satisfied. Meanwhile, 45% felt “normal” compared to their satisfaction. In addition, 20% felt dissatisfied and 5% felt completely dissatisfied.

As of 2021, 61% of workers surveyed expect an increase of 3% to over 20% of salary this year and 10% think wages will decrease. In addition, 52% said they would look for work in the next 3–6 months; and 13% look for work in the next 12 months.

Currently, the 13th month salary is the biggest benefit of employees, with 82% of respondents agree. Second is the health and medical benefits, accounting for 51%. Allowances for travel, meals, and reception are ranked third, with 31% of respondents.

For employees, salary, bonus and remuneration are the most important factor when they consider switching jobs, with 74% of respondents agree. Followed by promotion opportunities (37%) and training and development opportunities (34%).

According to Navigos, in order to be more competitive in attracting and retaining good employees, businesses should pay attention to: improve, build a competitive compensation mechanism based on the reality of the market and business potential. Karma; understand middle and high-level management teams to develop appropriate salary, bonus and benefit mechanisms; build, improve career roadmap for staff.



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