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.