Riyadh: Here is a piece of good news for those working or seeking employment in Saudi Arabia. Reports said the salaries in Saudi Arabia would increase by an average of six percent, thanks to a slew of projects.
The $500 billion (1.8 Saudi riyal) City Neom, the Red Sea project, and the AlUla projects are likely to open up huge employment opportunities, besides fuelling a substantial increase in salaries.
The representation of women in Saudi Arabia's labour sector touched the 35% mark in the second half of the previous year. The kingdom's Finance Ministry said the women's representation had surpassed 30%, as envisaged in the Saudi Vision-2030.
Statistics revealed that the percentage of working women would further increase in the current year.
Saudi Arabia has introduced five new visas to attract skilled professionals and investors. The new visa categories are the Special Talent, Gifted, Investor, Entrepreneur, and Real Estate Owner Residency.
The Cooper Fitch study
A study by recruitment and HR advisory service provider Cooper Fitch revealed that the salary hike would be linked to the employees' productivity and the remuneration budget of companies.
About 60% of firms that participated in the Fitch survey said they would hike the employees' salaries in 2024. Additionally, the study also found a probable increase in manpower.
As part of Vision-2030, Saudi Arabia witnessed the launching of mega projects and industries developing electric vehicles in 2023. It has also opened up new employment opportunities.
The Fitch survey revealed that 78% of the participants were planning to grant an annual bonus to their employees based on the firms' performance in the previous fiscal. The study further found that companies that were not planning to pay the bonus were those in the construction and consulting sectors.
One in four employees switched jobs looking for better payments, benefits, and opportunities for professional progress. Further, 84% of the employees were looking for changing jobs for the same salary, but with better benefits.
Professionals in demand
A LinkedIn survey disclosed that patient care technicians, information system analysts, building information modelling coordinators, health and safety managers, and human resources operation specialists would be in high demand in Saudi Arabia.
Recruitment specialist Michael Page opined that real estate consultancy services, too, recorded a high demand in Saudi Arabia.