The average salary increase across industries surveyed in Thailand is expected to rise slightly to 5.3% in 2019, according to the Total Compensation Measurement (TCM) Study and Benefits Survey 2018 conducted by Aon.
The survey also revealed that the turnover rate in 2018 increased to 16.9% from 16.6% in 2017. This was primarily driven by better external opportunities, limited internal growth opportunities and equity of compensation.
Panuwat Benrohman, Partner and Managing Director-Talent, Rewards and Performance, Aon Thailand asserted, "Increase in turnover isn't surprising in the current business landscape. The new generation workforce generally does not want to wait for a year to earn an average salary increase when they can get a much higher increase with a change of employer."
The findings indicate that over the next three years, all key industries across Thailand are expected to focus on driving retention through benefit strategies—evaluating new benefits to suit employees' evolving needs to boost engagement.
Panuwat explained, "The key challenge faced by HR professionals in this age of disruption is how to attract and retain the right talent, as well as maintain healthy dynamics between new and existing employees. Thai companies must invest in creating a holistic employee experience and motivate current and future top talent to achieve their business objectives."
Paul Arkwright
Publisher
