Ho Chi Minh City, February 22, 2021 - Navigos Group, Vietnam's leading recruitment service provider, publishes a report on “Talent Guide 2021: Market, Challenges, Opportunities & Salary Range”. This is the first Navigos Group’s overview report that not only covers opportunities and challenges in employment and recruitment, but also covers the salary of candidates in about 36 industries in the market. The report is published based on the analysis of the results from a survey with nearly 6.000 candidates in the Navigos Group database.
I. Salary, bonus and benefits for employees: Overview 2020
- The criterion ‘Salary, bonus and welfare’ is the most important factor affecting the employees’ decision to switch a job
74% of respondents said that the criterion ‘salary, bonus and welfare’ is the most important factor they consider when switching their jobs, followed by promotion opportunities and training and development opportunities at 37% and 34% respectively.
- 13th-month salary is now the most significant benefit of employees
13th-month salary is now at the first place among bonuses or benefits that employees receive as 82% of respondents voted for it, followed by health and medical care benefits and travel, meal and cell phone allowances at 51% and 31% respectively.
- Employees’ growing expectations about salary, bonuses and welfare are a challenge for companies in acquiring and retaining talents.
Salary, bonus and welfare are for attracting employees, but also, especially the better ones, the causes for their leaving. Therefore, the most important factor leading to the employees’ satisfaction with their current job is salary, bonus and welfare with 45% of votes from respondents. Working location and job stability takes the second and the third place in the list at 43% for each.
Employees’ expectations about salary, bonus and welfare is a decisive factor for their job satisfaction and looking for a new job. Hence, this poses challenges to businesses in their recruitment and retention plan.
II. Factors affecting employees’ job satisfaction
- Only 30% of workers were satisfied with the current benefits
When asked about the satisfaction with their current benefits, only 30% of respondents are satisfied at a distinct level. To be more specific, 24% are fairly satisfied, and only 6% are completely satisfied. Nearly 45% of employees rate the current benefits “Normal”. ¼ show different levels of their dissatisfaction as 20% and 5% are dissatisfied and completely dissatisfied respectively.
According to statistics, the satisfaction level with benefits varied among the middle group (Manager, Supervisor) and senior group (Associate Director, Director, C-level). Accordingly, when asked about the satisfaction level, only ¼ of the middle group is satisfied with the current benefits. The figure for the senior group, however, is nearly 50%.
- The level of satisfaction was in direct proportion to the working position (with experience and management work)
It is pointed out from the survey that the higher the position is, the higher the satisfaction level is. Accordingly, the level of satisfaction is 21% among fresh graduates, 26% among employees having more than two-year experience, nearly 30% among Supervisors/Group leaders, 35% among Deputy Heads and Heads of Department, and nearly 50% among Directors/ Associate Directors and C-level.