70% Of Saudi Companies To Add Jobs, Hike Salaries: Report

In 2024, 77% of employers in the Kingdom anticipate offering salary increases of up to 5% within their organisations for the current year, according to a recent report by Hays Middle East. This positive outlook underscores a commitment to investing in their workforce, as detailed in the 'Saudi Arabia Salary Guide 2024'. Moreover, salary raises of at least 5% is expected across the board this year, stated the report.

Mark Paul, Manager at Hays Saudi Arabia, said, "In a flourishing labour market, optimism abounds as positive economic conditions and ambitious government initiatives drive rapid growth. Saudi Vision 2030 is diversifying the economy, and almost every sector is being scaled." He further noted the expansion plans of 69% of employers and the readiness of 29% of professionals to transition to new roles, illustrating a dynamic job market.

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The report also sheds light on the current trends in workplace arrangements. Despite the high value placed on remote and hybrid working options by 25% of professionals, a majority of employers, 69%, maintain a fully office-based model. This shift towards traditional working environments marks a 14% increase year-on-year.

However, the landscape is not without its challenges. Half of the surveyed employers reported a scarcity of skilled professionals, prompting a turn towards international recruitment and efforts to enhance their employer brand. The disparity in perceptions of benefits between employers and professionals is also notable, with 37% of professionals indicating they receive no benefits, in stark contrast to the 4% of employers acknowledging this.

On the topic of artificial intelligence (AI), the guide revealed cautious optimism among employers, with 39% endorsing its use in the workplace. Nevertheless, concerns about AI's potential to displace more jobs than it creates are prevalent, with 38% of employers expressing this view. Despite these concerns, only 22% are proactively addressing the possible impacts of AI.

Hays Middle East’s Saudi Arabia Salary Guide 2024 surveyed over 400 employers and working professionals, offering a valuable snapshot for both employers and professionals navigating the landscape shaped by Saudi Vision 2030.