BANGKOK, THAILAND--(Marketwired - Nov 30, 2017) - Salary increases during the year are in the range of 4.7% to 5.9% according to Thailand's Total Compensation Measurement (TCM) Study and Benefit Survey 2017. The survey was conducted by Aon (
At 5.3%, the average salary increase across industries surveyed in Thailand is the same as last year and is projected to remain at this level in 2018 as well. However, an increase in property targeted at high net-worth individuals and new projects for healthcare industry means the real estate industry will offer a higher increase at 6.2%.
Performance continues to drive pay with top performers getting higher salary increases and short-term incentives. High-Potential employees are rewarded by promotions.
The study reveals that turnover rate in 2017 has increased to 16.6% from 16.3% in 2016. This is driven by a growing job market and a younger workforce that is open to change.
Other key findings of the Thailand TCM Study and Benefit Survey 2017 are:
Panuwat Benrohman, Managing Director of Aon Hewitt Thailand says, "As Thailand aims for a stronger business performance in 2018, organisations must be more innovative in designing their compensation strategy. Cash is no longer enough to engage the workforce. Companies must provide opportunities for career advancement, learning and development and special benefits that align with their employees' aspirations. This should be supported by a robust communication plan which helps employees to appreciate the value of their total rewards. At the same time, having a variable pay component will motivate them to strive for high performance and help companies reduce their fixed pay costs."
Total Compensation Measurement Study and Benefit Survey includes more than 1700 participating organisations across 180 countries around the world. This year, there were 132 participating organisations across all key industries in Thailand.
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Aon Hewitt Thailand
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Aon Hewitt Singapore
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