Reeracoen Vietnam, the region’s leading recruitment agency, has released a comprehensive survey titled “What Vietnamese Workers Want in 2024”. Conducted in June and July 2024, the survey gathered insights from 105 Vietnamese workers, revealing their priorities, expectations for annual salary increases, and job change intentions. The survey results are crucial for businesses and policymakers as they navigate the delicate balance between employee expectations and economic sustainability in Vietnam’s dynamic market.
Vietnam’s economy remains one of the fastest growing in Asia, fueled by rapid industrialisation and a burgeoning middle class. In the first half of 2024, the country witnessed robust GDP growth, increased foreign direct investment (FDI), and a dynamic labour market. The General Statistics Office (GSO) forecasts a growth rate of 6-6.5% for the year, in line with the government’s target.
The emphasis on digital transformation aligns with global trends, as Vietnam shifts from traditional agriculture to non-agricultural sectors such as manufacturing, services, and construction. The company has also seen increased demand for professionals in IT, marketing, consulting, and construction. To sustain economic growth and maintain global competitiveness, understanding Vietnamese worker preferences is crucial.
In June, Reeracoen Vietnam surveyed to find out “What Do Vietnamese Workers Want the Most?” The survey’s findings indicate that a “Good Salary/Benefits” package is the top priority for 58.7% of respondents, followed by a “Professional Career Path” at 17.5%, “Four-day Workweeks” at 12.6%, and “Hybrid Working” at 11.6%.
Commenting on the survey results, Kosuke Soejima, General Director of Reeracoen Vietnam, said, “With 58.7% of Vietnamese workers prioritising a good salary and benefits package, it’s clear that financial security is at the forefront of their concerns. As businesses, we must respond to these expectations while balancing the broader economic impacts, including inflation and competitiveness. This dynamic presents an opportunity for employers to innovate in their compensation and benefits strategies to attract and retain top talent in this vibrant market.”
Meanwhile, the survey conducted in July revealed that most Vietnamese workers expect an annual pay rise of “More than 10%,” reflecting their financial growth aspirations amidst inflation concerns. This underscores the need for the government and businesses to balance higher wage expectations with economic stability and competitiveness. Additionally, a significant portion of the workforce (64.8%) plans to change jobs within the next six months, indicating high job mobility and potential challenges for businesses in terms of employee retention and recruitment.
Sharing his insights, Masato Sekine, Branch Manager of Reeracoen Vietnam, stated, “Our survey reveals a significant trend towards job mobility. This high turnover rate underscores the need for businesses to focus on employee engagement and career development. By providing clear career paths and addressing the evolving needs of the workforce, companies can mitigate the costs and disruptions associated with high turnover. It’s essential to create a work environment that not only meets financial expectations but also supports professional growth and work-life balance.”
The survey findings provide a clear understanding of the current workforce landscape in Vietnam, enabling Reeracoen Vietnam to tailor their recruitment strategies and advisory services effectively. The survey’s insights can also benefit:
- Businesses: Gain actionable data to inform their HR strategies, helping them adapt to workforce trends and improve employee satisfaction.
- Policymakers: Understand worker priorities and expectations, aiding in the formulation of policies that support sustainable economic growth and worker welfare.
- Society: Enhanced job satisfaction and work-life balance contribute to overall societal well-being and economic stability.
