THE 2018 MERCER – TALENTNET SALARY SURVEY
On the 11th – 12th of October, Talentnet hosted a seminar to announce the results of the 2018 salary survey, conducted by Talentnet - Mercer. The survey attracted the participation of 602 businesses from 16 different industries, including (Information Technology, Consumer Goods, Life Sciences, Chemicals, etc.), with a salary database from over 314,000 employees all over Vietnam.
As the largest and most detailed salary & remuneration report in Vietnam over the past 10 years, the 2018 Talentnet - Mercer Salary Survey has provided practical information for businesses in the process of planning and managing compensation, salary, benefits and rewards, in order to ensure internal equity and external competitiveness.
Talentnet – Mercer Total Remuneration Report Seminar attracted more than 600 companies attended in both HCMC & HN.
Source: 2018 Talentnet – Mercer Salary Survey
According to the survey, the salary increase rate in 2018 was 8.6% (MNCs), and 9.0% (local businesses), with no significant difference compared to last year’s result. However, this increase is still higher than Vietnam’s current rate of inflation and GDP growth.
In 2018, in the MNC category, the 3 most difficult positions to attract and retain talents include Sales (at both Manager and Professional levels), and Engineering (Professional). The consistent presence of Engineering over the past couple years has demonstrated Vietnam’s increased investments into technical and specialized fields. Within the High Tech sector, Engineering positions, especially Software Engineers, are highly demanded. Businesses in this sector are willing to offer very attractive rates in order to recruit talents.
According to Mrs. Hoa Nguyen, Director of Mercer Salary Survey & HR Consulting at Talentnet, “The fact that over 600 leading companies participated in 2018’s salary survey reflected a huge business demand for a trustworthy salary database in order to support businesses in building up and designing total rewards strategy together with people strategy in order to ensure equity while strengthening their competitiveness in attracting talents in the labor market.”
Ms. Hoa Nguyen - Director of Mercer Salary Survey & HR Consulting presented salary trend & its implication for Vietnam from TRS 2018
“This year, nearly 40% of participating businesses were new to the Total Remuneration Survey. This demonstrated the determination and desire of local businesses in building a more professional workplace, with more focus on talent attraction and retention strategies, in order to compete with Multinational corporates. Businesses are gradually coming to understand that salary and bonuses are simply the “bait”; the true “fishing rod” lies in professionalism and a solid, equitable business structure – not only for attracting talents but also investors.”
With standardized methodology and updated knowledge in global human resources trends, the Talentnet – Mercer Salary Survey is a powerful reference tool for business leaders to study in the process of designing the people strategy relating to total rewards in the Vietnamese market. The survey is conducted annually, and is a dependable database in supporting businesses with making decisions on rewards and compensation policies. Combined with other factors such as working environment, training, performance management, etc., this will build a premise for companies to develop effective policies and remuneration, aligning with business goals and sustainable development.