This is a good sign as the quality of domestically trained students is increasingly improving, especially foreign language skills.

A seminar held in HCM City on October 6 to release the 2022 Talent-Mercer Total Remuneration Survey results.

The TRS also pointed out that high-tech, insurance, and life-science industries have seen the highest salary increases this year, with a rise of 8.8%, 8.2% and 7.6%, respectively.

Oil and mining, various manufacturing, and retail industries continue to have the lowest pay growth.

The rate of pay growth in the Vietnamese market has been dropping over time, reaching its lowest point in 2020, however, there have been indications of an upsurge due to the post-Covid economic recovery.

Budgets for pay raises in multinational companies increased by 0.2% in 2022 compared to 2021, while Vietnamese businesses experienced a 0.3% decline.

Both multinational and local companies are expected to witness similar pay growth trends of 7.1% in 2023.

The percentage of firms with additional staff needs has increased, with 45% of over 600 surveyed organisations reporting that they would hire more employees, 18% of businesses having not decided yet and 35% of businesses having no intentions to hire or dismiss personnel.

Only 2% of companies, on the other hand, plan to cut headcount in the coming year.

According to Talentnet, many companies are implementing benefits focused on three primary pillars - mental health, physical wellbeing and sustainable development - as a result of Covid, and restructuring the compensation scheme to meet employees’ expectations in the new normal.

Godelieve Van Dooren, Mercer’s CEO for the Southeast Asia Growth Markets, said employees of different genders, ages, and levels have quite diverse needs for their jobs. However, job security is still the top reason that makes them stay.

While female personnel are more concerned in wellbeing policies, flexible working hours, men tend to prioritise jobs with competitive salaries, advancement opportunities and professional development, she said.

Advancement opportunities, a pleasant working environment, and career growth will be prioritised by Gen Y employees, whereas Gen X will embrace a competitive compensation, flexible working hours, time off, or health benefits, she added.

A total of over 600 multinationals and local companies across 17 industries with more than 483,000 employees took part in the survey, considered the largest in Vietnam.

"Talent attraction and retention has always been a challenge for any business. However, this will constantly shift in response to the economic and social environment. Employees in the new normal expect a more comprehensive and equal policy for them, as well as one that is tailored to their own needs,” said Nguyen Thi Thanh Huong, Deputy CEO of Talentnet.

“As a result, the more businesses understand the labour market and regional HR trends to rethink effective yet sustainable compensation practices, the better equipped they will be to develop a more relevant strategy," she said.

Japan to enhance inspection of trade unions employing Vietnamese labourers

Japan will strengthen the inspection of labour unions to ensure rights of Vietnamese guest workers, Japanese Minister of Justice Hanashi Yasuhiro told Vietnamese Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung at their talks in Tokyo on September 6.

Bac Giang ensures labour safety and hygiene in business

(BGO) – The Department of Labour, Invalids and Social Affairs (DoLISA) in Bac Giang province has issued Correspondence to urging businesses and cooperatives in the province to ensure labour safety and hygiene as well as prevent work accident and occupational disease in the provincial companies.

More houses for labour

(BGO) – The Prime Minister has directed Ministry of Construction (MoC) to chair cooperation and investment in at least one million social houses for workers and low incom persons by 2030. Bac Giang is among the provinces with good implementation, active attention and settlement of housing issue for low-incom people and workers at the industrial park.

Bac Giang businesses’obtacles in labour law execution solved

(BGO) – The Department of Labour, Invalids and Social Affairs (DoLISA) on August 29 cooperated with Labour Union, Social Insurance, Industrial Park Management Board and Business Association in Bac Giang province to launch a talk show helping solve difficulties and obstacles of enterprises in execution of labour law.

Bac Giang completes paying house rental support for labours

(BGO) - Implementing Decision No.08/2022/QD-TTg on March 28 of Prime Minister about implementing housing rent support for labours (Decision 08), Bac Giang province actively instructed, implemented and widely popularized the Decision to relevant agencies, businesses and labours.

Source: VNA