Vietnam Total Remuneration Survey Report 2017: Beyond Data

On the 5th & 6th of October 2017, Talentnet and Mercer – global leading HR consulting firm announced the results of latest Vietnam Total Remuneration Survey Report in Hanoi and Ho Chi Minh City, offering a best-fit platform for C&B solutions.

Talentnet – Mercer Total Remuneration Survey (TRS) 2017 attracts a rich participant list including 592 well-established MNCs and leading local firms from 16 industries such as High Tech, Consumer Goods, Chemicals, Life Sciences, Manufacturing,…With remuneration data of 289,236 employees across Vietnam, TRS 2017 continues to be the largest and the most comprehensive salary report in Vietnam. The survey report covers a wide range of 16 industries.

A glocal outlook to labor market

Source: Talentnet and Mercer Total Remuneration Survey Report 2017

Vietnam is still expected to grow faster than all major economic regions, hitting top position compared global norm.

From Mercer, Ms. Kulapalee Tobing, Principal – Career Products Leader shared about the overview of global and regional trends in Human Resources, including human capital index, talent shortages, attrition & hiring trends, talent mobility, pay differentials…. Also, ASEAN market has the most rapid acceleration of GDP as compared to other major economic zones and Vietnam salary increase in 2017 is in the top 3, just right after Myanmar and Indonesia.  

Nearly 600 companies attended the 2017 TRS Seminar

Vietnam HR trends – Go beyond data and be prepared for best-fit solution

In 2017, the average salary offered by local companies is 29% lower than MNCs. The pay differences for annual base salary for different positions between MNCs and local enterprises are 15% (Para-professional), 30% (Professional) and 41% (Management). The gap is much wider at management level (41%) as multinational companies have been focusing on offering higher salary to management positions to fairly compensate for their larger contribution and scope of work. On the other hand, local companies are willing to be more flexible in pay to compete with MNCs for key talents. Sales and marketing continue to be in the top list of hot jobs to recruit. Engineering professionals are new positions that have high demand and become challenge for recruiters to find the best match.

Source: Talentnet and Mercer Total Remuneration Survey Report 2017

Besides, 55% participating companies want to add Insurance package as benefits for all employees (not just for senior positions only). The report also pointed out the trend of offering new innovative benefits such as: Jet lag leave, Political Rally Leave, Themed Fridays, Paid-Paid Vacation, Personal Innovation Day, Pet Bereavement Leave, Co-worker Award, Design your own workspace, Blind date/ Heartbreak Leave, Benefits Maketplace,…

According to Ms Hoa Nguyen, Senior Director of Mercer Salary Surveys and HR Consulting Services, Talentnet “The significant increase of more than 18% in the number of data points from leading companies joining salary survey in 2017 indicates the growing need of organization for an official and trustworthy market data to benchmark their current compensation and benefits with the market;  maximize the use of Human Resource budget and  build an effective reward system in order to attract and retain talents. Besides, the report will contribute as another informative referral for CEO and HR Head to make decision for workforce planning and business strategy.”

Ms. Hoa Nguyen, Senior Director of Mercer Salary Surveys and HR Consulting Services, Talentnet Corporation

Organizers of Talentnet Mercer Salary Surveys Report Seminar 2017

Thanks to a globally standardized methodology and a collection of the most updated HR trends on the systems of reports, Mercer salary survey has shown its evidence as one of the trustworthy source for organizations to rely on. Organizations have been using Mercer salary survey reports to review and improve their internal grading system as well as to enhance HR knowledge regarding to rewards and HR Management practices and to update HR trends in Vietnam and Asia Pacific Region. With a strong base of data and ability to tailor the report to individualclient’s needs and demands, TRS has been assisting companies in planning company’s salary and bonus budget, recruiting and retaining talents, as well as supporting business strategy during the past 10 years.