As South-East Asia strengthens and becomes a more stable economy with prosperous and innovative startups, financially sound investors with ASEAN trade connections, the salary and recruiting landscape is changing rapidly. Thailand is Southeast Asia's second-biggest economy with an expanding banking sector that has a combined value of THB 2.2 trillion (USD $65 billion). The Financial institutions of Thailand offer a wide range of stability to consumers and businesses that have helped to develop the country in a prosperous manner.
Techsauce has collected data and information on the best salary and recruiting strategies for industries, This guide can help people who have startups that need to establish a unified team and offer progressive salaries.
Thailand has observed a significant increase ove the last few years. As a more stable economy developed, multiple foreign investments led to the growth of the supply chain and engineering sectors in particular. The e-commerce, chemical and building materials industries were able to offer top-tier talent substantial salary increases. Additionally, the growing healthcare sector saw a rise in demand for technical healthcare professionals. (SALARY SURVEY 2018,GREATER CHINA & SOUTH EAST ASIA)
As the rest of the world shifts towards a more digital economy, Thailand has to make changes to compete with the international market.
One of the biggest roadblocks ahead is the lack of human resources required in the age of technology. More Thai workers in STEM (science, technology, engineering, mathematics) fields are needed and investment in building these specialised skills is crucial.
The areas that will see the most growth this year:
3.8-4% projected GDP growth in 2018
Tourism - 1.47 trillion revenue between Jan - oct
E-commerce - 9 trillion recorded
projected 5.5% salary increase in 2018
Manufacturing output to grow 2.3% in 2018
Fintech has had a significant push in 2017 due to Thailand's digital push. With the arrival of PromtPay enabled the payments via mobile phones at reduced rates. The bank of Thailand and the Monetary Authority of Singapore signed a Fintech Cooperation Agreement, enabling the two country regulators to increase the network for the Fintech counterparts.
Within Thailand, four of the major banks now run accelerators, corporate venture capitals, and new subsidiary companies. Venture Capitals reaching $86.02 million in 2016, has jump-started the push for more FinTech developments in future years.
The Manufacturing economy is on the increase. Thailand is one of the worlds top manufacturing countries in the world, with resources, organisational skills and labour resources with potential for mass growth. Business confidence will improve in 2018 and firms increase purchasing in anticipation of expanding workloads which will be a huge industry that will recruit.
The Thai government confirmed its dedication to the sector with the establishment of the Ministry of Digital Economy and Society and launch of the Thailand 4.0 roadmap and the ICT Policy Framework 2020.
The startup ecosystem has received a huge boost in Thailand with a comprehensive IT plan.
The ministry had announced plans to lay more submarine cable lines to increase the use of the internet to create a connectivity hub in ASEAN. E-commerce, FinTech, and logistics are the top three sectors with the most number of growing startups.