A nationwide salary survey has been released by local research firm, Wise Research, commissioned by www.108.jobs – the largest job portal site in the country, providing detailed information on salary rates in various industries in Laos.
The report comes as Laos bounces back from an economic downturn due to the Covid-19 pandemic. Amid volatile exchange rates and increasing inflation, investors and businesspeople can now look to the salary survey to gain an understanding of wages across a broad spectrum of industries.
According to Mr. Keovisouk Dalsane, CEO of 108 Jobs, the salary survey is aimed at helping businesses understand not only remuneration information but also employee welfare and benefits in each sector.
“Since the beginning of 2022, the spread of the covid-19 disease has eased a lot. Our company was thus determined to conduct a survey during that time to understand trends regarding salary payments, employment trends, skills, and well-being after the spread of covid-19. This is pertinent in 2023 as Laos has reopened and investment is quickly returning to the country.”
The report required two months of data collection and covers nine industries, including banking and finance, construction, hospitality, information technology, mining and hydropower. However, they were only unable to aggregate data for the automotive industry.
Mr. Keovisouk explained that the results of this survey can be used as a reference document for companies to compare the basic salary of a company with the market rate salary for the same position. It also provides information on salary rates for international organizations and NGOs. In addition, the company can also know about welfare, salary adjustments and employee hiring trends for each position in the market.
“This is an important benchmarking tool that businesses can use to ensure their key staff is not lost to competitors,” said Keovisouk.
Over 100 organizations were targeted and contributed information used to develop the report, ranging in size from small to medium enterprises all the way to international corporations.
According to the report, some 68.5 percent of companies surveyed indicated an increase in employment, showing an upward trend as the Lao economy recovers.
Mining and hydropower businesses are showing hiring booms, followed closely by the hospitality industry, which shot back to life at the end of the pandemic. Insurance companies, construction companies, and businesses in the financial sector are also on a hiring spree.