Increased political stability brings back investors and jobs, says international headhunting company

  “Of course it’s hard to say what will happen in the long term. There are some businesses that are still wary of the situation. Our clientele in the FMCG [fast-moving consumer goods] and pharmaceutical businesses will keep expanding, and the stronger baht will also affect the export and import business,” said Gerrit Bouckaert, country manager of the international headhunting firm.
Several international firms were cautious of setting up operations in Thailand last year but the increased political stability has bolstered investor confidence, he said.
The implementation of the Asean Economic Community this year will have a minimal impact on international businesses and talent movement at the mid- and senior-management level, although multinational corporations may use Thailand as a hub to expand their portfolio to neighbouring countries.
“Companies are increasingly looking out for people with regional exposure at the senior-management level,” Bouckaert said.
The firm’s 2015 salary survey showed a shortage of general skills that is likely to increase over the next few years in Thailand.
“Most of our clients are looking for Thais to fill in positions unless the jobs are at the very senior management level or involve niche skills,” he said.
The local talent pool in information technology is still fairly scarce. Salaries across the industry increased higher than the country’s average of 7 per cent last year. IT professionals joining new companies this year can expect an increment of 20-30 per cent, with peaks of 40-50 per cent for those with skills in high demand.
Banking/financial services is another industry that will see an increased demand for talent.
“As the political situation is expected to return to normal, international players, particularly in corporate banking, are entering the market and creating more competition. Increased demand for relationship managers is expected as companies strive to acquire market shares,” the salary survey report said.
In the recruitment market, Thais could be more competitive with better English proficiency and if they were more willing to step up in giving their opinions. Managers in Singapore and Malaysia are more aggressive in getting their ideas heard.
“Traditionally, companies in Thailand have a hierarchical organisation structure, but you do see some Thai companies with a flatter structure nowadays,” Bouckaert said. “Thais with overseas experience either from studying or working abroad may be able to bring change to this hierarchical culture.”
Talents moving into new external roles this year can expect increments of 20-25 per cent, while the average salary increase for non-movers is 5-7 per cent, rising to 10-15 per cent for high achievers, he said.