A promising outlook awaits the Saudi Arabian labor market, with nearly 70% of businesses in the Kingdom planning to bolster their workforce this year, according to a recent report by Hays Middle East. The Saudi Arabia Salary Guide 2023 indicates significant growth prospects, with salary raises of at least 5% anticipated across various sectors.

Mark Paul, Manager at Hays Saudi Arabia, expressed optimism about the flourishing labor market, attributing it to positive economic conditions and ambitious government initiatives such as Saudi Vision 2030. Paul noted the diversification of the economy and widespread growth across sectors.

Salary Raises and Employment Opportunities:

The report highlights that 77% of employers project salary increases within their organizations, with the majority expecting raises of up to 5%. This positive trend signifies a willingness among employers to invest in their workforce, creating abundant opportunities for professionals.

Key Hiring Sectors:

Banking and Financial Sector: Witnessing dynamic growth and high headcount increases.
Construction and Property Sector: Driven by economic conditions and government initiatives.
Infrastructure, Tourism, and Urban Development: Giga-projects and new initiatives drive recruitment.
Industrial and Sales Sectors: Experiencing robust activity and recruitment drives.

Addressing Talent Challenges:

Despite the optimism, challenges such as a shallow skills pool persist, with 50% of employers reporting a need for more skilled professionals. To tackle this, organizations are increasingly turning to international recruitment and enhancing their employer brand.