Salaries in Saudi Arabia are set for a significant increase in 2024, reflecting the country's ongoing economic diversification efforts and growing demand for skilled professionals. As Saudi Vision 2030 drives development initiatives and mega projects, the job market is experiencing notable growth, particularly in sectors such as technology, healthcare, and real estate.

1. Economic Diversification: Amid efforts to move away from reliance on hydrocarbons, Saudi Arabia anticipates a 6% average rise in salaries for 2024, reflecting the government's commitment to Vision 2030 goals.

2. Development Initiatives: Major projects like Neom, the Red Sea Project, and AlUla have bolstered demand for talent, contributing to job creation in various sectors.

3. Women's Workforce Participation: The increasing participation of women in the labor market, surpassing Vision 2030 targets, is driving further growth in employment opportunities.

4. Visa Schemes: The introduction of five visa categories aims to attract skilled professionals and investors, stimulating employment and knowledge transfer.

5. Salary Trends: Companies are adjusting salaries based on sectoral demands, productivity, and budget constraints. A significant portion of surveyed companies plans to increase salaries in 2024.

6. Annual Bonuses: Despite economic fluctuations, a majority of companies intend to issue annual bonuses based on 2023 performance, with varying durations and criteria.

7. Employee Benefits: In addition to mandatory benefits like health insurance and paid leave, there is a growing emphasis on employee well-being, education support, and workplace flexibility.

8. Job Market Demand: Emerging roles in healthcare, technology, and real estate consultancy are witnessing significant growth, aligning with evolving market demands and client needs.