Saudi Arabia Salaries to Increase Next Year: Report
Salaries in Saudi Arabia are expected to see a 6 percent increase in 2024, according to the latest guide by recruitment agency Cooper Fitch. This increase was determined upon analysis of several figures and trends in the global recruitment market.
According to the report, the Kingdom has demonstrated resilience despite macroeconomic headwinds in the past year.
“In line with the realisation of Vision 2030, Saudi Arabia’s portfolio of gigaprojects and the development of new industries such as electric vehicles have positively impacted recruitment and remuneration over the past year. Industries across the Kingdom are expanding, along with major cities such as Jeddah and Dammam,” Vilius Dobilaitis said, Managing Partner, Finance, Sales, and Marketing, Cooper Fitch.
Headcount
30 percent of organisations in Saudi Arabia made headcount reductions this year; however, more than half (52 percent) increased the number of staff. Compared to last year, these statistics presented unfavourably, as 57 percent grew their teams and only 21 percent reduced headcount in 2022.
Bonus
Over 78 percent of organisations surveyed revealed the intention to issue annual bonuses, with the majority intending to pay one month’s basic salary. However, fields including consulting, financial services, investment management, real estate, and telecom are expected to receive up to six months of basic salary.
Companies in the fields of construction had one of the highest proportions in the survey of companies that do not intend to pay bonuses.
“As a testament to their dedication to Saudi Arabia and a strategic effort to reduce travel expenses, consulting firms are reserving limited space in their Dubai offices for recruitment, placing a strong emphasis on bolstering their presence in the Kingdom. This commitment is reflected in a slight premium in salaries of around 10% when compared to their counterparts in the UAE,” Michael Stubbs, Managing Partner, Strategy, Technology, and Management Consulting, Cooper Fitch.
Talent outlook
Talent acquisition is poised to become a significant hurdle in Saudi Arabia in 2024. The survey sheds light on the concerns of employers, with over a quarter of respondents (26 percent) expressing doubt about the availability of talent in the country to meet their hiring needs for the upcoming year.
Notably, ‘management’ and ‘leadership’ emerge as the most critical talent gaps, making up 20 percent and 16 percent of responses, respectively. The third-highest deficit is in ‘analytical skills,’ identified by 11 percent of respondents.
The revelation that 24 percent of respondents anticipate a talent shortfall in 2024 raises concerns among employers, hinting at a potential mismatch between the demand for suitable candidates and the available supply.
Saudi Arabia has proactively fortified its recruitment sector over the past 12 months, prioritising quality over quantity.
Initiatives such as the expansion of the Skill Verification Programme (SVP) by the Ministry of Human Resources and Social Development (HRSD) in July 2023 and the introduction of new rules in August to enhance standards among recruitment agencies operating in the Kingdom are some ways to tackle the challenge.
Top 10 sectoral gaps
- Management
- Leadership
- Analytical Skills
- Project Management
- Emotional Intelligence
- Engineering
- Software Development
- Sales
- Finance
- Data Science
Saudi Arabia Salary Guide 2024
Real estate
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Environmental Social Corporate Governance | Head of Sustainability | 86,000 | 129,000 |
| Head of Innovation | 86,000 | 129,000 | |
| Heritage Director | 64,000 | 123,000 | |
| Senior Environmental Manager | 59,000 | 86,000 | |
| Smart Cities Director | 62,000 | 85,000 | |
| Environmental Manager | 40,000 | 58,000 | |
| Construction and Project Management | Chief Projects Officer | 118,000 | 269,000 |
| Executive Director of Project Delivery | 95,000 | 178,000 | |
| Programme Director | 85,000 | 149,000 | |
| Project Director | 67,000 | 127,000 | |
| Director of Infrastructure | 75,000 | 107,000 | |
| Procurement Director | 58,000 | 101,000 | |
| Director of Project Controls | 67,000 | 101,000 | |
| Commercial Director | 65,000 | 99,000 | |
| Project Risk Director | 65,000 | 91,000 | |
| MEP Director | 48,000 | 78,000 | |
| Bid Director | 61,000 | 74,000 | |
| Senior Project Manager | 45,000 | 67,000 | |
| Senior Commercial Manager | 42,000 | 67,000 | |
| Senior Contracts Manager | 41,000 | 66,000 | |
| Senior Manager of Project Controls | 42,000 | 65,000 | |
| Senior Claims Manager | 41,000 | 64,000 | |
| Senior Bid Manager | 36,000 | 61,000 | |
| Senior Procurement Manager | 39,000 | 58,000 | |
| Project Risk Manager | 27,000 | 56,000 | |
| Senior MEP Manager | 33,000 | 48,000 | |
| Project Manager | 24,000 | 44,000 | |
| Construction Manager | 24,000 | 44,000 | |
| Contracts Manager | 21,000 | 40,000 | |
| Claims Manager | 21,000 | 40,000 | |
| Procurement Manager | 27,000 | 39,000 | |
| Bid Manager | 21,000 | 35,000 | |
| MEP Manager | 19,000 | 32,000 |
Advisory
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Audit | Partner (5+ years) | 95,000 | 134,000 |
| Partner (1-4 years) | 67,000 | 89,000 | |
| Director | 45,000 | 56,000 | |
| Senior Manager | 35,000 | 40,000 | |
| Manager | 24,000 | 33,000 | |
| Assistant Manager | 20,000 | 24,000 | |
| Senior Associate | 15,000 | 19,000 | |
| Associate | 8,000 | 13,000 | |
| Risk Consulting | Partner (5+ years) | 112,000 | 168,000 |
| Partner (1-4 years) | 84,000 | 112,000 | |
| Director | 56,000 | 73,000 | |
| Senior Manager | 39,000 | 51,000 | |
| Manager | 31,000 | 38,000 | |
| Assistant Manager | 25,000 | 30,000 | |
| Senior Associate | 18,000 | 24,000 | |
| Associate | 13,000 | 17,000 | |
| Deal Advisory and Transaction Services | Partner (5+ years) | 122,000 | 185,000 |
| Partner (1-4 years) | 89,000 | 112,000 | |
| Director | 62,000 | 79,000 | |
| Senior Manager | 39,000 | 51,000 | |
| Manager | 31,000 | 38,000 | |
| Assistant Manager | 27,000 | 31,000 | |
| Senior Associate | 18,000 | 24,000 | |
| Associate | 14,000 | 18,000 |
Banking
| ROLES | TITLE | MINIMUM | MAXIMUM |
|---|---|---|---|
| Private Banking and Wealth Management | Head of Private Banking / Wealth Management (16+ years) | 151,000 | 190,000 |
| Market Head / Managing Director (15 years) | 129,000 | 157,000 | |
| Executive Director / Unit Head (10 – 12 years) | 86,000 | 112,000 | |
| Associate Director (5 – 8 years) | 70,000 | 89,000 | |
| Senior Wealth Manager | 72,000 | 88,000 | |
| Wealth Manager | 52,000 | 70,000 | |
| Relationship Manager – Key Clients (5 – 7 years) | 51,000 | 62,000 | |
| Wealth Management Specialist | 37,000 | 51,000 | |
| Assistant Relationship Manager – Support (5 – 7 years) | 33,000 | 45,000 | |
| Corporate Banking | Head of Corporate Banking | 102,000 | 154,000 |
| Head of SME Banking | 75,000 | 113,000 | |
| Team Leader – Corporate Banking | 86,000 | 102,000 | |
| Senior Director – Relationship Management | 70,000 | 86,000 | |
| Director – Relationship Management | 52,000 | 70,000 | |
| Relationship Manager | 32,000 | 45,000 |
Human Resources
| ROLES | MINIMUM | MAXIMUM |
|---|---|---|
| Chief Shared Services Officer (CSSO) | 107,000 | 172,000 |
| Chief Human Resources Officer (CHRO) | 97,000 | 151,000 |
| Vice President Human Resources | 97,000 | 118,000 |
| Executive Director Support Services | 80,000 | 122,000 |
| Executive Director Human Resources | 74,000 | 107,000 |
| Director Support Services | 76,000 | 106,000 |
| HR Director | 70,000 | 96,000 |
| Director / Head of Talent Acquisition | 42,000 | 65,000 |
| Director / Head of Talent Mgt | 42,000 | 65,000 |
| Head of / Director Organisational Development | 42,000 | 65,000 |
| Director / Head of Learning and Development | 42,000 | 54,000 |
| Human Resources Business Partner | 32,000 | 49,000 |
| Organisational Development Manager | 32,000 | 49,000 |
| HR Manager | 37,000 | 49,000 |
| Learning and Development Manager | 32,000 | 42,000 |
| Talent Acquisition Manager | 27,000 | 38,000 |
| Compensation and Benefits Manager | 27,000 | 37,000 |
| Training Manager | 21,000 | 37,000 |
| Recruitment Manager | 23,000 | 32,000 |
| Employee Relations Manager | 22,000 | 29,000 |
| Organisational Development Specialist | 18,000 | 27,000 |
| HR Generalist | 16,000 | 23,000 |
| Talent Acquisition Specialist | 16,000 | 21,000 |
| Learning and Development Specialist | 16,000 | 21,000 |
