Saudi Arabia’s 2024 salary boost and Vision 2030 job trends: Women’s roles and new visa categories highlighted.

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Rising Wages on the Horizon

Saudi Arabia is gearing up for a significant salary boost, with an expected average increase of 6% in 2024.

This positive development is a part of the Kingdom’s ambitious plans to shift its economy away from oil and create a more diverse and sustainable future.

As the country pushes forward with its Vision 2030 goals, the need for skilled workers rises, sparking optimism for better pay across various sectors.

Big Projects Lead to More Jobs

Several large-scale projects, such as the futuristic $500 billion city Neom, the Red Sea Project, and the historical region of AlUla, are at the heart of Saudi Arabia’s economic transformation.

These projects are not just architectural and engineering feats but also significant job creators.

Last year alone, the private sector added 1.12 million jobs, thanks to the government’s commitment to pouring over USD 1 trillion into these ventures.

A Leap Forward for Women in the Workforce

An encouraging trend emerging from the Kingdom is the increasing involvement of women in the job market.

Surpassing its Vision 2030 target, Saudi Arabia reported a female workforce participation rate of 35 per cent in the second quarter of 2023.

This marks a significant step towards inclusivity and gender equality in the workplace.

New Visa Schemes to Attract Global Talent

Saudi Arabia has rolled out five new visa categories aimed at skilled professionals and investors to support its economic growth and diversification.

These include visas for special talents, gifted individuals, investors, entrepreneurs, and real estate owners.

The move is designed to open up more job opportunities and bring in expertise from around the globe.

Salary Increases to Vary by Sector

While the overall outlook for salaries is positive, the actual increases will depend on various factors, including the sector, employee performance, and company budget constraints.

A survey by Cooper Fitch revealed that more than half of the companies are planning to raise salaries in 2024.

Additionally, the same survey highlighted that 60 per cent of companies aim to expand their teams, indicating a healthy job market.

Bonuses and Employee Benefits

Regarding bonuses, many companies surveyed are prepared to reward their employees based on last year’s financial success, with bonuses ranging from one to three months’ extra salary.

On the benefits front, employers increasingly focus on offerings that promote well-being, such as health insurance, paid leave, and educational allowances, reflecting a shift towards more holistic employee compensation packages.

Where the Jobs Are

The job market is particularly vibrant in the healthcare, IT, construction, and human resources sectors, with a notable demand for specialized roles. The real estate consultancy field, too, is booming, driven by the country’s extensive development projects.

Summary

In summary, Saudi Arabia’s job market is looking up, with promising salary increases, a push for economic diversity, and greater inclusivity for women.

As the Kingdom strides towards realizing its Vision 2030 goals, the future looks bright for workers in various fields.