Average Salaries in Saudi Arabia
Global Consultancy Firm Mercer mentioned after their last survey that Average Salaries in Saudi Arabia are expected to increase by 4.5%. This is due to the recent changes and growth in many sectors. Saudi Arabia as we know has changed a lot and it’s making a global impact.
Basem Samara at Mercer said that “It is very encouraging to see that large segment of Saudi Employers is looking to increase salaries in 2020.”
The most profitable industries will be Technology and life sciences. Energy will see an increase of projected 3.5 percent in 2020. .5 percent increase from last year but it is still considered really high and shows the growth in Kingdom. All of these factors add up to an increase in average wages. However, this is due to the fact that Saudi Arabia has a new vision. The Economy is looking promising with the advancement in the country and new businesses investing in Saudi Arabia.
Overall Unemployment in Saudi Arabia is also decreasing. It is creating a positive impact globally and shows that locals want to change. The locals have started adopting different jobs which in the past only done by expatriates. The Economy is more stable with investment in other sectors and oil is not the only driver for the economy. The GDP will also increase steadily over the coming years as forecasted by experts.
The survey was based on responses over 472 companies. The survey also mentioned that overall hiring in Saudi Arabia is also increasing with 52 percent of employers to increase headcounts. 38 percent also want to maintain headcount in 2020. This shows job stability for employees working in Saudi Arabia.