Salaries in Saudi Arabia Expected to Increase in 2024

Average salaries across Saudi Arabia for 2024 are expected to go up by about 6% as a reflection of the Kingdom’s desire to diversify its economy and have an efficient workforce.

Diversification of the Economy

Saudi Arabia has been implementing projects and programs like Vision 2030 toward the goal of being less dependent on crude oil. Major projects like The Neom, the Red Sea Project, and AlUla are boosting the demand of workers and causing salaries to increase.

Job Creation and Private Sector Growth

The KSA made 1.12 million jobs in the private sector within just one year as a part of the plan to complete the development of more than 1 trillion dollars worth of projects. This growth is made more of by the fact that women are increasing their presence in the workplace and have gone beyond Vision 2030 goals.

Saudi Arabia’s Visa Program and Job Opportunities

The five different visas introduced by Saudi Arabia are meant for those with the skills and investment potential, and there is the possibility of knowledge transfer and employment opportunities. Employers globally are optimistic for salary increases in 2024 with more than half of the companies planning to provide raise in salaries.

Company Strategies and Workforce Trends

Approximately 60 per cent of companies plan to expand their workforce in 2024, while 29 per cent anticipate reductions. Giga-projects and emerging industries like electric vehicles positively impact recruitment and remuneration.

Annual Bonuses and Financial Performance

A majority of companies plan to issue annual bonuses based on 2023 financial performance. Bonuses range from one to three months’ salary. However, some sectors, notably construction and consulting, are less likely to offer bonuses.

Employee Benefits and Well-being

In addition to mandatory benefits like health insurance and paid leave, there’s a growing emphasis on employee well-being, workplace savings, and education allowances. Many employees are attracted to new roles offering better benefits, indicating the importance of comprehensive packages.

In-Demand Job Sectors

Roles such as patient care technicians, information system analysts, and health and safety managers are witnessing significant growth. Real estate consultancy services also experience a surge in demand, leading to increased activity among major consultants.