News Desk
RIYADH: According to a new study, the Kingdom of Saudi Arabia’s recruitment market is set to surge, with 57 percent of companies planning to expand their workforce during 2023.
A research study conducted by Cooper Fitch, a Dubai-based recruitment specialist, shows that over the next year, a third of the companies surveyed intend to expand their workforce by up to nine percent, while almost a quarter intend to increase employee numbers by more than 10 percent.
The firm reported that 43 percent of companies plan salary adjustments next year, with wages increasing by just over three percent.
However, 22 percent of the companies reported plans to reduce salaries during the next year.
Market recruitment trends during 2022
“This figure is not only based on the data collected through our survey but also on broader market recruitment trends during 2022,” said Trefor Murphy, Cooper Fitch’s CEO and founder.
To achieve its Vision 2030 employment goals, Saudi authorities and ministries throughout the Kingdom of Saudi Arabia are implementing the Saudization scheme.
Saudi Arabia authorities are not only encouraging the recruitment of nationals to private sector jobs but also encouraging adequate investment in their future to ensure their retention by employers and their contribution to a diverse and vibrant economy.
Speaking of the localization of professions and sectors in October, Saudi Minister of Social Development and Human Resources Ahmed Al-Rajhi, said that the initiative has contributed to increasing the number of Saudi employees to over 2.12 million in the private sector.
Additionally, the decisions contributed to decreasing the unemployment rate of Saudi citizens to 9.7 percent and increasing women’s economic participation rate to 35.6 percent.
Al-Rajhi said that private sector establishments’ compliance rate with the labour system and its regulations had reached 98 percent in 2022.
The Kingdom’s efforts to create more employment opportunities in line with Vision 2030 are showing fruition, with the country coming first in the labour force growth rate among the G-20 nations during the period 2012 – 2021, according to a recent report launched by the National Labour Observatory.
