Jamaica moves down in regional salary ranking
Jamaica moves down in regional salary ranking . Jamaica moves down in regional salary     ranking
The Jamaica Observer
The study's findings present a clear view of salary benchmarks, market trends, and workforce composition across industries and countries

The latest findings from the Caribbean Salary Survey Report: PayPulse 2024 shows Jamaica falling among lower-paying markets this year, particularly for entry-level jobs, when compared with some of its regional counterparts.

Jamaica, which last year ranked third among the top-paying countries behind Barbados and Antigua and Barbuda, this year fell within the lower bands as salaries for workers, particularly those in the lower-paid margins, were found to be generally below market value and in some cases less competitive when compared to those in other Caribbean countries.

“For this year’s study it is important to note that we had more participating countries, companies and job roles, all of which along with the respective market dynamics may have impacted the country’s standings. The responses given were all unique to the different countries assessed across the different industries and companies,” lead researcher and chief experience officer at the Caribbean Society for Human Resource Professionals (CSHRP) Kimberly Largie told the Jamaica Observer.

Based on the survey’s findings, the top-paying countries this year, paying above market salaries, mainly for executive and specialised roles, were The Bahamas, St Kitts and Nevis and Barbados, which emerged as the regional leaders in that order.

While these top-paying countries, particularly The Bahamas, were able to pay above market value for more than 97 per cent of the roles examined in that country, Jamaica’s above market salaries only accounted for 8.3 per cent of the roles assessed, with the bulk, or near 92 per cent, of their roles assessed falling below market value.

Citing confidentiality among other reasons, the respective salary ranges Largie said could not be disclosed. The full report is however available for purchasing on the CSHRP’s website.

As per some of the other findings, executive roles such as CEO, general manager and chief marketing officer this year continue to command the highest salaries while entry-level and support roles, including groundsman, bartender, janitor, cashier and receptionist earned some of the lowest wages across participating countries. When assessed across industries, salaries in human resources, banking and financial services, insurance, hospitality and tourism were found to be those leading the region.

“In contrast, industries such as education, childcare and training; retailing, wholesaling and purchasing and the public sector present opportunities for salary reform,” the study noted.

The annual report produced by the CSHRP which seeks to provide deeper insights into industry-specific salary patterns and role-specific salary trends, offers a snapshot of how countries are positioned, concerning wages, as a region. The findings present a clear view of salary benchmarks, market trends, and workforce composition across industries and countries.

The 2024 report which was expanded beyond regional borders compiles salary data from 119 companies across 20 Caribbean countries, covering some 78 job roles spread across entry level to higher end positions.

Indicating some key shifts since the last report, key roles such as “accountant, administrative assistant, auditor, CEO and human resources manager”, were some said to have experienced varying degrees of salary growth when compared to 2023. The substantial increases, the CSHRP team of researchers said were possibly driven by evolving market dynamics, inflation levels and the overall cost-of-living variations in the respective countries.

Describing some of this year’s findings as “surprising”, when matched against prior year trends, deputy chairman of the CSHRP Vaughn McDonald, like Largie, said they came against the backdrop of increased participating companies, markets and job roles.

Calling for PayPulse 2024 to be used as more than a benchmarking tool by the relevant stakeholders, he said it could be better served as a catalyst for transformation which can be used to design competitive compensation strategies and to inform workforce decisions.

“As a region we have to take a long hard look at how compensation impacts the socio-economic life of our countries. How we pay impacts the level of positive economic activity taking place to drive development. While we do not seek to tell employers how to pay, we do believe that the data continue to provide meat for robust conversations that must be had, and as more research becomes available, we hope employers will use it. The results at this time, however, show that there is room for growth and greater regional dialogue on these bread and butter issues,” he said to BusinessWeek while commenting on the findings following the study’s official launch this week.

McDonald said that as the CSHRP seeks to use the study to provide deeper insight into labour market trends, further comparative analysis of salary movements in relation to cost of living metrics is one promised for review next year.

“It will allow for a clearer understanding of purchasing power and economic feasibility for workers which is crucial for long-term planning and policy making in Caribbean labour markets. This analysis could reveal disparities and help guide both employers and policy makers in creating sustainable economic environments,” he said.

CSHRP founder Rochelle James, in further noting the usefulness of the research, said it should be viewed as a vital tool by organisations to attract and retain talent.

“PayPulse 2024 builds upon our previous research, offering deeper insights into regional compensation trends while addressing the pressing challenges of talent scarcity and brain drain that our region faces,” she stated.
Jamaica
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https://www.jamaicaobserver.com/2024/11/29/jamaica-moves-regional-salary-ranking/
2024-11-29
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Jamaica moves down in regional salary     ranking
Jamaica moves down in regional salary ranking