Companies in Myanmar are increasing employee wages and hiring more staff.
The rapidly growing Myanmar economy, plus growing recruitment numbers and higher wages, are all making Myanmar an excellent location for candidates.
The demand for new staff in Myanmar is continuing to grow.
In addition, companies are struggling to control staff turnover, which is reported to be between 15% to 30% per year.
Employees are focusing on salary, company environment and management style when deciding on whether or not to stay with a company.
Candidates, when choosing which company to join, place salary and career development as their top reasons on which company to choose.
Results have recently been published from surveys conducted by experienced analysts, with on-the-spot research in Myanmar completed throughout the year. One survey, via OBG, reported that:-
Over 90% of the senior staff interviewed said they had increased staff wages.
75% said they had increased the number of staff.
50% of companies reported a "significant increase" in staff numbers in their company whereas only 20% reported no change.
In one survey, all CEOs interviewed list Human Capital as their top 3 concerns for growth of their business.
Reports confirm a shortage of staff. "This is being driven by a scarcity of talent and rapidly increasing demand for new employees......Myanmar's labour market is already struggling to keep up with demand and recent rapid growth in hiring is putting it under even more pressure.”
Myanmar is enjoying exceptional growth following the transition to civilian rule. The government has passed a wide range of new laws since 2010. Now the new Government under the National League for Democracy has been introducing its own legislation and implementing changes that were already approved. Myanmar is set for even more rapid growth.
MyWorld Myanmar is ideally placed to help companies find local and international staff.
MyWorld, with its broad knowledge across many sectors can give advice to candidates on jobs, which are best suited and maybe also help find vacancies that are not yet advertised.