18 April 2024

Trends in the Recruitment and Job Placement Market in Thailand, January-March 2024

Trends in the Recruitment and Job Placement Market in Thailand, January-March 2024

Thailand: Domestic Demand is Expected to Recover, and the Need for Replacement Positions for Expatriates Remains Strong

Number of job offers YOY:68%
Number of job openings YOY (past 3 years):

2021202220232024
Apr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - MarApr - JunJul - SepOct - DecJan - Mar
90%93%90%154%80%143%57%205%82%97%79%108%

< Market Overview in Thailand >

Thailand's GDP growth in 2023 slowed down to 1.9% from 2.6% in 2022, primarily due to sluggish exports and a slower-than-expected recovery in consumer spending. The National Economic and Social Development Council (NESDC) has revised its GDP forecast for 2024 to 2.2% to 3.2%, down from its previous estimate of 2.7% to 3.7%. 

Domestic demand, particularly consumer spending, is expected to pick up in 2024 but at a moderate pace. In the tourism sector, the Thai government has raised its target for foreign tourist arrivals from 28.1 million in 2023 to 35 million in 2024, aiming to boost economic recovery.

< Local Hiring Trends among Companies in Thailand >

The demand for local Japanese employees continues to grow in Thailand. Hiring trends indicate that companies are increasingly seeking to fill vacancies rather than expanding their workforce. Many of these openings are for high-level positions such as MD, GM, and Manager, as well as manufacturing supervisors and sales executives responsible for expanding into new markets in ASEAN and other overseas regions. These positions require extensive experience and high skills. 

The main reason why many companies are looking for local Japanese talent with these high skills is that they do not have enough resident candidates at headquarters and are unable to send residents due to personnel structure issues. Some companies are also reducing resident costs, and the demand for local hires to replace residents is expected to continue in the future.

< Job-Seeker Trends in Thailand >

The rise in companies seeking high-level talent to replace resident staff coincides with a growing pool of former residents interested in long-term careers in Thailand. This trend is particularly noticeable among those in their 40s and 50s. These individuals typically possess conversational English or Thai language skills, extensive experience, high expertise, or specific manufacturing-related skills and knowledge. Their immediate contribution potential makes them attractive candidates for companies seeking to drive growth.

Gavin Henshaw

JAC Recruitment Thailand Managing Director
Gavin Henshaw

■JAC Recruitment Thailand Overview
https://www.jacgroup.com/en/locations/country/thailand

■JAC Recruitment Thailand Website
https://www.jac-recruitment.co.th/

【JAC Recruitment Asia: Job Listing Comparison Report (Previous Quarter and YOY)】

 Change from previous period(Oct-Dec)Year-on-year comparison
Singapore108%55%
Malaysia118%88%
Thailand108%68%
Indonesia122%134%
Vietnam86%97%
Korea76%57%
India110%96%
Japan(*)109%92%

*Recruitment Related to Overseas Operations of Japanese Companies
Note: The number of job openings in each Asian country may fluctuate due to deliberate strategies implemented by individual Asian companies (such as focusing on high-paying job openings or specialist positions). Therefore, changes in the number of job openings in each Asian country do not directly reflect the performance of each company.

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