Overview of Thailand

Thailand has seen a growth of around 3.9 percent on an average in its GDP during the last few years. It is a country that gains a majority of its income from exporting goods such as cars, electrical appliances, textiles, fish and fish products, jewelry, computers, rice, footwear, and rubber. It is the second-largest economy in the region of southeast Asia.

Total population – 69,950,850

GDP – US US $536.841 billion (16.80 billion THB)

Economic Overview‍

Thailand has an export-driven economy as exports make up to 2/3rd of the total GDP of the nation. The PPP GDP of 2021 is estimated to be around US $1,340 billion (41.94 billion THB), with the per capita income resulting from being around US US $19,169 (600.01 THB). But the nominal GDP of Thailand is US US $536.841 billion (16.80 billion THB), and thus the per capita income is US US $7,674 (240.20 THB).

Market size

Thailand has a large export market accounting for a revenue of around US US $105 billion (3.29 billion THB) every year. Apart from export, the market of Thailand has a hold on manufacturing, technology, agriculture, tourism, energy, etc. It has trade relations with many nations in Asia, Europe, Africa, North America, and South America.

A brief glimpse of the industries

• In Thailand, the tourism sector is well established. The lockdown of 2020 due to COVID-19 has acted as a damper for this sector. But before that, the tourism sector used to contribute around 6 percent to the total economy of Thailand. But when the indirect effects are considered, the tourism sector’s contribution accounts for up to 20.2 percent of the total economy.
• Agriculture has been practiced in Thailand for over a century. The majority of the employment opportunities in Thailand are available in the agriculture sector. According to the latest records, 49 percent of the total laborers in Thailand are engaged in the agricultural sector.
• Thailand is well equipped for generating energy from natural gas, coal-fired power plants, biomass, hydrocarbons, and biogas. This nation has large reserves of natural gas. The majority of the produced energy is exported to different countries. This large-scale sector generates numerous employment opportunities.

Cost of living in Thailand

Thailand is a beautiful nation to relocate to for its low cost of living and amazing local cuisine. Thailand offers a good quality of life for expats from around the world. In the past few years, the cost of living in Thailand has increased due to the ongoing migration of individuals worldwide in search of job opportunities.

Cost of Renting

The cost of renting in Thailand is subject to location, amenities, area, etc. On average, a rental apartment for an individual costs US $330.66. It is cheaper to live in Thailand than in most other countries in Asia.

Cost of living depending upon your location

The cost of living varies as per the location and amenities. Depending on which tier your city belongs to, the cost of living for that city changes. The cost of living in Tier 1 cities is the highest, while tier 3 cities are more affordable.

• Tier 1 cities are the major metropolitan cities of the nation, such as Bangkok, Nonthaburi, Nakhon Ratchasima, etc. 
• Tier 2 cities are the developing cities of the nation, such as Pattaya, Yala, Ban Mai, etc. 
• Tier 3 cities are the underdeveloped cities that have the potential for development, such as Bang Per, Na Klang, Yaring, etc.

The following table lists a few major cities and the cost of living in those cities –

The 2021 analysis for sectors that are expecting to hire in Thailand –

Top skills in Thailand

Thailand is always looking out for skilled and talented individuals. One will notice that the employee in Thailand lacks certain soft skills such as constructive criticism. That is why the market of Thailand is constantly on the lookout for all-rounded and skilled individuals.

Major skills and areas which have witnessed a recent growth rate

• Teaching
• Driving
• Content creation
• Public relations
• Coding

Hiring Cost

The hiring cost is a very important factor for any employing sector. The recruitment process requires allocation of the money for the below factors –

• Interview process
• Shortlisting process
• Orientation and onboarding
• Time required

Salary structure for various roles

In the following table average annual salaries of different sectors in Thailand, according to the latest information, have been stated –

Employment laws in Thailand

The employment laws in Thailand are based on the Labour Protection Act BE 2541 passed in 1998. This act thoroughly covers most aspects of possible scenarios in employment. Following are some of the factors stated in the act –

• Minimum wages per day
• Working hours
• Leave
• Termination of employment
• Employment of Women and young workers

The employer-employee relationships and other employment-based relationships in Thailand are governed by the laws laid out by the –

• Ministry
• National Executive Council
• The Contract of Employment

Thailand Remote Hiring Trends 2023

‍Trends, Challenges, and Opportunities

The coronavirus pandemic is not the only factor determining such a steep rise in remote work in Thailand. Well before the pandemic broke out, an increasing number of companies had already moved, or were in the process of moving, towards a mobile, digital-first, remote workplace.

According to Talent Trends 2023 report by MichaelPage, 89% of employees are open to new opportunities regardless of when they started their current job.

Recent research has also highlighted that salaries for employees in Thailand can expect a median of 4.5% in salary increments for 2023 which is sure to attract local and international talent. Sectors particularly thriving at the moment include finance and banking (thanks to the rollout of 5G and the popularity of blockchain) and technology (especially around the data analytics segment).

Some of the most in-demand job titles include:

• Energy and Resource Engineers
• Translators
• Digital Marketers
• Software Developers
• Pharmacists

A recent survey conducted by WorkVenture has revealed that some of the most sought-after companies to work for in the country include Google, Line, SCG: Siam Cement, PPT, Apple, Agoda, etc. The factors considered for this survey included salary and benefits, work culture, and the possibility of being offered hybrid, remote, or flexible working arrangements.

Looking after the physical and mental wellness of the workforce is, therefore, another crucial aspect to bear in mind. One specific study, conducted by Nielsen Thailand in collaboration with The PARQ by TCC Assets (Thailand) and managed by Frasers Property Holdings (Thailand), found that most respondents are open to a hybrid approach to work, provided their employer offers a modern office with all the necessary technology, good indoor air quality, and on-site wellness facilities.

The same survey also pointed out how many people are no longer willing to travel long distances for their office commute. This might open up fresh opportunities for international businesses to attract Thai talent toward remote work.

Conclusion: How Can Skuad Help You with Hiring in Thailand?

Government guidelines heavily regulate the hiring process in Thailand. As such, you will end up spending considerable resources and time on recruitments, whereas the same resources and time should have been spent on more productive avenues. Skuad’s unified employment solution is fully equipped to streamline all your recruitment methodologies for best results with just one click. Connect with Skuad to know more.

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