The Caribbean Society for Human Resource Professionals’ (CSHRP) Caribbean Salary Survey Report: PayPulse 2023, is the most thorough and up-to-date resource in the area and highlights 30 different job titles across 26 different industries in 15 countries. And Barbados has the highest percentage of firms paying wages above market value, according to a report conducted this year.
The results of PayPulse 2023 show that Antigua and Barbuda ranked second with 16.7% of employment earning over market value, followed by Jamaica in third place with 13.3%.
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St. Vincent and the Grenadines is at the bottom of the ranking, with 73.3 percent of incomes below the average market value in the area, as per the poll.
Using data from 117 companies in 15 Caribbean countries, the highest percentage of businesses making below-market payments was found in St. Vincent and the Grenadines.
However, even though Barbados topped the region in wages, according to CSHRP, 53.3% of Barbados’ occupations were found to be overvalued.
The 2023 research expands upon the understanding obtained from the 2022 report, which gathered information from more than 200 businesses in 22 Caribbean nations.
Rochelle James, CEO of CSHRP, emphasized the value of having regional statistics during her remarks at the survey’s November 22 launch.
James stated during the event, which took place in Kingston’s Exim Bank Conference Room, “In the region, when officials speak, they often tell us about surveys conducted in the US or the UK, which has very little relevance to us; we need our own data to tell our stories effectively.”
She went on to say that she will perform the survey every year and share the results in November.
A joint endeavor spanning 15 countries and 117 firms covering 30 job titles in 26 industries, the PayPulse 2023 study is the result of extensive collaboration.
Kim Isava, general manager of CaribbeanJobs.com, a CSHRP partner, discussed the significance of pay data in the recruitment business as well as the survey’s effects on employers and job seekers.
According to her, job applicants frequently question her organization as to why salaries are not listed in job advertisements.
“It’s a highly competitive environment now. If you (the employer) want that top talent, job seekers are going to bypass your ad if they don’t know what the compensation package is”, Isava noted.
The PayPulse 2023 report’s principal researcher, Kimberly Largie, reported that 81 revealed organizations provided data, with 29 choosing not to reveal their identities.
36, according to her, were regional businesses that operated throughout many Caribbean countries. Barbados, Antigua and Barbuda, and Jamaica were the top three firms represented in the study.
Positions in middle management and financial analysis were also noted by Largie as the hardest to fill outside of the C-suite by companies.
Largie explains, “The survey offers valuable insights into salary trends, recruitment challenges, and industry-specific nuances in the Caribbean. These findings not only empower organizations to make informed decisions, but to contribute to the ongoing transformation of the Caribbean professional landscape.”
The entire report may be obtained for US$500 on the CSHRP website.
Through cooperation, teaching, and research, CSHRP seeks to alleviate the skills shortage in Jamaica and the Caribbean region.
