Jamaica Employers Federation Launches 2024 Salary and Benefits Survey

 Kingston, Jamaica Sept. 14, 2024

 The Jamaica Employers Federation (JEF) on Friday September 13 announced the launch of its 2024 Salary and Benefits Survey.   

The study which is a comprehensive analysis of compensation trends in Jamaica’s evolving labour market, comes at a critical time when the landscape of employment and compensation has seen significant transformations due to various factors. These include the national minimum wage increases, public sector wage growth, the rise of remote work, and advancements in technology.  

In his address at the event, JEF President Wayne Chen highlighted the fact that in the ten years since the last publication of the Survey, the country’s labour market has undergone numerous changes.    

These include the movement of the minimum wage from $5,600 weekly in 2014 to $15,000 in 2024, and noteworthy increases in public sector salaries which now range from approximately $1 million to an apex of over $28 million per annum.  

The President highlighted that private sector employers are facing increased competition for talent as the Government, which is the largest employer of highly skilled workers, now competes more effectively with private companies, offering attractive compensation packages that include benefits such as duty concessions, assigned vehicles, Government housing, laundry and tailoring.    

Mr Chen noted that labour migration and international recruitment have further impacted local wage demands, as Jamaican employers now find themselves competing with overseas job markets for top talent. These trends are coupled with the ongoing impact of digitization, artificial intelligence, and the aftermath of the COVID-19 pandemic, all of which have reshaped job profiles and salary structures across the country.  

To address these challenges, the JEF’s 2024 Salary and Benefits Survey will provide crucial insights for employers and industry leaders, helping them to remain competitive in an increasingly demanding labour market. This survey will reset the baseline for workforce planning and strategic decision-making, answering key questions about wage competitiveness in the public and private sectors. 

The analysis will include a detailed comparison of compensation structures from 2014 to the present, accounting for inflation and wage growth trends; a segmented breakdown of jobs into seven classifications - Senior Executive, Management, Management Support, Technical, Technical Support, Clerical, and Auxiliary; insights into the effects of remote work versus office-bound jobs on compensation, and an overview of new job roles that have emerged since 2014, alongside those that have disappeared; employment trends across the Jamaican Industrial Classification (JIC) Standards, including the prevalence of temporary, permanent, and contract roles as well as an analysis of leave distribution, including newer types of leave such as paternity and compassionate leave.   

The survey which is Jamaica’s largest and most comprehensive compensation study, will also explore the productivity and employee retention benefits of offering fair and competitive salaries.    

Mr. Chen articulated JEF’s belief that competitive compensation is key to improving employee motivation, reducing turnover, and ensuring business success and that by aligning salaries with the skills and education of employees, employers can better address talent shortages and foster healthy competition within their industries.  

"For any employer, keeping abreast of market trends is critical. Fair and competitive salaries often bridge the gap between losing and retaining experienced employees," the President stated.    

"The 2024 Salary and Benefits Survey will not only provide insight into current compensation practices but also act as a valuable business strategy tool for workforce planning", he added.   

JEF’s Salary and Benefits Survey is a trusted resource for workplace professionals, offering reliable data that companies can use to re-engineer their human resource strategies. It serves as a guide for employers seeking to position themselves as employers of choice in a fiercely competitive labour market.  

Mr Chen reiterated that the JEF remains committed to providing employers with the tools, knowledge, and solutions needed to succeed in today's global business environment. He encouraged all employers to utilize the insights from the survey to ensure that they remain competitive and maintain a highly skilled, motivated workforce.  

The Jamaica Employers Federation is the leading voice of employers in Jamaica, committed to fostering strong labour relations and providing resources for businesses to thrive. Through extensive research, training, and advocacy, JEF supports employers in navigating the complexities of the labour market and achieving business success.

CONTACT : THE JAMAICA EMPLOYERS’ FEDERATION 

2a Ruthven Road, Kingston 10, Jamaica, West Indies

Telephone: (876) 926-6762, 906-8370

Email: info@jamaicaemployers.com