Jamaica has the lowest salaries in the region, new survey indicates
Published:Wednesday | December 4, 2024 | 12:07 AM
A survey of salaries conducted among 119 companies in 20 Caribbean countries released this week indicates that Jamaica may have the lowest salaries in the region on average.
According to the survey, the salaries in Jamaica fell below the regional average in 91 per cent of the roles surveyed, which was the highest percentage among the countries surveyed.
The Caribbean Salary Survey Report: Pay Pulse 2024 was produced by the Caribbean Society for Human Resource Professionals, CSHRP, in collaboration with Caribbeanjobs.com.
In the report, now in its third edition, The Bahamas emerged as the salary leaders, particularly in executive and specialised positions, followed by St Kitts and Nevis and Barbados.
The Bahamas was found to pay above the Caribbean market rate in 97.3 per cent of the roles surveyed in the country, St Kitts and Nevis paid above the Caribbean average in 94.7 of the roles surveyed, while Barbados paid above market rate in 76.3 per cent of the roles surveyed.
At the other end of the scale, the survey showed that Jamaica’s salaries fell below the market in 91 per cent of the roles surveyed, Belize paid below in 90.9 per cent of the roles surveyed, while St Vincent and the Grenadines paid below average in 82.2 per cent of the roles surveyed.
The survey, conducted mainly by lead researcher Kimberley Largie, analysed the salaries in 78 roles in 34 industries across the region from top positions such as CEO, general manager, and chief marketing officer to entry-level positions including groundsmen, bartender, janitor, cashier, and receptionist.
Commenting on the work of CSHRP, board deputy chairman Vaughn McDonald said the organisation is positioning itself “as a factory for current research on data and the world of work as we know it in our region”.
McDonald, in his overview, said three sectors stood out in terms of compensation, namely, human resources; banking, financial services and insurance; and hospitality, tourism, and catering. “These industries are not just setting a salary benchmark. They are driving economic transformation in our region,” he said.
On the other hand, McDonald said “education, childcare and training, retailing, wholesaling and purchasing, and the public sector present opportunities for compensation reform”.
CSHRP, however, seemed to acknowledge possible limitations of the survey. “While robust, we acknowledge that our salary survey represents a snapshot of participating organisations and may not capture the market variations across the different countries and industries,” McDonald said.
Meanwhile, the organisation hopes that the survey results will spur more dialogue about salaries in the region.
“As a region, we must collectively define what constitutes compensation packages and address financial security while considering the total employee experience. As you explore this report, consider the implications beyond the numbers,” McDonald said.
In response to queries about the survey, Largie disclosed that only 6.5 of total survey responses came from the public sector, while in Jamaica, public sector representation accounted for 3.6 per cent of responses for the country.
Largie also revealed that 14.4 per cent of of the responses came from micro enterprises (less than 10 employees), 18 per cent of responses were from small enterprises (11-50 employees), 41.7 per cent of responses were from medium enterprises (51-250 employees), while 25.9 per cent of responses were from large enterprises (more than 250 employees).