The End of Easy Raises

In the ever-evolving IT sector, the once reliable strategy of job-hopping for higher salaries is losing its effectiveness. With the market becoming saturated, companies are less inclined to meet the soaring salary expectations of job switchers. This shift has led many, including one individual whose current project doesn't align with his career aspirations, to reconsider their strategy. Despite a merely satisfactory work environment and diminishing benefits, the decision to stay put has become more appealing. "Switching jobs is no longer a guaranteed ticket to higher pay," he reflects.

A Personal Perspective

Thu Dung, a 32-year-old business assistant in HCMC, shares a similar story. After a year-long break for family reasons, she returned to the job market only to find that the salary offered by her former logistics company in Binh Duong Province had decreased to two-thirds of her previous earnings.

Market Trends

Between 2020 and 2023, job switchers could expect significant pay increases, sometimes as high as 30-50%. However, by 2024, the landscape had changed dramatically. Recruitment platform TopCV reported that over 26% of job hoppers accepted the same salary, with the rest seeing only marginal increases or even pay cuts.

Impact Across Industries

Office roles and customer service positions are among the hardest hit, with salaries shrinking in response to economic shifts and AI-driven automation. Even in the IT sector, entry-level pay has seen a noticeable decline, from VND15 million last year to VND11 million.

Looking Ahead

Despite these challenges, some industries remain resilient. Manufacturing continues to expand, driving demand for laborers, engineers, and mid- to senior-level managers. The marketing sector is also growing, buoyed by the shift from offline to online consumer engagement.

In the fast-paced content creation industry, Quang Minh's story is a testament to the importance of adaptability and continuous improvement. After being laid off, he spent months upgrading his skills, eventually re-entering the job market with a 20% salary increase. "Unemployment is not the biggest challenge—falling behind industry standards is," he says.

Conclusion

As the labor market continues to shift, the advice from recruiters like Nguyen Huyen Hao is clear: focus on building trust and proving your value. In a competitive market, adaptability and continuous improvement are the keys to unlocking new opportunities.