Vietnamese graduates have unrealistic salary expectations
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Fresh graduates overestimate their chances of getting well-paying jobs in Vietnam, and they’re not alone. A survey conducted by employment site Jobstreet has found that Vietnamese university graduates have salary expectations that are out of sync with the local job market.
About 35 percent of the 1,600 new graduates surveyed expected a monthly salary of VND4 million-5 million ($175 – $220), and over 21 percent wanted to be paid as much as VND6 million ($264), based on the survey. Vietnam’s average annual income was around $2,200 last year.
However, the average monthly salary on offer for new starters currently stands at $175 per month.
The survey also found that Vietnamese graduates aren’t the only ones out of whack with reality.
For example, Hong Kong graduates expect average first-year salaries of $2,252-2,320, much higher than the average wage of $1,772 on offer.
In Singapore, university graduates actually make an average of $1,966 per month, but their expectations range from $2,416 to $2,609.
The Malaysia-based Jobstreet survey highlighted the fact that millennial students, those born in 1980 or later, asked for unrealistic salaries and benefits.
Millennials are very likely the largest group in the current workforce. According to audit, tax and consulting services provider PWC, as many as 45 percent of the population comprises of millennials, and an estimated 60 percent of the world’s millennials are expected to live in Asia by 2020.
A survey conducted revealed 69 percent of millennials said that money matters most in a job. That means pay is still the primary reason for companies to attract and retain their millennials and is also the deciding factor when changing jobs.
This is not surprising given better standard of living for millennials, said Jobstreet.
Questions & Answers
Q.What salary do new graduates in Vietnam typically expect, according to the Jobstreet survey?
What salary do new graduates in Vietnam typically expect, according to the Jobstreet survey?
About 35 percent of new graduates surveyed expected a monthly salary between VND4 million and VND5 million ($175, $220). Over 21 percent anticipated being paid as much as VND6 million ($264).
Q.How do Vietnamese graduate salary expectations compare to what is actually offered in the job market?
How do Vietnamese graduate salary expectations compare to what is actually offered in the job market?
Vietnamese graduates expect salaries significantly higher than what is typically offered. The average monthly salary on offer for new starters is $175 per month, while many graduates expect up to $264.
Q.Are salary expectation issues unique to Vietnamese graduates?
Are salary expectation issues unique to Vietnamese graduates?
No, the survey indicates this issue is not unique to Vietnam. For instance, graduates in Hong Kong and Singapore also expect higher first-year salaries than the average wages actually on offer or earned.
Q.What is the primary factor millennials consider when choosing or changing jobs?
What is the primary factor millennials consider when choosing or changing jobs?
According to a survey, 69 percent of millennials stated that money matters most in a job. This means pay is the primary reason for companies to attract and retain them, and a key deciding factor for job changes.