Findings from the latest Caribbean Salary Survey Report, Pay Pulse 2023, have placed Jamaica among the top three territories having above-market pay grades for approximately 30 job roles assessed across some 15 Caribbean countries last year.

Topping the list at 53 per cent, Barbados ranked as the highest paying for each of the roles surveyed, ahead of Antigua and Barbuda at 17 per cent, followed by Jamaica in third place with little over 13 per cent.

Barbados, which also found itself on the list of below-market salary-paying countries was, however, outnumbered by regional counterparts St Vincent and the Grenadines, which stood in first place at 73.3 per cent, second was Trinidad and Tobago at 10 per cent.

“What we have found is that these countries were paying less than what others in the Caribbean have been paying. With us having similar economies and job roles as a region, the data makes it easier to compare how we pay,” Rochelle James, CEO of Caribbean Society for Human Resource Professionals (CSHRP) told the Jamaica Observer during an interview this week in which the findings were discussed.

Of the 30 jobs surveyed across various roles spreading throughout the financial, administrative, communications, legal, information technology, and other industries, roles such as financial analyst, chief operating officer, and chief executive officer (CEO) were found to be the top paying, having on average annual basic salaries ranging between US$91,000 and US$140,000. Additionally, data from the survey pointed to these roles often requiring the highest level of education.

On the flip side, roles such as front desk agent, dispatcher, and lineman were among those listed as the lowest paid, having basic annual salaries ranging from US$11,000-US$14,500.

The October 2023 study done by the CSHRP, which comes as not only a regional databank on wages, James said, also provides a comprehensive exploration of salary and hiring practices within the Caribbean region and across surrounding territories. Its findings are intended to be used as a benchmark for assessing compensation fairness.

For the 2023 study, salary data from more than 80 companies scattered across the participating countries was compiled.

Amid cries for better pay in the local labour market, especially from private sector players who continue to be negatively impacted by talent migration as well as some productivity issues, the survey findings, James said, will help to expand the discussions as it doubles down on best practices while providing a holistic view of compensation trends across the region.

“By putting this type of robust data out there, the survey, which is really a pulse check, will help individuals to make comparisons of what the salary range for certain jobs across the different countries looks like. With these findings we aim to provide a baseline, as in reality there has not been consistent salary surveys in the region, except for a few done at different times. Having now developed enough data and going into year three, we can now provide more analysis as we closely look at the trends and expand our assessment in order to inform companies of what they ought to be looking at as suitable compensation packages for various job roles in the Caribbean,” James noted.

“The insights garnered from this survey are not merely statistics but actionable intelligence for businesses, HR professionals, and policymakers alike. The data provides a nuanced understanding of the employment landscape, empowering organisations to make informed decisions regarding compensation structures, talent acquisition strategies, and overall workforce management,” the CEO further said in her remarks outlined in the study.

Speaking to some other important findings from the report, one for which she expressed shock, James bemoaned what she said was the practice of several companies still refusing to disclose compensation packages when advertising vacant posts. Unlike government jobs which often highlighted potential salaries, a similar following by companies she believes will allow for greater transparency.

“In withholding pay information, some employers see it as a competitive advantage while others may want to use it as a tool for negotiation, but once salaries are posted it removes the mystery of employees feeling short-changed after accepting the job,” she stated.

The CEO, in also acknowledging the need for a broadening of the scope of the study, said the inclusion of a cost of living assessment, which is to be added to the upcoming 2024 study, seeks to offer further assessment consistent with current economies realities.

“What this survey sets out to do is to compare how salaries in the region have developed over the past three years and also how it has moved in line with cost of living realities. As a result, explorations down to the most basic expenses with which employees have to contend will be examined,” she told the Caribbean Business Report.

The 2024 survey, from which a third report will be generated, was officially launched yesterday with a November timeline for completion affixed.