According to the 2023 Caribbean Salary Survey Report, Pay Pulse, Jamaica is one of the top three locations with above-market pay grades for some jobs across 15 Caribbean countries.
Report rankings
Jamaica ranked in third place, with salaries measured just over 13 percent above market pay grades. Barbados was ranked Number 1 as the highest-paying nation for each of the job roles assessed in the survey at 53 percent, followed by Antigua and Barbuda in second place with 17 percent. At the other end of the scale, St Vincent and the Grenadines was at the top of the list of countries paying below-market salaries at 73.3 percent, followed by Trinidad and Tobago at 10 percent. The Caribbean Society did the study for Human Resource Professionals (CSHRP) in October 2023, and it is designed to provide regional information on wages and a detailed investigation of the Caribbean’s salary and hiring practices. The study results are meant to offer a benchmark for determining fairness in compensation. Salary data from over 80 companies in the 15 participating nations was used in the study.
Data allows for better pay comparisons
According to the CEO of CSHRP, Rochelle James, the report revealed which countries are paying less than others in the Caribbean, despite having similar economies and job roles. In an interview with the Jamaica Observer, James shared that the highest-paying jobs included financial analyst, chief operating officer, and chief executive officer (CEO) with the yearly average salary for these positions paying between US$91,000 and US$140,000. These jobs generally require the highest educational level. Among the lowest-paid jobs were front desk agent, dispatcher, and lineman, which had average annual salaries of US$11,000-US$14,500. James also told the Observer that she was shocked to find that several companies refused to disclose their compensation packages when they advertised job vacancies.
Compensation trends highlighted in survey findings
James added that the CSHRP report will help private-sector employers address demands for pay improvements in local labor markets in the face of talent migration and productivity issues. It can broaden discussions on these matters while also providing a wider view of compensation trends in the Caribbean region. The data provided by the report will help people compare salary ranges for specific jobs in the different Caribbean countries. The insights offered through the survey report represent “actionable intelligence” that can be utilized by businesses, human resources professionals, and policymakers to make informed decisions about their talent acquisition plans, compensation programs, and the overall management of the workforce.
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