Influencing Factors of Wage Increase Trend in Thailand (2022-2023)
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Abstract
This academic article aims to discuss the factors that affect wage increases in Thailand, particularly in 2022-2023, and suggests improving the workforce’s skills to match wage adjustments. It draws from Gerhart and Newman (2020) on organizational competitiveness and wage determination. The analysis also includes trends in Thailand’s wage increases and factors influencing wage adjustments in Thailand, as analyzed by the World Bank (2023), Trading Economics (2023), United Nations Development Program (2020), and International Monetary Fund (2020), as well as relevant documents and research. The article proposes recommendations to increase the workforce’s skills to manage with wage adjustments and adoptive competitiveness, based on the concepts of Milkovich, Newman, and Gerhart (2017), along with related research. The synthesis and presentation of conclusions align with the relevant concepts and theories in each topic, serving as a framework for analysis.
Findings are as follows: Wage adjustments are influenced by various factors, including economic growth, inflation rates, government policies, industry-specific factors, and internal factors, especially the bargaining of labor unions. Employers with the potential to increase wages during the years 2022-2023 should focus on upgrading the workforce’s skills to adapt to wage adjustments and enhance organizational competitiveness.
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This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
Academic articles, research articles, and book reviews in the Ph.D. in Social Sciences Journal are author’s opinions, and not the publisher’s, and is not the responsibility of the Ph.D. in Social Sciences Journal Philosophy Association, Ramkhamhaeng University. (In the case that research is done on human, the researcher has to be trained in Ethics for Doing Research on Human Training and has to produce the evidence of the training).
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