The Caribbean Salary Survey Report: Pay Pulse 2024 reveals some significant findings about salary trends across the Caribbean. Conducted across 119 companies in 20 countries, the survey highlights Jamaica’s position as potentially having the lowest average salaries in the region. Specifically, salaries in Jamaica were reported to be below the regional average in 91% of the surveyed roles, the highest percentage among the countries surveyed.
In contrast, The Bahamas topped the list as the leader in salary offerings, especially in executive and specialized positions. Following The Bahamas, St Kitts and Nevis, as well as Barbados, ranked second and third, respectively, in terms of average salaries.
This survey, produced by the Caribbean Society for Human Resource Professionals (CSHRP) in collaboration with Caribbeanjobs.com, is in its third edition and provides valuable insights into the regional salary landscape.
The Caribbean Salary Survey Report: Pay Pulse 2024 further highlights significant salary disparities across the Caribbean region. The Bahamas leads the way, with salaries above the regional market rate in 97.3% of the roles surveyed. St Kitts and Nevis follows closely, paying above the Caribbean average in 94.7% of surveyed roles, while Barbados also pays above market rates in 76.3% of the surveyed positions.
At the other end of the spectrum, Jamaica stands out for its low salary offerings, with salaries falling below the regional average in 91% of the roles surveyed. Belize is also struggling, with 90.9% of roles paying below the market rate, while St Vincent and the Grenadines paid below average in 82.2% of surveyed roles.
The survey, which was mainly led by Kimberley Largie, analyzed salaries across 78 roles in 34 industries, ranging from high-level positions like CEO, general manager, and chief marketing officer, to entry-level jobs such as groundsmen, bartenders, janitors, cashiers, and receptionists.
In his overview of the Caribbean Salary Survey Report: Pay Pulse 2024, Vaughn McDonald, deputy chairman of the Caribbean Society for Human Resource Professionals (CSHRP), highlighted three sectors that stood out for their compensation levels: human resources; banking, financial services, and insurance; and hospitality, tourism, and catering. McDonald emphasized that these industries are not only setting salary benchmarks but are also key drivers of economic transformation in the Caribbean region.
However, McDonald also pointed out that certain sectors, including education, childcare and training, retailing, wholesaling and purchasing, and the public sector, present opportunities for compensation reform. He suggested that these areas could benefit from improvements in salary structures to better align with market demands.
While acknowledging the strengths of the survey, CSHRP recognized its potential limitations. McDonald noted that the survey, while comprehensive, represents only a snapshot of participating organizations. It may not fully capture the salary variations that exist across different countries and industries within the region.
