The latest Caribbean Salary Survey Report: PayPulse 2024 reveals a significant pay gap across the region, with The Bahamas emerging as the top-paying market while Jamaica has fallen behind, particularly for entry-level roles.
The Bahamas continues to lead the Caribbean in competitive compensation, with more than 97% of the roles surveyed paying above market value. This includes a variety of high-demand executive and managerial positions, such as CEO, CFO, and general manager, which remain among the highest-paying jobs in the region. The country’s strong job market is seen as a positive despite rising inflation and economic pressures, offering professionals in fields like finance, management, and executive leadership lucrative opportunities.
In stark contrast, Jamaica has seen a significant drop in its ranking. After previously being one of the top three highest-paying countries in 2023, behind Barbados and Antigua and Barbuda, Jamaica now finds itself among the lower-paying countries in the region for 2024. Only 8.3% of roles surveyed in Jamaica paid above market value, with the majority of positions falling below the market rate. Entry-level positions, such as groundsmen, bartenders, and receptionists, were found to be the most underpaid, signaling a challenge for wage growth, particularly for lower-tier workers.
The survey, which covered 119 companies across 20 Caribbean countries and included 78 job roles spanning entry-level to executive positions, found that executive roles, including CEO, general manager, and chief marketing officer, continue to command the highest salaries across the region. These positions, along with those in human resources, banking, and financial services, saw some of the highest-paying salaries in countries like The Bahamas, St Kitts and Nevis, and Barbados.
Jamaica, however, faces a tough challenge when it comes to salary competitiveness. While the country’s higher-tier positions remain attractive in some industries, most entry-level and support roles are earning less than their counterparts in other Caribbean nations. The study noted that while some sectors, such as banking, hospitality, and insurance, continue to offer competitive wages, industries like education, retail, and the public sector lag behind, creating significant opportunities for salary reform.
The PayPulse 2024 report, which also examines regional and market trends, highlights key shifts from 2023. Roles such as accountants, auditors, and HR managers saw significant salary growth, driven by factors such as inflation, cost-of-living increases, and market demand.
Overall, the 2024 salary data underscores how regional disparities in compensation continue to shape the workforce landscape in the Caribbean. While The Bahamas remains a standout market for high-paying roles, other countries, including Jamaica, may need to make adjustments to attract and retain talent in a rapidly evolving job market.
