Despite forecasted business growth in Singapore, salary stagnation persists amid skill shortages in the country. This is one of the key findings in the Hays Asia Salary Guide 2019, a report that highlights salary and recruiting trends based on responses from Hays Asia operating markets Mainland China, Hong Kong, Japan, Malaysia, and Singapore.
Singapore’s businesses saw a year of extended growth over the last 12 months, with 67
Employers note that more salaries remained stagnant in 2018, compared to the year before. Almost one in five (19
More than half of employees interviewed (57
“It is clear that while positivity surrounding salaries is up, there is still room for improvement,” says Grant Torrens, Regional Director of Hays Singapore. “As more and more employees leave mostly due to the allure of better salary or benefit packages, companies looking to retain adept employees should look to improve satisfaction rates where remuneration is concerned.”
Benefits and bonuses
Over the past year, the number of companies guaranteeing bonuses to all staff maintained at 67 percent. However, there is a slight decrease (six per cent) in the number of employers giving benefits in addition to financial incentives.
The most common forms of additional benefits are health and medical provisions, health and wellness programmes, and car or car allowance.
Employers in Singapore are concerned that skills shortages may affect the running of their operations. Most of those interviewed expect a deficit of required talent to hamper the effective operation of businesses in 2019, and 57 percent of employers confirm that productivity has been negatively impacted in the past year.
Areas of greatest skills shortages
Most Singapore employers state that the most sought-after skills are hard skills (65
The areas in which employers have the most difficulty in recruiting are as follows:
• Accountancy and finance: middle management (nominated by 21
• Sales: middle management (nominated by 21
• IT: middle management (nominated by 20
• Sales: entry level up to middle management (nominated by 19
• IT: entry level up to middle management (nominated by 19
• Accountancy and finance: entry level up to middle management (nominated by 13 percent of employers)