On the backdrop of rise in voluntary employee turnover in 2016, companies in the technology sector in Singapore and Asia Pacific are considering boost in 2017 salary budgets. It’s projected that in 2017, salaries in the technology sector in Singapore will increase by 4.4%, ahead of the 4.2% increase observed in 2016. Median voluntary employee turnover at technology companies in Singapore is now at 11.7% on a trailing 12-month basis.
Aon Hewitt has released new data on talent and rewards trends at technology sector companies in Asia-Pacific via the Radford Trends Report. Radford is part of Aon Hewitt and focuses on delivering rewards insights to technology and life sciences companies.
According to Radford, technology sector companies across Asia-Pacific continue to face high levels of employee turnover despite ongoing economic uncertainty around the globe.
Facing robust competition for talent, roughly two-thirds of technology sector companies in all major Asia-Pacific markets are currently pursuing normal or aggressive hiring plans. India leads this trend, with 13% companies reporting aggressive hiring plans.
See: Talent Shortage: Growing Cybersecurity Skills Gap in Singapore
| Overall Salary Increase Budgets | ||
| Market | 2016 Actual | 2017 Planned |
| Australia | 3.5% | 3.6% |
| China | 7.9% | 8.0% |
| Hong Kong | 4.2% | 4.5% |
| India | 10.5% | 11.0% |
| Indonesia | 7.9% | 8.7% |
| Japan | 2.8% | 3.0% |
| Malaysia | 5.5% | 5.6% |
| Singapore | 4.2% | 4.4% |
| South Korea | 4.8% | 5.0% |
| Thailand | 5.5% | 5.7% |
Outside of Japan and South Korea, annualized voluntary turnover rates now exceed 10% in all major Asia-Pacific markets. India leads the region with a trailing 12-month voluntary turnover rate of 13.6 percent, followed by Malaysia at 13 percent, Australia at 12.4 percent, Singapore at 11.7 percent, Hong Kong at 11.3 percent and China at 10.8 percent.
Also read: Recognising 10 Best Firms in Singapore with Great Workplace Culture
Image credit: businesstimes.com.sg
