SINGAPORE – Companies across various industries are expected to increase training and development opportunities and chart clearer career paths for local professionals in 2014.
A new report done by recruitment consultancy Robert Walters also said that professional candidates who switch jobs can expect average salary increments of 15-20 per cent this year.
The Fair Consideration Framework, which will be implemented from August, will drive salaries of local employees up as firms compete to attract and keep top local talent, the report said.
While the emphasis on domestic hiring is expected to push salaries up across the board, managers may struggle to meet niche skill requirements.
Companies will have to be prepared to take on employees with transferable skills and develop them internally, the survey report said.
Toby Fowlston, Managing Director of Robert Walters Singapore, said that firms are investing more in existing employees with transferable skill sets as the competition for top Singapore talent has increased.
“This allows for more promotion opportunities from within and rewards employees with an expanded scope of responsibilities,” he said.
Professionals can expect to reap rewards in terms of career progression in 2014, he added.