Singapore's workforce can expect an average salary increase of between three and six per cent this year, according to the 2012 Hays Salary Guide.Â Here Chris Mead, Regional Director of Hays Life Sciences in Singapore, explores the main findings of the Guide.
- 44 per cent of employers increased salaries last year between three and six per cent;
- 50 per cent of employers intend to increase salaries between three and six per cent when they next review;
- Fewer employers will award bonuses, with the use of benefits instead rising.
Released this week, the 2012 Hays Salary Guide reveals salary and recruiting trends for 1,100 roles across Singapore, China, Hong Kong and Japan and was based on a survey of over 900 employers as well as placements made by Hays.
It found that 44 per cent of employers in Singapore increased salaries last year between three and six per cent. A further 21 per cent gave an increase above six per cent. But 28 per cent gave increases of less than three percent, while the final seven per cent gave no increase at all.
Looking ahead, 50 per cent of employers in Singapore intend to increase salaries between three and six per cent when they next review. A further 23 per cent will increase above six per cent. But 22 per cent of employers intend to increase salaries less than three per cent and five per cent intend to offer no increases when they next review.
So it seems that despite current global economic conditions, Asia's economy remains resilient. According to our survey of employers, in the next 12 months 64 per cent expect business activity to increase and 41 per cent expect their permanent staff levels to increase. This means that those candidates with in-demand skills and realistic salary expectations can be confident that this year will provide them with the opportunity to secure a challenging career move and a salary increase.
Skills shortages are evident across Singapore's life sciences industry. According to our survey of employers across Asia, almost all (95 per cent) believe that skills shortages have the potential to hamper the effective operation of their business or department.
Furthermore, in skill-short areas 66 per cent of employers said they would consider employing or sponsoring a qualified overseas candidate. Singapore in particular is casting the net wide when a suitable local applicant cannot be located, although there has been a strong reduction in expatriate packages. Those that were on expatriate packages have been converted to local packages and benefits such as housing and living allowance have been incorporated into the base salary.
According to our survey, 54 per cent of employers intend to award a bonus to more than 50 per cent of staff, down 10 per cent year-on-year. Instead, the use of benefits is rising. They are now offered by 81 per cent of employers, up from 78 per cent year-on-year. Health, life assurance, pension and car or car allowance are popular benefits.
Access the 2012 Hays Salary Guide at www.hays.com.sg/salary, by contacting your local Hays office or by downloading The Hays Salary Guide 2012 iPhone app from iTunes.
Hays, the world's leading recruiting experts in qualified, professional and skilled people. Call +65 6223 4535 or email email@example.com
Hays would be Exhibiting at theÂ 5th annual BioPharma Asia Convention 2012. If you would like to meet with their consultants and BD team to explore partnership opportunities, contact Rebecca Koh atÂ firstname.lastname@example.org now to arrange a meeting today!