Business

Nearly half of S'pore employers planning pay rise of only 3-6%

Nearly half of Singapore employers are planning salary increases of "only 3 to 6 per cent" this year, according to recruiting company Hays.

In the 2018 Hays Asia Salary Guide published yesterday, Hays described the numbers as "conservative" given an increasingly stronger economy in Singapore in 2018.

Ms Lynne Roeder, managing director of Hays (Singapore), said: "Our Guide shows that most companies in Singapore are taking a conservative approach to salary increases for the most part, but are more than willing to go well above the average when hiring those with niche skills and in areas of skill shortage."

These include specialised roles in some areas of sales, IT and accountancy and finance, said Hays.

The Guide - based on a survey of more than 3,000 employers representing over six million employees - includes salary and recruiting trends for Singapore, mainland China, Hong Kong, Japan and Malaysia.

It found that 14 per cent of Singapore employers are planning increases of more than 6 per cent in 2018.

Just over a third of them are planning salary increases of up to three per cent, while 5 per cent of them will offer no salary increases at all.

Ms Roeder said that candidates ought to "do their homework" on what their job role and industry is paying before deciding to switch jobs in search of a higher salary.

She said: "For employers, communicating to staff about the process behind salary increases will be even more important in 2018, particularly if the economy continues to show the strong improvements we saw in 2017 and are likely to see in 2018, creating the perception that there should be more budget for salary increases." - THE STRAITS TIMES

BUSINESS & FINANCE