Despite a conservative salary outlook, 47 percent of candidates in Singapore expect to receive a salary increase of more than 6 percent yet just 15 percent of employers in Singapore plan to offer such an increase, according to research carried out by recruiting experts Hays in Singapore.
The annual Hays Salary Guide asked more than 1,200 employers about their salary intentions. Overall, 52 percent plan to award salary increases of 3 to 6 per cent while 33 percent intend to award pay increases of nil to 3 percent.
Of the 286 Singaporean candidates taking part in a recent Hays online poll on salary expectations, 30 percent expect to see a pay increase of nil to less than 3 percent hit their pay packet while 23 percent expect an increase of between 3 and 6 percent.
“Employers are looking to maintain costs where possible,” explains Chris Mead, Regional Director of Hays in Singapore and Malaysia.“For candidates this means looking at the opportunity for professional growth offered by a potential employer and not just the salary. This will help you position for promotion once inside the organisation to command greater salary increases down the track,” says Chris.
“The potential for salary increases moves up and down as economic conditions change so it is important not to overreact to salary trends.“Employers also need to tread carefully in this market and ensure they are selling the full range of the benefits they offer employees when they are interviewing job candidates.
“Open and honest communication with existing and potential employees regarding salaries and benefits is very important to help bridge the gap in pay expectations,” said Chris.