Singapore's key industries are expected to raise their salaries as business prospects improve and demand for services increase over the coming months, according to Kelly Services' latest Employment Outlook and Salary Guide 2010/11 for Singapore.
The guide highlights that salary levels within the engineering and technical information technology industries are expected to improve by 10% to 30%. The minimum base salaries for project engineers and service engineers saw a year-on-year improvement by 33% and 17% respectively compared with 2009, while positions within the IT industry, such as enterprise architect, rose by 25%.
Other key industries, such as accounting, banking & finance, and healthcare & life sciences, are also expected to raise salaries.
"Given the remarkable growth in our GDP in the first quarter of this year alone, the employment outlook in Singapore is looking more optimistic. Organisations are expected to ride on the ongoing recovery and increase hiring activities due to the improved business confidence," says Mark Sparrow, managing director, Kelly Services Singapore.
Sparrow adds that employers should look beyond basic wage levels and explore other variable factors, such as bonuses and benefits, to reward their employees based on their work performance and the performance of their businesses. "At the same time, organisations need to incorporate other attraction and retention strategies, such as talent development, succession planning and employee engagement programmes, to ensure that talent with critical skill sets and competencies remain with the organisation."