Finance and accounting professionals in Singapore are the most likely to enjoy a salary increase of more than five percent in 2016, according to the latest 2016 Salary Guide released by recruitment firm Robert Half. Three in five (60 per cent) finance and accounting roles can expect an increase of more than five per cent this year.
Larger increases of more than 10 per cent are usually only on offer for more senior roles such as Financial Planning & Analysis Director (13 per cent), Accounts Payable/Receivable Manager (11 per cent) and Credit Manager/Controller (10 per cent).
Tax Analyst/Specialist is another area where professionals with the right skills can command up to 12 percent salary increases.
Highly sought after finance and accounting skills are: business/financial analysis; corporate finance; tax & treasury; financial management/Control; and risk & compliance.
Across all professions, 72 per cent of employees can expect their salaries to stay the same or to increase between one and five percent.
One in five (21 per cent) jobs will command an increase of between six and nine per cent, while just seven per cent of roles will see salary increases of 10 per cent or more.
David Jones, Robert Half’s Senior Managing Director for Asia Pacific said a subdued global economy was reflected in the modest salary increases but there remains a sense of optimism for both economic and corporate growth in 2016.
“Singapore’s employment market is still active with many firms making hires to replace staff who have left and to expand their headcount. However, hiring activity is not driving up salaries the way it has in previous years.”
“Where increases above five per cent occur, it is usually for more specialised roles where the number of potential candidates are fewer.”
“There has also been a significant change in the factors driving salary increases in Singapore. In previous years business leaders have typically cited the lack of supply of candidates as the chief factor making it difficult to get professional talent.”
“This year employers are pointing to a shortage of candidates with the right specialist knowledge and experience. So it’s not a lack of supply that is the problem, it’s a lack of skills,” said Jones.