Job Market Trends and Salaries Report 2010 – Ambition Singapore
About two-thirds of respondents believe their companies will give salary increments in 2010 alongside an annual bonus this year. This compares with nearly 85% of respondents who did not get salary increases for 2009.
According to the Job Market Trends and Salaries Report for 2010 by Ambition Singapore, it found that 41% expect the average salary increment to be between 1% to 3%, while 23% of respondents expect it to be between 4% to 6%. For annual bonus figures, 22% expect it to be approximately 5% to 10% of their annual salary and 12% expect their bonus to be between 11% to 15%.
“We will undoubtedly see more movement in the market after the annual bonus payout periods around Chinese New Year,” says Paul Endacott, director of Ambition’s Singapore office. ”It is becoming more evident that employer and employee expectations around bonus levels are not aligned which will result in some dissatisfaction amongst staff. Therefore, our advice is to reward your very best people appropriately because replacing them will be a difficult and more expensive exercise.”
The survey also found that more companies are preparing for the upturn by differentiating themselves through benefit packages in an attempt to attract top talent.
In fact, 70% of the 489 Singapore-based hiring managers and HR professionals polled are offering staff training. Other forms of benefits include education subsidies (37%) and housing allowances (14%). Extra CPF contribution from employers and other subsidies are generally less common.
Overall, 37% of respondents say their performance in the third quarter this year was better than expected. While seven in ten respondents expect business growth for 2010, the top four hiring challenges that companies expect to face include budget constraints, obtaining headcount approval, uncertainty in the business outlook and the lack of qualified candidates. About half of respondents expect to use contracting or temporary staff in the next twelve months.
The survey was conducted across 12 industry sectors in Singapore in October 2009.
Sources and references: Sandbox Advisors, HRO, Ambition
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