Double-digit salary increases will come to an end as employers look to pull back from the strong wage growth of the last 3 years. Most companies might offer non-financial incentives to attract and retain employees in future.
According to the 2015 Robert Half Salary Guide for Singapore, employees in finance and accounting, banking and financial services and technology roles are more likely to receive wage rises below the 10% or more that many received the past few years. Wage growth is slowing as companies become more cost conscious.
“After several years of rapid wage growth, employers are moderating the rate of further increases. Company leadership is becoming more cost conscious and while they are keen to add new people to their team, they are keeping a close eye on the overall wages bill,” said Stella Tang, Managing Director of Robert Half Singapore.
“In the modern workforce cash salaries are just one aspect of an employment package, albeit the most important one. Companies are increasingly likely to offer employees a package that includes benefits such as flexible work arrangements, performance bonuses, mentoring and international opportunities.”