With a new year, brings new beginnings and new trends influencing the way we work. In the HR sphere itself, countless reports have revealed interesting, thought-provoking trends that are set to shape the industry in 2020 and beyond.
In this special edition of the bulletin, we present to you the most popular trend stories centering around salaries, employee benefit priorities of employers, rising medical costs, and more.
1. Salary increases in 2019 and 2020: Asia Pacific outlook
With continuous pressure on businesses in the region to keep costs down, salary increases in APAC remain stable at an average of 5.6% this year (same as 2018), slightly lower than the projected increase of 5.9% last year, per the Salary Budget Planning Survey Report (Q3).
2. World Economic Forum: Top 10 skills and workforce strategies in 2020
The World Economic Forum predicted current trends could lead to a net employment impact of more than 5.1mn jobs lost to disruptive labour market changes over the period 2015-2020, with a total loss of 7.1mn jobs.
3. Expected salary increases in Asia Pacific for 2020
A total of 13 out of the top 20 increases in real salaries have been observed in Asian countries, with India, Vietnam, and Indonesia occupying the top three spots globally according to forecasted real salary increase for 2020.
4. The top employee benefit priorities of Singapore employers for the next 3 years
A survey revealed this year found that employers in Singapore are now expanding their focus to address emotional, financial and social wellbeing, apart from simply focusing on physical wellbeing.
5. Key recommendations for HR to note: NWC Guidelines 2019/2020
The NWC raised the basic wage threshold for low-wage workers in 2019/2020 from S$1,300 to S$1,400, to cover more employees within the quantitative guidelines.
6. HR directors in Singapore can earn S$300,000 or more in 2020
According to Robert Walters' 2020 Salary Survey, this places the role as the highest earning in the HR function. This was followed by directors of compensation & benefits, and talent management experts.
7. Salaries in Malaysia set to increase by 5.3% in 2020
According to the Aon Malaysia 2019 Salary Increase & Total Compensation Measurement Survey, salaries in Malaysia are set to increase by 5.3% in 2020. This is slightly higher than the 5.1% actual average increases in 2019.
8. The highest-paying HR roles in Indonesia, Malaysia, and Thailand in 2020
Professionals in these roles can expect to bring home an annual income of up to RP1,040mn, RM750k, and THB4.2mn, respectively.
9. Malaysia expects the highest increase in medical benefit costs in APAC in 2020
Expecting the second-highest increase is Thailand, with 13.9%. On the other hand, China can expect to see the smallest increase at 7.5%.
10. 2030 outlook: 6 trends shaping the future of boards in Asia
Board leadership must be ready for evolving contexts and the allowance for discomfort, and even failure to happen, says an Asia-based board director.