TAFEP Hero 2023 June
human resources online

Local salary demands to skyrocket in 2014

Companies based in Singapore will be focusing their efforts on developing a local workforce, with many planning to offer training and development opportunities to staff. However, the demand for locals is also anticipated to drive up salary expectations.

A report by Robert Walters found job hoppers commanded salary increments of between 15% and 20% last year - a trend the company expects to spill over into 2014.

Another trend from the recently released Robert Walters’ Global Salary Survey 2014 was the increased recognition by local firms for the need to provide training and development opportunities to staff.

“This allows for more promotion opportunities from within and rewards employees with an expanded scope of responsibilities,” Toby Fowlston, managing director of Robert Walters Singapore, said. “The professionals of 2014 see employment satisfaction beyond monetary rewards as career progression becomes top priority for job seekers.”

Within the HR sector, middle managers and business partners will be among those in high demand, though there will also be increased need for contract workers, particularly for payroll and junior HR executives.

Salary increments in the HR sector are expected to range between 12% and 20% for junior to mid-level professionals this year, and 5% to 10% for senior level roles.

“Employers are also likely to offer more completion bonuses to retain exceptional contract staff,” the report said.

“Alternatively, they should be prepared to offer 5-10% increases for short-term contractors and better benefits along with internal progression opportunities for long-term contractors.”

In the accounting and financial sector, those with niche skills, particularly in areas such as treasury, taxation and internal audit, are expected to command premium salary increments this year. While a majority secured increments of between 10% and 15% last year, the percentage is expected to go up to 25% for some this year.

Another profession which is expected to be in high demand is legal and compliance, as Singapore “looks to further regulate its banking industry and maintain its global reputation as a secure financial hub”.

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