Non-cash incentives are all the rage among companies in Singapore this year, with more firms planning to reduce reliance on pay rises when attracting and retracting talent.
According to the 2015 Robert Half Salary Guide for Singapore, 50% of companies in the finance & accounting, banking and financial services and technology sector are planning to increase their headcount in the first half of this year.
However, new hires for these roles are unlikely to receive wage increases as high as the 10% they received in the previous years.
Instead of an increase in wages, companies are more likely to turn to non-financial incentives such as “flexible work arrangements, performance bonuses and international opportunities” to attract and retain employees.
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“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,” Stella Tang, managing director of Robert Half Singapore said.
She added, however, there are a few roles which are still commanding increases of more than 10% in local companies.
These included technology roles in business analysis, IT audit and risk as well IT business development, which are expected to receive above average wage increases in 2015.
The report also highlighted three hot jobs for this year in the finance and accounting sector, banking and financial services sector and technology sector with year-on-year salary increases of 2% to 6%, 4% to 6% and 13% respectively.