Directors of compensation & benefits and organisational development, as well as generalist HR professionals and HR business partners are pulling in the highest salaries within the function in Singapore.
A new report by FocusCore identified C&B specialists at the director level earn on average $240,000 per year, while organisational development directors, and HR generalists and HRBPs, who receive average annual salaries of $220,000.
At a senior executive level, HRIS specialists earn the highest ($90,000), while organisational development and C&B professionals at the management level were found to be receive $150,000, the highest in the category.
The 2015 Singapore Employment Report survey, which looked at the local job market, recruitment efforts and what Singaporeans want the most from their jobs – as well as salaries across various sectors – also found that the demand for HR professionals in the country is rising this year.
Compared with previous years, the local job flow has been significantly higher, with increased demand within finance, sales and marketing, human resources and information technology.
“The majority of this recruitment is coming from industry and commerce in particular within offshore services and oil and gas,” Charlie Robinson, managing director of FocusCore, said.
The report also found that work-life balance, and not salary, remains the most important factor for Singaporean professionals. However, it became apparent that people’s expectations changed as their careers developed.
While work-life balance was the top priority for young professionals, salary and company culture also ranked highly for those respondents at the management level.
“From our survey we found the overwhelmingly most important factor for people working in Singapore was work-life balance followed by company culture, career progression and salary as the least important,” Robinson stated. “What is unclear from this sample is if the people who lead businesses are intrinsically less worried about a work life balance or if this is something that gets moved aside as their careers develop over time.”
Robinson added that by looking at the specific respondents who are at the management level, it was clear those receiving larger bonuses and long-term incentives were motivated by remuneration, but the majority of management level as a whole chose company culture and career progression.