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Employees in the region can expect salary increments and bonuses this year as Asia’s economy remains resilient, despite a challenging global market.
More than a third of Asia’s employers have increased salaries by between 3% and 6% since their last review, while 21% increased it by between 6% and 10%, The 2013 Hays Salary Guide found.
In Singapore, half of employers (52%) increased staff wages by between 3% and 6%, along with 43% of employers in Malaysia. However, while only 5% of Singaporean bosses increased salaries by more than 10% since their last review, the figure was significantly more in Malaysia at 14%.
Across Asia, 55% of 1,200 employers in Singapore, Japan, Hong Kong, Malaysia and China have indicated intent to roll out bonuses to more than half their employees this year, with 89% of respondents relating bonuses to employee performance, and 74% to employer performance.
Of those who will be doling out a bonus, 49% will do so to between 11% and 50% of staff salaries, and 31% will be giving less than 10%.
More then half of employers in Asia (53%) have also increased their staff strength in the last 12 months, and 49% expect to add headcount in the next 12 months. Two thirds of bosses (64%) plan to do so through temporary and contract staff.
“This suggests that Asian employers are adapting to the economic climate and thinking outside the box to address the issue of skills shortages,” Chris Mead, regional director of Hays in Singapore and Malaysia, said.
Within the HR sector, both the Singapore and Malaysia industries anticipate a high demand for C&B specialists – however there is a disparity in Singapore when it comes to salary increments.
“Some employers are however responding to the lack of quality candidates by increasing salaries to attract the right person,” the report said.
“However, both candidates and employers are more cautious and where candidates are expecting up to 20% increments on their salaries, companies are not prepared to offer such a high increase.”