Hays: Singapore workers will see up to 3% pay rise in 2022
Singaporean workers can expect higher salaries this year, with average increases likely of 3%, according to the Hays Asia Salary Guide 2022.
Now in its 15th edition, the Guide compiles and presents salary and industry overviews based on real data and a survey of skilled professionals across China, Hong Kong SAR, Japan, Malaysia and Singapore. More than 9,500 responses were collected between October and November 2021.
46% of employers said they plan to increase salaries by up to 3%, while 29% plan increases between 3 and 6%. This is more than the actual wage changes reported for the previous twelve months, 37% and 25% respectively.
Additionally, only 15% of employers expect wages to remain unchanged, significantly lower than forecasts at the same time last year, while 42% of employers said they expected wages to remain unchanged. the same.
“Singapore businesses are starting to rebound after two turbulent years as the pandemic recovery stabilizes,” says Kirsty Hulston, Regional Director, Hays Singapore. “With 2022 destined to be a year of recovering lost growth opportunities, raising salaries is a strategic move to improve staff retention and reduce turnover.”
However, survey data indicates that workers in Singapore expect higher pay rises than employers are willing to provide, with 51% expecting increases of up to 6% (Breakdown: 26% for increases up to 3%, 25% for increases between 3-6%). 13% expect a salary increase between 6 and 10% and 16% expect their salary to increase by more than 10%.
In contrast, only 5% of employers planned to increase wages by 6-10% and 5% to increase wages by more than 10%. This is less than the actual salary changes reported for the last twelve months, which were 7% and 4% respectively.
“There is an observable gap between employee salary expectations and what companies are prepared to meet. Given the skills shortage and growing competition for talent, companies that intend to prioritize retention in coming months will have to manage this expectation gap carefully,” says Kirsty.
“Providing clear career paths, better benefits, and better flexibility and work-life balance could prove effective in closing the salary expectation gap.”
For more 2022 trends and insights, download the Hays Asia Salary Guide 2022.
About Hays Singapore
is one of Singapore’s leading recruitment companies in the recruitment of qualified, professional and qualified individuals across a wide range of industries and professions.
Hays has been in Singapore for over a decade and has a track record of success and growth. We operate in the private and public sector, dealing with permanent, temporary and contractualpositions in more than 15 different specialties, including accounting and finance, banking and financial services, digital technology, engineering, financial technology, human resources, information technology, law, life sciences, marketing and digital, office professionals, purchasing, supply chain and sales. Hays Singapore was named “Best small workplace“in Singapore in 2019 and 2018, and placed fourth”Best Multinational Workplacee” in Asia 2020 by Great Place to Work®.
Hays plc (the “Group”) is one of the world’s leading professional recruitment groups. The Group is the expert in recruiting qualified, professional and skilled people worldwide, being the market leader in the UK and Australia and one of the market leaders in Continental Europe, Latin America and Asia . The Group operates in the private and public sectors, dealing with permanent positions, contract roles and temporary assignments. As of December 31, 2021, the Group employed approximately 12,100 people operating from 254 offices across 20 specialties. For the year ended June 30, 2021:
– the Group recorded net fees of £918.1 million and operating income of £95.1 million;
– the Group has placed around 60,000 candidates on permanent contracts and around 220,000 people on temporary work;
– 17% of the Group’s net commissions were generated in Australia & New Zealand, 27% in Germany, 22% in the United Kingdom & Ireland and 34% in the Rest of the World (RoW);
– the temporary placement activity represents 61% of net fees and the permanent placement activity represents 39% of net fees;
– Technology is the Group’s leading specialty, with 26% of net fees, while Accounting & Finance (14%) and Construction & Real Estate (12%) come second