Workers in Singapore to see up to 3% salary increase in 2022
Workers in Singapore can expect higher salaries this year, with increases likely averaging at 3%, finds the 2022 Hays Asia Salary Guide.
Now in its 15th edition, the Guide compiles and presents salary and sector overviews based on real data and a survey of skilled professionals across China, Hong Kong SAR, Japan, Malaysia, and Singapore. Over 9,500 responses were collected between October to November 2021.
46% of employers said they expect to increase salaries by up to 3% while 29% have plans for increases between 3-6%. This is higher than real salary changes reported for the twelve months previous, 37% and 25% respectively.
Additionally, only 15% of employers expect salaries to remain unchanged, far fewer than predictions this time last year, when 42% of employers said that they had planned for salaries to stay the same.
“Companies in Singapore are beginning to bounce back after two turbulent years as pandemic recovery stabilises,” says Kirsty Hulston, Regional Director, Hays Singapore. “With 2022 intended to be a year of recouping lost growth opportunities, increasing salaries is a strategic move to improve staff retention and reduce turnover.”
However, data from the survey indicates that workers in Singapore are expecting salary increments higher than what employers are ready to give, with 51% expecting increases up to 6% (Breakdown: 26% for increases up to 3%, 25% for increases between 3-6%). 13% expect a salary increase between 6-10%, and 16% expect their salary to increase by over 10%.
In contrast, only 5% of employers planned on increasing salaries by 6-10%, and 5% to raise salaries by over 10%. This is lower than the real salary changes reported for the last twelve months, which were 7% and 4% respectively.
“There is an observable disparity between the salary expectations of employees and what companies are prepared to meet. Given the skills shortages and rising competition for talent, companies that intend to prioritise retention in the coming months will need to manage this expectation gap with care,” says Kirsty.
“Providing clear career pathways, better benefits, and improved flexibility and work-life balance could prove effective in bridging the salary expectation gap.”
For more 2022 trends and insights, download the 2022 Hays Asia Salary Guide.
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About Hays Singapore
Hays Specialist Recruitment Pte Ltd, Singapore ("Hays Singapore") is one of Singapore's leading recruitment companies in recruiting qualified, professional and skilled people across a wide range of industries and professions.
Hays has been in Singapore for over a decade and boasts a track record of success and growth. We operate across the private and public sector, dealing in permanent, temporary and contracting positions in more than 15 different specialisms, including Accountancy & Finance, Banking & Financial Services, Digital Technology, Engineering, Finance Technology, Human Resources, Information Technology, Legal, Life Sciences, Marketing & Digital, Office Professionals, Procurement, Supply Chain and Sales. Hays Singapore was named the “Best Small Workplace” in Singapore in 2019 and 2018, and was ranked fourth “Best Multinational Workplace” in Asia 2020 by Great Place to Work®.
Hays has been in Singapore for over a decade and boasts a track record of success and growth. We operate across the private and public sector, dealing in permanent, temporary and contracting positions in more than 15 different specialisms, including Accountancy & Finance, Banking & Financial Services, Digital Technology, Engineering, Finance Technology, Human Resources, Information Technology, Legal, Life Sciences, Marketing & Digital, Office Professionals, Procurement, Supply Chain and Sales. Hays Singapore was named the “Best Small Workplace” in Singapore in 2019 and 2018, and was ranked fourth “Best Multinational Workplace” in Asia 2020 by Great Place to Work®.
About Hays
Hays plc (the "Group") is a leading global professional recruiting group. The Group is the expert at 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 across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As at 31 December 2021 the Group employed c.12,100 staff operating from 254 offices across 20 specialisms. For the year ended 30 June 2021:
– the Group reported net fees of £918.1 million and operating profit of £95.1 million;
– the Group placed around 60,000 candidates into permanent jobs and around 220,000 people into temporary roles;
– 17% of Group net fees were generated in Australia & New Zealand, 27% in Germany, 22% in United Kingdom & Ireland and 34% in Rest of World (RoW);
– the temporary placement business represented 61% of net fees and the permanent placement business represented 39% of net fees;
– Technology is the Group’s largest specialism, with 26% of net fees, while Accountancy & Finance (14%) and Construction & Property (12%), are the next largest