Career guidance & discovery

General career perspectives

Organisational effectiveness

Transition & job search strategy

Well-being & advancement

Insights » Headlines

Hays survey: More salary and bonus for employees in Singapore

headlines Hays survey: More salary and bonus for employees in SingaporeSingapore employees can expect a 1.8 month bonus salary for year-end 2009, according to the latest poll conducted by Hay Group.

After surveying 265 Singapore-based companies, the poll found that the actual median salary increase companies intend to give out to be at 2.3%. This figure is slightly higher than the 1.5% salary increase provided by companies in March earlier this year.

However, the projected salary increase for 2010 is expected to be at 3.0%, as companies predict expect staff attrition to be higher and use this as a retention strategy.

“By boosting their salary increase to 3.0% and thus taking an immediate hit on their 2010 bottom-line, companies are signalling their willingness to invest to keep their staff,” says Christian Vo Phuoc, country manager for reward information services of Hay Group Singapore.

As for bonuses, the median variable bonus cited for year-end 2009 is 1.8 months. For 2010 forecasts, companies say they are looking to tighten the bonus payouts to 1.5 months instead.

“As bonuses are usually calculated based on a formula of individual and company performance, companies are choosing to be conservative when forecasting business targets next year,” explains Vo Phuoc.

The poll also found that only 18% companies in October 2009 were still cutting or freezing pay, down from 58% in March. The top three sectors doling out the highest salary increases are oil & gas, chemicals and insurance.

Sources and references: Sandbox Advisors, Hays, HRO

headlines Hays survey: More salary and bonus for employees in Singapore

Amit Puri - Managing Consultant, Sandbox Advisors

Amit is an experienced career, business and HR professional. Previously, he has worked with organisations such as Bain & Company, Morgan Stanley and Citigroup. Amit has advanced degrees/qualifications in Career Counselling, Organisational Psychology & HR, Occupational Psychometrics, Career/Life Coaching, Business and Finance.

Leave a comment!

Add your comment below, or trackback from your own site. You can also subscribe to these comments via RSS.

Be nice. Keep it clean. Stay on topic. No spam.

You can use these tags:
<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

This is a Gravatar-enabled weblog. To get your own globally-recognized-avatar, please register at Gravatar.

CommentLuv Enabled