According to the latest Information Technology (IT) Salary & Hiring Guide for Singaproe, released by Robert Half, attracting and retaining talent are key business concerns for the Singapore technology industry.
Companies are focusing on increasing Information Technology (IT) staff levels with more than three quarters (78%) planning to hire in the next six months. While attracting talent is a significant challenge, retaining Information Technology (IT) talent is also proving to be a real issue for employers in Singapore, with a high proportion (78%) concerned about losing top performers to other job opportunities in the next year.
Intensifying this concern is the fact that the Information Technology (IT) employment market is divided over whether pay is fair. That is, half believe their current salary package is not fair nor in line with the market. The economy in Singapore is still recovering and for many companies salary freezes are still in place, with 40% having had no change in income over the past 12 months. Many companies are unable to offer pay rises or bonuses due to market uncertainty, and as such risk losing their staff to overseas markets. In order to prevent this, Information Technology (IT) employers need to ensure that they have appropriate retention strategies in place, such as offering reduced working hours or other non-financial incentives.
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