Life sciences jobs are expected to see a 4.1% salary increase next year.
A majority of Asia Pacific's emerging economies are forecasting higher salary increase rates for next year, according to Mercer's latest report.
Singapore is forecast to see a 4.1% salary hike, just a tick below its rival Hong Kong, which will be seeing a 4.2% hike. In the region, India and Vietnam are expected to have the highest salary increases, which are pegged at 10.8% and 9.2%, respectively.
Among the industries in Singapore, it is the life sciences jobs which will receive the highest wage hike at 4.1%. Consumer goods industry will enjoy an increase of 4%, while chemical industry is expected to receive 3.2% salary uptick.
“Hiring, retaining and engaging skilled talent will continue to be a top priority, especially for consumption-driven industries such as life sciences and consumer goods. Changing business models and restructuring in the financial services has meant that the sector may not be hiring at rates seen in the last three years, but we continue to see highest level of pay increases as retaining high-performing talent has become even more critical," Mercer parner and growth markets talent leader Puneet Swani said.
The study also revealed that Asia Pacific companies are focussing more on benefits for their employees, developing differentiated employee value propositions to appeal to the different employee segments, such as an increased focus on long-term incentives coupled with retirement benefits in Japan and Korea where the average age of employees is 45.
“While there may be growing concerns regarding growth in global trade, companies remain cautious yet resilient in the Asia Pacific region. Domestic consumption and investment for most emerging countries in the region has been on the rise. This has meant brighter growth prospects especially for both global multinationals when compared with say Europe or North America. With the vast improvements in the employer brands and employee experience at large local organizations in countries across Asia Pacific, multinationals are facing increased competition in finding and retaining the right talent,” Swani concluded.
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