1 in 5 Singaporeans won’t see salary increases in 2022
A salary increase is amongst the factors that can help retain employees, an expert says.
Amidst the era of the great resignation, about one in five employees in Singapore still will not have salary increases in 2022, data from Randstad’s 2022 Salary & Bonus Expectations Survey showed.
As salary increment is one of the factors that help retain employees, Jaya Dass, managing director of Singapore at Randstad, said “employers must be willing to share their profits.”
“Talent with in-demand skills in this candidate-short market have a strong negotiating power to request higher salaries and will likely look for a new employer if their current boss is unable to meet their expectations,” she added.
From those expecting salary increases, about 9% said they expect an increment of more than 20%; 19% said they expect an increase of 4% to 6%; whilst 18% said they expect a minimal jump of 1% to 3%.
Apart from salary increases, 50% of Singapore employees also expect to receive a bonus this year, excluding the annual 13th-month pay.
Out of those who will have bonuses, almost half (43%) said they will receive about one to three months' worth of bonus payout; 25% said they expect to receive a bonus of less than a month; about 12% said they will get a bonus payout of seven months or more.
Bigger bonuses, however, are less important to about 41% of employees when presented with the option to work remotely.
“After working from home for close to two years now, many employees have experienced the benefits of working remotely. They can save time and money from commuting, have more personal time and are sometimes more productive when working from home,” Dass said.
“It is hence critical for employers to adjust their work policies and benefits schemes to meet the changing expectations of their employees and candidates to improve their ability to attract and retain talent,” she added.