Moreover, 99% of CFOs are willing to award pay rises to an average of 25% to their finance staff.
Three finance jobs currently have the highest demand in Singapore, as shown by their median salary. According to the 2018 Robert Half Salary Guide the median salaries for financial planners, finance managers and tax managers are at $115,000, $110,000 and $130,000 respectively.
The demand is high that the majority (99%) of Singaporean CFOs plan to award pay rises to an average of 25% of their finance staff, with the average salary increase expected to be 7%. Robert Half said this positive salary sentiment is a wider reflection on increasing national wage growth, with a 4.3% increase in average income in 2017, versus an increase of 2.7% in 2016.
Moreover, the same proportion of CFOs (99%) said they have employee retention initiatives in their firms, with 57% offering training and professional development programs to aid their staff in upskilling and half (51%) offering flexible working arrangements, such as the option to work from home.
However, Robert Half also revealed that just under half (49%) are implementing employee appreciation programs and 47% have in place employee wellness programs. Just over four in 10 (43%) are conducting regular salary reviews.
Robert Half Singapore managing director Matthieu Imbert-Bouchard noted that highly skilled financial professionals will naturally gravitate towards more attractive remuneration packages, particularly in a candidate-short market. "These professionals are aware of their value in the employment market, further emphasising the need for employers to continuously benchmark their staff’s salaries against competing levels. This makes resources such as a salary guide an invaluable asset for both jobseekers and employers looking to better understand the market,” he said.
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