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Tuesday, 13 December 2011

Salary outlook still positive despite subdued economy: survey


Salary increments in Singapore will remain positive in the coming year despite the less optimistic outlook, said Hay Group on Tuesday.

The global management consultancy expects average salary increases in 2012 to be on par with the actual average salary increases in 2011, which stood at 4.4 per cent, excluding pay freezes.

'Traditionally, the market trend around actual and forecast for salaries indicates a higher salary forecast for the following year. This time around, we've observed that the forecast is stagnant,' said Victor Chan, regional general manager, Singapore and Asean for productized services at Hay Group.

The average variable bonus payout for the coming 12 months is also expected to remain unchanged from the 2.7 months bonus in 2011, which is slightly more than the average increase of 2.3 months in 2010.

Hiring in the new year is expected to reflect the downward business sentiment. The number of organisations that plan to increase staffing levels by 5 to 10 per cent has dipped to 46 per cent from 62 per cent a year ago.

Mr Chan encouraged companies to focus on increasing workforce productivity to sustain performance in the uncertain economic climate.

The figures are based on the Hay Group report, Bracing for an unpredictable economy, which surveyed more than 480 private and public-sector Singapore-based companies in September 2011.

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