2020-11-19 15:26

1 in 4 Singapore employers plan to freeze salaries next year: Survey QUX世界播



Employers are also facing intensifying competition for talent to support the digitalisation of their businesses. QUX世界播


SINGAPORE (THE BUSINESS TIMES) - About a quarter of organisations in Singapore plan to introduce or continue with salary freezes in 2021, a tad fewer than the 30 per cent that paused wage increments this year. QUX世界播


As for pay cuts, about 3 per cent of employers said they intend to implement them next year, compared with the 29 per cent who made salary reductions this year. QUX世界播


However, most employersare taking a wait-and-see approach, as they continue to tread with caution on salary increments while navigating the impactof the coronavirus pandemic. QUX世界播


That's according to findings released on Thursday from Mercer's annual Total Remuneration Survey, which polled 992 companies across 16 industries in Singapore this year. QUX世界播


The overall salary increase projected for 2021 in Singapore will soften slightly to 3.5 per cent, compared to 3.6 per cent this year, the study found. QUX世界播


"Businesses remain cautiously optimistic about the future and are considering more holistic talent strategies to energise their employees in the new shape of work," Mercer chief executive officer for Singapore Peta Latimer said, adding that some are rolling out additional incentives, for instance. QUX世界播

美世新加坡首席执行官佩塔·拉蒂默(Peta Latimer)表示:“企业对未来仍持谨慎乐观态度,正在考虑更全面的人才战略,以激励员工适应新的工作形式。”他补充说,例如,一些企业正在推出额外的激励措施。QUX世界播

"Leaders are also looking ahead to attract and retain talent required to accelerate business digitalisation," Ms Latimer noted. QUX世界播


Salaries for the banking and finance sector as well as the high-tech sector are expected to increase at a stable rate in the year ahead. QUX世界播


The logistics and consumer goods industries will likely see slightly bigger increments of 3.3 per cent and 3.5 per cent respectively, compared to the increases of 3.1 per cent and 3.4 per cent this year. QUX世界播


This "correlates with a shift in consumer purchasing behaviours to online", said Mercer career products leader for Singapore, Kulapalee Tobing. QUX世界播

美世新加坡职业产品负责人库拉帕利·托宾(Kulapalee Tobing)表示,这“与消费者购买行为转向网上有关”。QUX世界播

In contrast, wage growth is expected to slow in the life sciences, real estate, chemicals and lifestyle retail sectors next year. Employees in lifestyle retail may experience the sharpest dip in increments, with salaries rising 2.9 per cent in 2021 compared to the 3.3 per cent increase in 2020. QUX世界播


Ms Tobing noted that the prediction of a smaller salary growth in the lifestyle retail industry was also unsurprising, given the shift to online purchasing behaviours, lower discretionary spending capacities and reduced leisure activity due to the pandemic. QUX世界播


This year, base salaries at the management and executive levels inched up by 2 per cent and 1.2 per cent respectively from 2019. That's a much slower growth than last year's 6.8 per cent boost for management and 7.1 per cent jump for executives. QUX世界播


Employers are also facing intensifying competition for talent to support the digitalisation of their businesses. QUX世界播


The most in-demand are data scientists, IT solution architects, business intelligence analysts and cybersecurity engineers, Mercer's poll found. QUX世界播


Roles that support digitalisation efforts will attract salary premiums, especially at senior and specialist levels, compared to the general market. QUX世界播


For example, specialists who have capabilities in cybersecurity incident-response analysis are expected to receive wages that are 33 per cent higher than the median annual base salary, while specialists in robotic process automation will get a 30 per cent premium over the median level. QUX世界播


Meanwhile, many companies in Singapore are focusing on bumping up incentives and benefits to employees as well as redesigning the work experience. QUX世界播


About three in 10 of respondents said they are looking to add or expand telemedicine or digital care to their health programmes next year. QUX世界播


Half of the employers surveyed indicated that they will provide or reimburse remote-working expenses such as Internet bills, laptops and mobile phones. They are also considering giving more flexibility for onsite and remote working. QUX世界播


A growing number of Singapore banks - which are among the largest employers in the country - will make flexible work arrangements a permanent fixture for their staff, The Business Times reported this week. QUX世界播

据《商业时报》(Business Times)本周报道,越来越多的新加坡银行--它们是新加坡最大的雇主之一--将把弹性工作安排作为员工的永久固定安排。QUX世界播

DBS announced a slew of new practices for its 29,000-strong workforce, including the option to work remotely up to 40 per cent of the time and a formal job-sharing scheme. UOB will institute a two-day work-from-home policy, while Maybank Singapore has plans to adopt a hybrid working model. QUX世界播


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