Robert Walters Singapore’s annual Salary Survey
Singapore, 28 November 2023 – While the demand for top talent will remain strong across all industries in 2024, the increased use of digital and generative AI in companies, as well as a growing focus on sustainability and ESG, will see companies look aggressively for talents with expertise to support these functions. As most employees surveyed consider a new job within the next 12 months, talent will more likely be attracted to companies with benefits including bonus packages, flexible work arrangements, and health-related support.
There are gaps between perceptions of employers and employees in terms of salary and benefits, as well as work-life balance initiatives such as flexible work arrangements, and the concept of a four-day work week. To retain talent, companies will find counter-offers effective, with close to 1 in 2 employees willing to consider it, especially if salaries are reviewed and career progression opportunities presented.
Talent moving between jobs can expect a pay raise, with increments as high as 10% - 15% for talent-short areas such as tech. The survey noted that the increment will be dependent on the scarcity of the skillsets required. Employees staying with their current companies will see their salaries pegged to market standards.
These are some of the key findings on employees and companies in Singapore, based on specialist professional recruitment firm Robert Walters’ global Salary Survey 2024, an authoritative analysis and benchmark of salary trends.
Looking for a new job, but also open to staying on
The survey showed that 79% of employees are looking for a new role in the next 12 months, citing the desire for career progression (37%) as the biggest factor. Benefits will affect their decision to accept a new job offer, and top ones that are most valued are a good bonus scheme (87%), a flexible/remote work arrangement (70%) and having private healthcare insurance (60%).
When asked if they are willing to consider a counter-offer, 43% will do so, even after they have accepted a new job offer. The top reasons that make them stay on are an increased salary (94%), an opportunity for promotion (50%), and a retention bonus (46%). Among the respondents who have accepted counter-offers before, 52% stayed on for 2-3 years, while an additional 16% stayed on in the company for 5 years.
Key Hiring Trends and Challenges
AI, Technology, Sustainability and ESG grow in importance in companies, the need for talent to support these functions will continue to intensify in 2024. Employers surveyed shared that 24% are currently using AI models as a solution to replace routine tasks or administrative work, and an additional 33% are exploring these implementations within the next 12 months. However, employees have yet to catch on, with 39% of employees being somewhat concerned about these technology changes in their companies.
While there remains a shortage of top talent across all industries, especially for tech and transformation, top challenges when sourcing for staff include:
- Salary and benefit expectations perceived to be too high (65%)
- Lack of industry experience (53%)
- Lack of technical qualifications (36%)
In the area of employee retention, top measures that have been put in place include increased wellbeing initiatives (74%), improved learning and development (66%), hybrid work policies (68%).
Catching Up with Changing Employee Expectations
Due to a shortage of qualified professionals, companies are finding it challenging to hire talent. When asked what areas employees would like their current or future employers to take more seriously, they cited Work-life Balance initiatives (86%) such as having a four-day work week, Well-being related services (37%) such as access to counsellors, as well as initiatives that support Diversity and Inclusion (35%).
With work-life balance of top priority, the survey revealed some differences in expectations. While employees shared that they are willing to spend two (25%) to three days (39%) in office, 47% of employers surveyed expect their staff to be in office for at least 4 to 5 days each week. Only 9% of employers are likely to consider trying out a 4-day work week model as well.
“We see a shift in employee expectations, as they are expecting more in terms of flexible work arrangements and having their desired level of work-life balance. Companies who wish to appeal to more talent should adopt a proactive and adaptable approach to address the evolving dynamics in the job market. From focusing more on employee benefits and wellbeing, communicate a clear career and advancement path to manage employee expectations, and strengthen the company culture to be more inclusive. They should also regularly review compensation benefits to stay competitive and put in place processes to keep employees engaged with open channels of feedback,” said Monty Sujanani, Country Manager at Robert Walters Singapore.
2024 Industry Predictions for Singapore
Technology advancement, automation and AI drove the demand for related job roles in 2023. There was a high demand for professionals in technology, cybersecurity, data analytics and software development. Sustainability and ESG were increasingly important focus areas for companies as well. On the hiring front, companies were more open to hiring talent regardless of their physical location, and provided more flexible work arrangements with remote and hybrid work options. With a growing focus on diversity and inclusion in the workplace, more opportunities have been made available for individuals from diverse backgrounds.
In 2024, Digital, Tech and Transformation, and Generative AI will continue to dominate the agenda for companies.
Talent with ESG skillsets in areas such as sustainable energy, environmental management and green tech, will continue to be sought after. Key trends that will impact hiring decisions in the coming year are the demand for flexible work arrangements, boomerang employees, and increased hiring of contract roles/employees.
Other Singapore highlights of the Salary Survey include:
- Top industries that are likely to see the highest attrition (Respondents will be looking to change jobs in 2024): Tech & Transformation (93%), Banking & Finance (87%), Supply Chain & Procurement (80%), and Accounting & Finance (80%).
- Top industries which can expect pay raises in 2024: Tech & Transformation (63%), Supply Chain & Procurement (63%), Sales & Marketing (63%), Human Resources (63%).
- Top in-demand professions for 2024 are
Accounting & Finance: Finance Business Partners, Corporate Finance, Commercial Analysts
Banking & Financial Services: Traders, Portfolio Managers/Research/Investment Analysts, ESG domain roles
Human Resources: HR Business Partner, Talent Management/ Talent Acquisition, Office Manager/Executive Assistants
Sales & Marketing: Commercial Directors/Managers, Business Development & Managers, Customer Relationship Management and Loyalty Marketing
Supply Chain, Procurement & Logistics: Logistics & Distribution, Planners, Procurement/Sourcing
Technology & Transformation: Head of Digital or Business Transformation, Software Developers, Cloud & DevOps
More details on key sector trends are available in the Factsheet.
Research methodology:
Robert Walters surveyed more than 300 professionals and companies in Singapore in September 2023 to get feedback on their main expectations or concerns for the year to come with regards to salaries, career changes or staff retention.
Salaries shown in the Robert Walters Salary Survey are based on an analysis of placements made across our network of offices and specialist disciplines during the course of 2023.
Now in its 25th year, the Survey is used by employers, HR managers and employees for benchmarking salary levels within their industry.
The Robert Walters Salary Survey is available here
For more information on Robert Walters Singapore, please visit www.robertwalters.com.sg/
For media queries, please contact:
Lim Wee Ling at weeling@aprw.asia or Preston Song at preston@aprw.asia.