SINGAPORE – Some 72 per cent of Singapore employers plan to raise their salary offers for certain in-demand roles in 2024, Morgan McKinley said on Thursday.
Eighty per cent of organisations surveyed by the talent services company found hiring “very” or “quite” competitive in 2023.
Nearly 40 per cent lost out on hiring new talent in the last six months, as they were unable to compete on salary and benefits, the survey found.
Despite the competition, 43 per cent of Singapore businesses still plan to hire in the next six months.
“Despite a significant slowdown in hiring from the post-pandemic highs in Singapore, recruitment for top talent is still happening – but it has been difficult,” said Morgan McKinley Singapore managing director Gurj Sandhu.
He noted that apprehension from job seekers, the widening skills shortage due to international talent leaving the region and a long hiring process were factors contributing to this trend.
When it came to job candidates, 41 per cent of professionals polled said they plan to actively look for new jobs in the next six months.
Nearly two-thirds (63 per cent) said they were either “neutral”, “dissatisfied”, or “highly dissatisfied” with their packages.
Getting a higher salary remains the top reason why employees change jobs, followed by career growth and development opportunities, Morgan McKinley found.
It estimated that full-time workers in Singapore make around $5,783 a month on average, which equates to $69,396 a year.
Morgan McKinley said 60 per cent of Singapore professionals are optimistic that they will receive a pay rise in 2024, based on the survey.
The top five most desired work benefits are bonuses, working from home, flexible working hours, health and well-being support, and health insurance.
Mr Sandhu said companies are now more strategic with hiring as they tighten their purse strings.
This comes as global markets face challenging times in 2023.
Morgan McKinley conducted research on 650 businesses and 3,400 professionals as part of the survey. THE BUSINESS TIMES
