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Salary expectations of Singaporean fresh grads slips to $3,308 per month
But this is still costly for employers.
According to the latest findings from a global survey conducted in Singapore and Hong Kong earlier this year, it would cost an employer more to hire fresh graduates in Singapore as their average expected monthly salary amounts to $3,308.
In comparison, their counterparts in Hong Kong expect to draw the equivalent of $2,798 (or HK$17,314) per month in their first job.
There is however one common trend between Singapore and Hong Kong; salary expectations are falling.
Over 13,000 university students – almost 7,300 from Singapore - participated in the largest survey of its kind in the world, which took place between October 2013 and February 2014. When asked about their most important career goal, these young talent continue to choose “to have work/life balance” as their top priority, followed by “to be secure or stable in my job”.
Joakim Ström, Managing Director – APAC, Universum says, “As two of the most developed markets in Asia, most employers believe there should be greater similarities than differences among talent in Singapore and Hong Kong. Having conducted our annual survey in both markets since 2008, we would say that these similarities are skin-deep. Using the trend of dipping salary expectations as an example, Universum believes that in Singapore, future talent are seeing salary more and more as a ‘hygiene factor’ and evaluating their career options with other non-monetary qualities from their prospective employers. In Hong Kong, on the contrary, we think this could be linked to talent’s heightened need for job security, due to concern over their ability to land good career opportunities amidst stiff competition in the market.”
Despite fresh graduates in Singapore expecting higher starting salaries than those in Hong Kong, it might ‘cost less’ to retain the former in the long run as they place greater emphasis on “people & culture” of their future employers. In particular, “a friendly work environment” and “a creative and dynamic work environment” are among the three most important employer attributes while “recognising performance” increases in significance this year.
In contrast, Gen Y in Hong Kong still pride “remuneration & advancement opportunities” – especially “good reference for future career” and “high future earnings” - that their future employers could provide.
When it comes to preferences to work for homegrown or foreign organisations, Singapore and Hong Kong talent again seem to share similar sentiments as there are just four and five local players among their respective Top 10 IDEAL Employers rankings this year.
In Singapore, Singapore Airlines, A*STAR, Ministry of Education and Keppel Corporation make the mark while in Hong Kong, the Hong Kong Government, Cathay Pacific Airways, Swire Group, MTR Corporation and Airport Authority Hong Kong join the ranks.
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