Employers shy away from salary hikes, dangle non-cash incentives to attract employees

Firms are becoming more cost-conscious.

The days of double-digit salary increases may be at an end as employers look to reign in the strong wage growth of the last three years and offer non-financial incentives to attract and retain employees.

According to the 2015 Robert Half Salary Guide for Singapore, employees in finance and accounting, banking and financial services and technology roles are more likely to receive wage rises below the 10% or more that many positions received in previous years.

The report noted that wage growth is slowing as companies become more cost conscious.

“After several years of rapid wage growth, employers are moderating the rate of further increases. Company leadership is becoming more cost conscious and while they are keen to add new people to their team, they are keeping a close eye on the overall wages bill,” said Stella Tang, Managing Director of Robert Half Singapore

“In the modern workforce cash salaries are just one aspect of an employment package, albeit the most important one. Companies are increasingly likely to offer employees a package that includes benefits such as flexible work arrangements, performance bonuses, mentoring and international opportunities,” she added.

More From Singapore Business Review

• Singapore’s 8 hottest 40 and under hotel chefs
  

• Discover the firms that are most likely to get delisted from the SGX
  

• MAS unveils new Singapore Savings Bonds for local investors