2013 Singapore salary and employment forecast survey report
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Transcript of 2013 Singapore salary and employment forecast survey report
•About the survey
• S’gore still attractive to Global Firm (Business Times – Jan 29th)
• Job vacancies in services sector
highest (Business Times – Jan 29th)
• Number of job vacancies hit new high
in 2012 (Channel NewsAsia – Jan 28th)
• Several foreign firms prepare to leave
S’pore (Business Times – Feb 5th)
• F&B businesses find solutions for
manpower crunch (Channel NewsAsia – Jan 28th)
• Manpower cost worries most SMEs
(Biz’ Daily – Jan 18th)
• Singapore’s high cost of living may
come at a cost (CNBC – Jan 30th)
• Are women wrecking their won
careers? (Weekend – Feb 2nd)
• Re-employment law see positive
results (Channel NewsAsia – Feb 4th)
• Let remuneration be set according to
market principles (Channel NewsAsia – Feb 4th)
• Slower workforce growth will severely
impact businesses (Channel NewsAsia - Jan 31st)
• Call to relook curbs on foreign labour
inflow (Strait Times – Feb 4th)
Latest EDB Report
Indicator 2011 Actual 2012 Forecast2012 Actual 2013
Fixed Asset Investments (S$ billion)
13.7 13.0 – 15.0 16.0 11-13
Total Business Expenditure Per Annum (S$ billion)
7.3 6.0 – 7.5 6.2 6.5-8
Expected Value-Added Per Annum(S$ billion)
15.5 15.0 – 17.0 20.3 16-18
No. of Skilled Jobs* 20,300 18,000 – 21,000 18,600 19,000-22,000
Source: Economic Development Board
*Skilled Jobs are defined as occupations in the Professional, Manager, Executive, Technician and Skilled Production Craftsman categories
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Latest MOM report
• Annual survey.
• Combine both quantitative and qualitative research derived from our national survey of employers and our extensive involvement in the professional labour market.
• Completed by 300 clients.
• Coming from all major industry sectors covering 10 key areas of specialisation: Finance, Financial services, Healthcare & Life sciences Human Resources, Legal, Oil & Gas, Procurement & Supply Chain, Property Construction, Sales& Marketing, Technology.
About this survey
Employers in Singapore expect their businesses to be faced with a skills
shortage in 2013 due to staff turnover across all sectors
• Staff turnover will lead to a limited supply of available talent in the white
collar job market.
• Supply Chain, Sales, Marketing and insurance areas continue to establish
their headquarters in Singapore.
• More job opportunities become available, continued demand for top talent
Challenge for employers…
Talent attraction and retention as skill shortages exist and regional knowledge
and expertise are likely to be difficult to find.
What to expect...
Salaries will rise above inflation in the next 12 months (excl. Financial
• 56% of employers expect staff
turnover in the next 12 months.
•42% anticipate a skills
• 60% believe a skills shortage
will cause salaries to rise
above the rate of inflation.
• 40% indicating they will offer
salary increases of 4-6%.
•Average increment to move in
2012 was 10-15%.
Note: inflation rate average in 2012 4.6%
• To attract and retain sought-
after talent, 35% of employers
rate recognition and reward
incentives as the most important
•61% of employers also provide
flexible working arrangements.
• 52% of employers offer
flexible salary packaging or
•46% of employers will give
bonuses on a discretionary
Fringe benefits:-Company car-Private healthcare -Pension-Gym membership-Housing-Schooling-Stock options etc.
• Recruitment activity has been steady for the last 12 months.
• Singapore continues to grow as a hub for Asia Operations.
• Increase in Regional role opportunities across all sectors .
• Increase demand for talented professional with broader Asia exposure
and experience working in China, Malaysia or Japan.
• We expect the market to remain in line with 2012.
Highlights and market observations
41% of employers in Hong Kong recognised the need to develop more targeted
attraction strategies and 33% think it will be difficult to maintain headcount.
Singapore vs. Hong Kong
Employers… Hong Kong Singapore
... will increase salaries for top performers only in 2013
… offer flexible salary packaging 61% 52%
… give provision of staff bonus fixed percentage on base salary
•Tailor made / Flexible compensations and benefits
•Recognition and career management
Q & A
As part of PageGroup, Michael Page is a leading professional recruitment
consultancy specialising in the recruitment of permanent, contract and
temporary positions on behalf of the world’s top employers.
First established in London in 1976, we’ve been bringing job seekers and
employers together for more than 30 years. The Group now operates
through 164 offices in 34 countries worldwide and our presence in the
Asia Pacific region extends across Singapore, Taiwan, China, Thailand,
Hong Kong, Japan, India, Malaysia, Australia and New Zealand.
Please contact Andrew Norton, Regional Managing Director, SEA,
[email protected] or call +65 6533 2777
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