Singapore salaries unchanged despite talent shortage

Employers in Singapore are not increasing salaries to attract and retain key hires even though demand for talent remains high, according to the Singapore Employment Outlook and Salary Guide 2012/2013 by Kelly Services.

In Singapore, many professionals including accountants, bankers and financiers, and engineers remain highly sought after. Despite this, companies are not using financial compensation as a means of attracting and retaining talent.

According to the 2012 Kelly Global Workforce Index, 75% of respondents placed personal growth and fulfillment as more important than compensation and  benefits when choosing between jobs.

In response to the changing demands of the workforce, more HR managers have begun to take a different approach to an individual’s employment package. While monetary benefits remain a key feature, non-financial rewards such as work flexibility, career development programmes, and a clear career path are also used as carrots to retain staff.

In the accounting and finance sector, mid-level positions like senior accountants, auditors and credit managers, will continue to be in demand due to stricter internal controls via expense management and push for profitability.

In the banking and finance sector, as regulatory requirements become increasingly stringent, banks are focusing on filling business critical positions. The insurance, asset management and reinsurance sub-sectors are experiencing solid growth creating appetite for skills such as quantitative analysis and actuarial related disciplines.

credited to :http://www.hrmasia.com/news/singapore-salaries-unchanged-despite-talent-shortage/143068/