A recent survey by foundit, a leading jobs and talent platform, highlights a growing disparity between salary expectations and market realities in Singapore. The survey reveals that 53% of professionals believe their salaries do not align with industry standards, whilst 41% have experienced no significant salary growth over the past three years. This misalignment poses a challenge for employers aiming to retain skilled talent in a competitive job market.
The survey underscores the need for organisations to adopt transparent salary benchmarking and skills-based compensation models. V Suresh, CEO of foundit, stated, “Our survey highlights a growing disparity between employee salary expectations and market realities in Singapore. More than half of professionals feel their compensation is not aligned with industry standards.”
Key findings from the survey include that entry-level professionals (0-3 years) are the most optimistic, with 46.9% reporting they earn above industry standards. In contrast, mid-level professionals (7-10 years) are the most dissatisfied, with 57.9% feeling their salary is below market standards. Additionally, 35% of respondents expressed dissatisfaction with salary growth opportunities.
The survey also found that nearly half of employees expect no growth or a maximum of 10% salary hike in their next review. Meanwhile, 73% of respondents anticipate future salary growth, particularly in sectors like consumer electronics, engineering, construction, and IT.
These insights provide valuable opportunities for organisations to refine their talent strategies, ensuring competitive compensation structures that attract and retain top talent. By addressing these concerns, companies can strengthen Singapore’s position as a premier talent hub in Asia.
“`
This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.
