35% of Singapore firms saw salary freeze in 2020: survey

One in 4 corporations provided no will increase up to now months.

While wage stays a major concern for 49% of workers and 58% of candidates in Asia, Singapore has seen wage freeze in 2020, with 35% of corporations providing no improve, recruitment and human sources providers supplier Hays’ 2021 Asia Wage Information report revealed.

Throughout Asia, 6% of corporations didn’t elevate pay, and this development is predicted keep on in 2021, with 37% of employers anticipating stasis and 4% forecasting decrement.

Since wage budgets could be tightened in 2021, recruitment funds would observe, with 36% of corporations anticipating employees numbers to extend. Some companies (45%), nevertheless, anticipate headcounts to remain the identical, with 54% in Singapore saying so.

Amidst the pandemic, 34% of employers in Asia have seen a surge in innovation over the previous 12 months, with the numbers hovering to 37% in Singapore. In the meantime, versatile working choices have additionally been applied (57% throughout Asia), with 71% of corporations doing so in Singapore.

The survey additionally revealed that 67% of corporations in Singapore would favor candidates with arduous abilities as soon as the hiring freezes thaw within the upcoming months. Employers could be searching for professionals with technical (67%), analytical (66%) and venture (45%) abilities.

“Despite the obvious hardships that we all faced last year, 55% of companies in Asia expect business activities to increase in 2021,” stated Richard Eardley, managing director at Hays Asia. “Though this is a 4% drop on last year’s predictions, it shows a degree of confidence that if the corner has not yet been turned, it soon may be.”

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