SHRI in conjunction with RDS surveyed 193 companies in January 2008 to find out about their wage increase, bonus and recruitment plans as well as their special measures to attract and retain staff. The much awaited report has recently been released.
Almost 98% of the companies survey were optimistic about their business prospects over the next 6 months. Across the various sectors including manufacturing, marine, financial, engineering, services, information technology, 95% of the companies would increase wages this year.
|Almost all companies are satisfied with the current business prospects and are optimistic with the business prospects over the next six months.|
|Wage increase this year will average around 5% higher than 2007’s 4.5%.|
|Variable bonuses (excluding AWS) this year will average 2.1 to 2.6 months, similar to 2007.|
|87% of companies experienced staff turnover in 2007 and turnover is expected to decrease in 2008.|
|In January 2008, the entry-level salaries for most qualifications increased by 3% to 6% from six months ago.|
|Entry-level salaries for most qualifications were revised and increased by 3.0 per cent to 6 per cent. Such measure would help to attract talents.|
While companies intend to increase the wages of their employees this year, many do not see wage increment as an immediate measure to attracting and retaining employees. Factors like job satisfaction, job recognition, job advancements, opportunities for continuous learning and work-life balance practices are equally important. Hence many companies are going beyond dollar and cents to draw and keep employees. Almost half of the companies surveyed are providing continuous learning opportunities for their employees. Other measures adopted by the companies include
- selective market adjustments
- improve work-life balance
- improve staff engagement
- faster promotion
- coaching/ counseling training
- market premium/ allowance
For more details of the report findings, please email firstname.lastname@example.org to purchase a copy.