Employees in Singapore expecting a pay rise in 2023
Despite more organisations facing rising costs and tightening profit margins, most employees are expecting to receive a pay rise in the coming year.
One of the most pertinent findings from the ADP Research Institute’s new People at Work 2023: A Global Workforce View report revealed that more than eight in 10 employees expect a salary increase in the next 12 months, either from their current employer or when switching over to a new job.
In Singapore, over half the respondents surveyed (56%) expect a salary raise in 2023, and 48% of them expect to receive a bonus. This adds to the challenge faced by employers in Singapore, with almost half of employees (45%) already feeling that they are underpaid and over half (52%) not satisfied with their salary.
Yvonne Teo, Vice President of HR, APAC, ADP, said, “Workers [in Singapore] are generally confident that they will get a pay rise from their current company or be able to secure one by moving jobs. The implications for talent acquisition and retention are substantial.”
Salary and monetary compensation, ADP’s report found, is a top priority for employees in Singapore, with 69% of respondents identifying salary as their most important priority, followed by job security (41%).
READ: Employees in Singapore seek higher pay despite fears over job security
Teo added, “As the cost of living soars, workers across lower and middle-income bands have found that their disposable incomes have been severely hit, and even some higher earners are feeling the pinch.”
While employees may be looking for bigger paychecks, organsations who cannot afford pay rises may have to offer greater work flexibility or alternative benefits to appease employees, she added.