Who’s in the sweet spot for a salary rise?
2020 is going to be a tough one when it comes to getting a pay rise as many employers struggle amid a backdrop of sluggish economic growth. A new report from the Monetary Authority of Singapore indicates that wage growth is expected to stagnate over the coming two years in the face of uncertain economic forecasts.
However, there are some roles that are in line for generous pay rises next year. ‘’Business transformation and digitisation are creating continued demand for specialised positions that are often in low supply.
Upskilling employers are more likely to offer pay rises to retain top talent with in-demand and hard-to-find capabilities,’’ according to Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore.
Those specialised positions include cyber-security specialists and developers, who will need above-average salaries and pay rises in order to secure and retain them. This is creating a ‘dual economy’ for employers.
And the solution for those who won’t get pay rises? Look at perks instead. ‘’If a salary raise is not possible, work with the hiring manager to explore mutually beneficial non-remuneration benefits. This includes increased annual leave, subsidised health and well-being programmes, novated car leases, or flexible working hours and telecommuting benefits,’’ added Imbert-Bouchard.