A recent survey by Randstad Singapore revealed that 53% of Singaporeans feel they are not fairly compensated for their work.
The world’s largest talent company released the Salary and Bonus Expectations report to assist employers in understanding talent expectations regarding annual bonuses and salary increments amid rising living costs and labour market imbalances.
Randstad’s Managing Director of Permanent Recruitment in Asia Pacific, Jaya Dass, warned that companies failing to revise internal salary bands could risk losing top talent.
The survey also found that 37% of respondents who changed employers between March 2022 and February 2023 received a salary increase exceeding 20%.
Dass emphasised the importance of employers reviewing and communicating salary bands and employee benefits to secure talent.
Additionally, the survey reported 22% of respondents would not receive a bonus for their 2022 work contributions, highlighting the role of bonuses in employee motivation and talent retention.