Spotlight on rewards trends in Singapore
Singapore rewards hiring is at a high in a post-pandemic world
According to Mercer, burnout, personal circumstances and dissatisfaction with pay form the top three reasons behind most market movements at present. This means that employees are increasingly looking beyond the numerical figures stated on their offer letters and payslips when deciding to join or leave, which in turn spurs employers to refine their total rewards strategies, in hopes of attracting and retaining the right people. Such renewed emphasis on the overall employee value proposition explains why total rewards has seemingly edged out compensation and benefits as the preferred buzzword these days, also making it an exciting time to consider a career move in this space with an enhanced focus on value add renumeration related projects! Given the huge demand for rewards professionals we have seen typical salaries in this area peak at 20 to 30% increment in some instances. Individuals are likewise looking for more transparency around total compensation, with constitutive parts alone (i.e., base pay, discretionary bonuses) no longer compelling enough to talent in an increasingly competitive market.
Given the huge demand for rewards professionals we have seen typical salaries in this area peak at 20 to 30% increment in some instances.
The evolution of benefits and wellbeing
Another trend that is exciting to observe is seeing benefits evolve continuously in the region, and take the limelight rather than positioned as the poorer cousin of compensation. This is surprising in hindsight since benefits is such a dynamic space. On one end of the spectrum, we see the introduction of ‘new’ perks (e.g., adoption leave, breastmilk transportation, fertility leave) that are intended to address diverse employee needs, yet ‘old-generation’ programmes such as employee recognition schemes in the absence of significant monetary adjustments can still go a long way in fostering feelings of appreciation. Put simply, we are witnessing fundamental shifts in how the distinctions between workplace privileges and entitlements should be made. With burnout, mental health, wellbeing and flexibility being top priorities, Benefits Specialists have the perfect platform to experiment and engage with the business to enable a diverse, equal and inclusive culture. Ultimately, effective benefits and wellbeing can only be achieved with equitable culture.
With burnout, mental health, wellbeing and flexibility being top priorities, Benefits Specialists have the perfect platform to experiment and engage with the business to enable a diverse, equal and inclusive culture.
The future of reward
Our specialist rewards, analytics and payroll HR search team endeavours to promote constructive conversations around total rewards through sharing some current trends, particularly now that the wider climate (e.g. unprecedented inflation, the potential impending recession) has cast a shadow over the HR landscape once again. If Covid19 has taught us anything, it is that total rewards will likely find innovative ways to remain at the top of the leadership agenda and we look forward to seeing the practice continue to evolve!
Total rewards will likely find innovative ways to remain at the top of the leadership agenda.
If you wish to be involved in future rewards roundtables and events, or if you would benefit from a confidential conversation on potential career moves within the total rewards space, feel free to reach out to Janard Liew or Charlotte Matthew as we would love to hear from you!