Spotlight on rewards trends in Singapore

Author Janard Liew
November 8, 2022

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!

Jobs

  • Engineering/manufacturing/industrial

APAC Total Rewards Director

We are pleased to be retained on a Regional Total Rewards Director search for a European-headquartered Manufacturing conglomerate. At its core, the incoming will take ownership of the Asia-Pacific (APAC) markets, including Greater China. As among the most recognisable names in the industry, the client shored in approximately $20 billion in profits for FY2023 despite […]
  • Posted Posted 1 day ago
  • FMCG/consumer goods

Group Head of Rewards

We are excited to be retained on a Group Head of Total Rewards opportunity with one of the leading players in the Consumer Products sector. A longstanding stalwart of the industry and a globally recognized brand, our client takes great pride in their mission to improve quality of life and create sustainable futures which has […]
  • Posted Posted 3 days ago
  • Charity/non-profit/third sector

Country Payroll Manager

We are partnering a Social Services organisation exclusively to appoint a Country/Singapore Payroll Manager (circa. $80-90k base excluding bonuses) who will sit under their Human Resources Shared Services (HRSS) team. Guided by the mission of doing good and helping families reach their full potential, they have seen steady growth in their product offerings over the […]
  • Posted Posted 3 days ago
  • Financial services

Executive Compensation Senior Consultant

We are excited to be partnering with a leading global professional services firm to appoint a Senior Executive Compensation Consultant to join their growing and high performing regional team. The client is particularly renowned for their ability to design bespoke and tailored executive compensation strategies and programs for clients across various industries owing to their […]
  • Posted Posted 3 days ago

Featured Content