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

  • FMCG/Consumer goods

SEA Rewards Specialist

We are pleased to be partnering a European-headquartered multinational firm to appoint a Total Rewards Specialist into the Southeast Asia regional team. With a longstanding legacy spanning approximately two centuries, our client operates out of a global network of assets crosscutting various sectors. The business continues to be driven by the higher order goal of […]
  • Salary GBP108000 – GBP108001 per annum
  • Posted 3 dagen geleden geplaatst
  • Oil/Energy/Renewables/Utilities

C&B Manager

We are pleased to partner a Manufacturing conglomerate to appoint a strategic and hands-on Compensation & Benefits (C&B) Manager who will be sitting at Group Human Resources (HR) level. As a leading industrial player with businesses crosscutting multiple verticals, the client has footprints in the Americas, Europe and Asia. Cognizant that its people are its […]
  • Posted 6 dagen geleden geplaatst
  • Retail/e-Commerce

Regional C&B Manager

We are pleased to partner a Luxury Retail conglomerate to appoint a Regional Compensation & Benefits (C&B) Manager who will take ownership of the Southeast Asian (SEA) markets. As among the most recognisable names in the industry, the client boosts a comprehensive catalogue of products as part of their quest towards service excellence and creativity. […]
  • Posted 2 weken geleden geplaatst
  • Professional Services

APAC HRIS Manager

We are pleased to be collaborating with a Singapore-headquartered conglomerate to appoint a Human Resources Information Systems (SAP Successfactors) Manager into their HR team. Led by their mission of bettering lives, the client boasts a diverse portfolio spanning business verticals relating to hospitality, food & beverages etc. Likewise, promoting total well-being remains top priority for […]
  • Posted 2 weken geleden geplaatst
  • FMCG/Consumer goods

SEA Rewards Specialist

We are pleased to be partnering a European-headquartered multinational firm to appoint a Total Rewards Specialist into the Southeast Asia regional team. With a longstanding legacy spanning approximately two centuries, our client operates out of a global network of assets crosscutting various sectors. The business continues to be driven by the higher order goal of […]
  • Salary GBP108000 – GBP108001 per annum
  • Posted 3 weken geleden geplaatst
  • Financial Services

HR Anaplan Consultant

We are pleased to be collaborating with a highly decorated Wealth Management firm to appoint an Anaplan Consultant into their Human Resources (HR) Technology team. Cognisant of the manifold transitions taking place around the world (e.g. elevated valuations, very low real interest rates, record high public debt levels, persistent inflationary and geopolitical pressures), the client […]
  • Salary GBP120000 – GBP120001 per annum
  • Posted 3 weken geleden geplaatst
  • Financial Services

Regional Total Rewards Specialist

We are pleased to partner a leading Financial Services group to appoint a Total Rewards Specialist (AVP level) for the Asia-Pacific (APAC) region. As a leading industrial player with longstanding heritage stretching multiple decades, the client has footprints in more than 50 countries and prides themselves on being guided by a trust-driven formula. In line […]
  • Posted 1 maand geleden geplaatst

Featured Content