30% of employers do not plan to raise pay: survey

But 46% of employers plan to raise salaries this year.
Three in 10 employers in Singapore have no plan to raise their employees’ salary, whilst less than half (46%) said they intend to give pay increases to at least nine out of 10 staff members, according to a recent survey by global organisation consulting firm Korn Ferry.
For the employers planning to implement pay hikes, the average salary increase expected was only 2.1%, lower than the 3.1% raise applied in 2020.
According to Korn Ferry Singapore senior client partner Kartikey Singh, more work would be contractual, temporary, services-led and driven by technology-aligned services as the economy spurred to growth, possibly creating pressure on governments and organisations to develop tech talent at a quicker rate.
“Whilst the overall pay increases might look sanguine, talent scarcity for areas like product and application development, cybersecurity in certain sectors like e-commerce, technology and fintech can drive significant pay premiums for these job categories,” said Singh. “This will force organisations to practice differentiated pay strategies for various employee and skill groups.”
Significantly, it would be more important for organisations to ensure their employees feel valued and rewarded. “As financial resources are constrained, organisations need to focus more on a ‘total rewards’ approach,” according to Korn Ferry global leader for rewards and benefits Don Lowman.
A total rewards approach included financial rewards such as base salaries, promotions, bonuses and benefits, as well as non-financial ones including interesting and meaningful work, an energising work climate, training and mentorship, career development opportunities, recognition and feedback, Korn Ferry said.
Palmstone Tankers & Trdg would have to review all procedures before being allowed to continue operations. Banker tanker NewOcean 6 has been put into quarantine and has ceased all operations until further notice after a total of nine COVID-19 cases linked to the vessel were recorded, the Maritime and Port Authority (MPA) of Singapore reported. Six new cases linked to the banker tanker operated by Palmstone Tankers & Trdg turned out to be…
A record-breaking 82 million-dollar HDB resale flats were transacted in 2020. HDB resale prices jumped 6.4% for the whole of 2020, accelerating from the 0.3% increase recorded in 2019, according to data from the SRX. Prices for all room types rose for the whole year.
Alibaba wants to build a leading e-commerce logistics platform across SEA to serve the region’s fast rising e-commerce logistics needs. The post A Look At Alibaba’s Billion-Dollar Plans In S’pore Amid Intensifying Chinese Competition appeared first on Vulcan Post.
Car rental will cost as little as $0.50 per hour. Car sharing platform TribeCar has announced a partnership with NTUC Income (Income) and CARRO to provide next generation smart city insurance for their Super Economy cars, making it possible to provide car-sharing hourly rentals for as little as $0.50 per hour for its Super Economy category. The partnership will provide transparent motor insurance coverage through a usage-based proposition, first…
They are looking to block the sale of private properties and removal of assets from Singapore. Hin Leong Trading, under its judicial managers from PricewaterhouseCoopers, has applied to freeze the assets, shares and funds held by its founder Lim Oon Kuin and his two children, reports Bloomberg, based on an application to the High Court of Singapore filed in early December. The Singapore-based oil trader collapsed under a $4.6b (US$3.5b) debt
Consumers with smartphones can connect to the WiFi for free. Singtel has launched its 5G experience UNBOXED Lite on Orchard Road, transforming payphone booths into multimedia kiosks which provide round-the-clock access to a wide range of Singtel services and complimentary 5G-powered wifi. Consumers with any smartphone can connect to the 5G-powered WiFi for free. All touch surfaces in UNBOXED Lite are also disinfected frequently and coated with a…