She said median wages have risen by 15-25% and demanded jobs such as IT and life sciences have risen by 35-50%.
“What the government has done is actually the minimum of government work, and definitely not before it, they say they are offering the most generous increments, but at least they are in the external market. “A place of equal competition with the government,” said Mr. Das.
According to analysts, this could mean further adjustments to market wage levels.
Ms. Das said:
“But whether you say it or not, it’s already happening in the commercial and private sector.”
“Spillover” to the private sector
Peter Hamilton, APAC Vice President and Managing Director of Kelly OCG, said there could be “spillover” in other markets, and employers need to reassess compensation and profits in other areas as well. ..
ManpowerGroup’s MsTeo said this “indirectly benchmarks” private businesses and impacts small and medium-sized enterprises (SMEs).
“Since SMEs have limited financial resources and are usually in control of the government sector, this increase is likely to have the biggest impact on SMEs,” Teo said.
“Employers who can’t keep up with increasing salary demand and can’t hire the people they need can move their businesses to countries with lower labor costs to manage their bottom line.”
Experts emphasized that wages are not the only factor here. In addition to considering employee compensation and benefits, Hamilton said it is important to look at employee experience, mental health and health.
Citing Kelly OCG’s global Re: Work survey, he said that globally, 37% of employee expectations have changed since the pandemic.
Hamilton said they have higher expectations for a balance between work and life, flexible work arrangements, and benefits and support for their well-being.
“This number is as high as 43% in Singapore, increasing the need for Singaporean companies to take swift action for more talent-centric attraction, engagement and retention strategies,” he said.
“Aside from compensation, there may be increased demand and acceptance for workforce agility and flexible work arrangements.”
Singapore’s public services sector said it would provide executives with meaningful career opportunities and step up efforts to support executive growth and development with job attachment, structured job rotation, formal training and project work. I am. We have also introduced hybrid work arrangements and flexible work options.
Ms. Das of Randstad said civil servants would also “take a position” in these aspects and help set benchmarks for the private sector.
“I think we need some mandatory guidelines on how much flexibility a company needs to offer, and some that capture employers to provide employees with bad working conditions. I also need a “stick” for her, “she said.
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