Expecting the global “Great Resignation” phenomenon to play out in full next year, employers in Singapore are reverting salary increments and payroll budgets to near pre-pandemic levels in a bid to hold on to their employees, as well as fill vacancies next year.
Publishing its Mercer’s 2021 Total Remuneration Survey on Wednesday, 17 November, Mercer Singapore said workers here can expect pay rises of 3.5 per cent next year, a hairline shy of 2019’s 3.6 per cent.
As for total payouts that cover expenses such as salary increments, promotion raises and market adjustments, human resources teams are planning to set aside 4.4 per cent more next year. That budget exceeds the 4.3 per cent increase in 2019, the year before the Covid-19 pandemic.
The projections, garnered from 961 companies – of which 800 are multinationals – across 18 industries with operations in Singapore, mirror trends that have shown up in many remuneration surveys, some of which also highlight that a majority of workers in Singapore are entertaining imminent prospects of quitting their jobs.