Survey finds salaries in finance, accounting sectors in S’pore likely to rise
- POSTED: 15 May 2014 16:08
- UPDATED: 15 May 2014 16:35
Salaries for finance and accounting professionals in Singapore are expected to rise, recruitment firm Robert Half said on Thursday.
SINGAPORE: Salaries for finance and accounting professionals in Singapore are expected to rise, with the tight labour market likely to force companies to increase wages to attract and retain employees, said recruitment firm Robert Half on Thursday in a press release.
55 per cent of companies in Singapore plan to increase wages for professionals in their finance and accounting department. Only 1 per cent of firms plan to cut wages, while the remaining 43 per cent plan to maintain salaries.
This is in contrast to the other five markets surveyed.
The majority of companies in China, Hong Kong, New Zealand, Australia and Brazil plan to increase wages for finance and accounting employees, the survey conducted by Robert Half found.
Ms Stella Tang, managing director of Robert Half Singapore, said retaining experienced finance and accounting professionals is a challenge as their skills are in high demand.
"Much of the increase in salaries in Singapore is driven by competition for the best staff. Companies are confident in their growth prospects and are prepared to pay more to attract or retain the top people they need," Ms Tang said.
Finance and accounting employees in Singapore also have a good chance of getting larger bonuses, the survey found, with 37 per cent of local firms saying they are likely to increase bonuses, while 59 per cent are paying the same as last year.
The survey was conducted in 16 markets and covered 2,431 chief financial officers, including 150 from Singapore.
It was completed in January this year.