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Singapore executive professionals most dissatisfied with salary growth amid wage stagnation over the past 3 years
SINGAPORE: Singapore executive professionals with more than 15 years of experience are the most dissatisfied with their salary growth, according to a recent survey by jobs and talent platform foundit. While 28% said they were satisfied with their salary growth, satisfaction levels tend to decline as professionals move up in their careers.
Salary stagnation has been a key issue over the past three years, with 41% of professionals reporting no salary growth. Another 28% experienced salary reductions, either minor (19.3%) or significant (8.3%), while only 32% received pay hikes. Of those who received increases, 15.9% reported modest growth, and 15.3% saw substantial raises.
The survey also highlighted a growing gap between the salary expectations of Singapore employees and the compensation strategies adopted by employers. While 53% of professionals see opportunities for higher pay, only 36% feel their salary is above average, and 11% are unsure how their pay compares to market rates.
Overall, 35% of respondents expressed dissatisfaction with their salary growth, while 37% were neutral, reflecting mixed feelings about compensation structures.
Mid-level professionals, with seven to 10 years of experience, are also dissatisfied, with 57.9% saying their salary is below market standards. In contrast, entry-level professionals with up to three years of experience are the most optimistic, with 46.9% reporting they earn above industry standards.
Looking ahead, nearly half of respondents (49.37%) expect no salary growth or a modest increase of up to 10% in their next review. Nearly a quarter (24.5%) anticipate a 6% to 10% raise, while 24.8% foresee a more modest increase of up to 5%.
Meanwhile, 16% of professionals expect substantial salary hikes exceeding 30%. Entry-level employees remain the most optimistic, with 34.9% expecting 6% to 10% increases. Executives, however, are the most ambitious, with 25.7% anticipating raises of 30% or more.
When asked about their future salary expectations, 73% of respondents said they expect salary growth, with professionals in the consumer electronics, engineering & construction, and IT sectors being the most optimistic. However, employees in the Manufacturing, Retail, and Education sectors expect more stability or even a potential decline.
Professionals believe key factors affecting salary trends are in-demand skills (30.1%), economic trends (24.9%), industry-specific challenges (18.8%), and technological advancements (16.2%).
V Suresh, CEO of foundit, noted that the “misalignment” between employee salary expectations and market realities in Singapore, particularly among mid-career professionals, presents a significant challenge for employers striving to retain skilled talent in an already competitive job market.
He added, “Organisations must adopt transparent salary benchmarking, skills-based compensation models, and clear career progression frameworks. Companies that prioritise fair and structured salary growth will not only improve retention but also strengthen Singapore’s position as a premier talent hub in Asia.” /TISG
Featured image by Depositphotos (for illustration purposes only)
