Friday, May 9, 2025
31.9 C
Singapore

Singapore executive professionals most dissatisfied with salary growth amid wage stagnation over the past 3 years

- Advertisement -

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.

- Advertisement -

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.

- Advertisement -

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

Read also: S Pass qualifying salary to increase: S$3,300 from September 1, S$3,800 for those in financial services

- Advertisement -

Featured image by Depositphotos (for illustration purposes only)

- Advertisement -

Hot this week

Naomi Osaka turns near defeat moment into a dramatic victory at the Italian Open

Naomi Osaka made an impressive comeback in her second-round...

Trump cuts off lifeline: A million refugees in Uganda face hunger as US aid vanishes

INTERNATIONAL: A subsidy failure at the United Nations World...

Naomi Osaka turns near defeat moment into a dramatic victory at the Italian Open

Naomi Osaka made an impressive comeback in her second-round...

Trump cuts off lifeline: A million refugees in Uganda face hunger as US aid vanishes

INTERNATIONAL: A subsidy failure at the United Nations World...

Asia’s rice bowl at risk as India-Pakistan conflict threatens regional food security

INTERNATIONAL: As pressures between nuclear-armed adversaries India and Pakistan...

Johor businesses urged to tap JS-SEZ for growth and investment opportunities

MALAYSIA: Businesses in Johor have been strongly encouraged to...

Asia’s children starve as planet burns: UNICEF sounds alarm on surging child malnutrition in Asia

SINGAPORE: Children appeared to be the most defenceless victims...

Singapore SMEs eye JS-SEZ for growth amid rising costs and global trade tensions

SINGAPORE: The Johor-Singapore Special Economic Zone (JS-SEZ) is emerging...

Related Articles

Popular Categories