SINGAPORE - Some employees in IT could reap salary increases of around 6.8 per cent next year, according to a survey on Monday (Dec 11).
This would be well above the average pay rise of 4 per cent across Singapore recorded in 2016.
Specialist recruiter Robert Half said in a report that 92 per cent of the chief investment officers polled plan to give out such increases to 15 per cent of their IT staff over the next 12 months.
But there are still a few who will be keeping a lid on increases, with 67 per cent of this group citing a lack of financial resources or the need to reduce costs, while 17 per cent said their staff salaries are already at market rate and that their employees are underperforming.
The annual study, which was commissioned by Robert Half and conducted in June and July, surveyed 75 chief investment officers and chief technology officers in Singapore.
"While wage growth has remained steady over the past several years, Singapore's IT leaders need to understand the value remuneration has in retaining their top performing talent," said Mr Matthieu Imbert-Bouchard, managing director of Robert Half Singapore.
"The city-state's IT workers operate within a limited talent pool, are acutely aware of their market value and with highly sought-after skills are more inclined to leave an organisation if they are offered a more attractive remuneration package elsewhere.
"While a higher salary is a prime motivator for top performers, it is important that both employers and employees consider alternative incentives other than more pay."
Mr Imbert-Bouchard noted that benefits such as flexible working arrangements, additional leave and more professional development opportunities "can be just as motivating to staff as an increase in salary".