The latest Hiring, Compensation and Benefits report for 2024 from Jobstreet provides intriguing survey results from hiring professionals on upcoming employment market expectations, hiring plans for 2024, and a deep dive into compensation and benefits in the Singaporean workforce. The study communicates with 673 hiring professionals across various industries and company sizes.
According to the report, there is some optimism for the start of 2024. Approximately 45% of hirers voiced confidence that the job market would be more active in the first half of the year. However, enthusiasm wanes somewhat for the second half of the year, with confidence dropping to 32%.
Hiring plans for the start of 2024 also reflected this anticipation, with 49% of respondents intending to expand their workforce within this period. A noteworthy detail found that 3 out of 10 hirers also plan to increase contract or temporary staff in the first half of 2024. The reasons for this decision primarily revolved around business expansion, with 54% citing this point and 34% indicating the difficulty in recruiting suitable full-time staff.
Delving into the intricate dynamics of job compensation and benefits, the report takes into account performance bonuses and salary adjustments over the past year. It uncovered that more than half (52%) of the surveyed companies applied salary benchmarking as a measure to evaluate and improve compensation and benefits. Inflation was considered by 26% of hirers in increment calculations.
Furthermore, 2023 saw more companies providing bonuses to their employees in comparison to the previous year. However, transparency in the bonus scheme was lacking, as only 49% of the surveyed companies shared the method used for bonus payout calculation with their employees.
The report further revealed that in 2023, 84% of the surveyed companies rewarded their employees with salary increases, although the increment rate was slightly lower at 5.8% compared to the 6.3% increment reported in 2022. Interestingly, however, there was a notable rise in staff promotions from 47% in 2022 to 59% in 2023, leading to greater opportunities for career advancement. These promotions came with an average increment of 9.24%.
Conductor of the report, JobStreet is an online employment marketplace platform operating primarily in Southeast Asia. It connects job seekers with employers and provides various services, including job listings, resume postings, and employer branding solutions. JobStreet serves as a bridge between employers and job seekers, facilitating the recruitment process for both parties.
JobStreet offers various features and tools to help job seekers find suitable employment opportunities, such as advanced search filters, personalised job recommendations, and resume-building tools. On the employer side, JobStreet provides services like job posting, applicant tracking, and employer branding to attract and manage top talent.
Jobstreet's latest 2024 report provides insights into Singaporean companies' employment landscape, compensation, and benefits. It serves as a guide for job seekers, hirers, and professionals striving to understand the current market landscape and remain competitive.