Wage and bonus spikes await finance professionals, say analysts

Salaries might hike up to 5 to 8%.

As automation drives a skill shift in the accounting industry, accountants and other financial professionals can look forward to a 5 to 8% salary spike, according to a report by Randstad Singapore.

The increase is consistent with previous years, but still depends on the particular industry of operation. For instance, as oil and gas manufacturing are currently underperforming, so salary increases will likely be lower compared to those in services industries. Finance managers, accountants, and financial planning and analysis professionals will probably enjoy the largest wage growth in the industry.

Meanwhile, the average bonus will likely range between one to three months. Professionals in sectors such as fast moving consumer goods, retail, information technology, telco, and services industries can look forward to higher bonuses.

Employers trying to retain and grow talent will have to double down on training and development programmes to update their staff’s computing skills, asserted the report. Companies should scrutinize work flows that can be automated—manual work can be reduced and employees can focus on functions that technology can’t replace, such as more strategic or analytical work.

“Job rotations are also an attractive option to retain talent. Employees can be cross-trained to take on different portfolios and roles, allowing for greater mobility in talent management,” the report asserted.