Nearly half of businesses to give out 3% raises in 2020

But employees stated that salary hikes and compensation will not make them stay.

Most Singaporean organisations or 42% are expecting to provide salary raises of only up to 3% in 2020, according to a survey by recruitment firm Hays.

This figure is the highest percentage to offer this low bracket in Asia after Japan, where 54% expect a 3% salary hike.

This is also said to be in line with employee expectations, with 26% of professionals also projecting salary hike within the same range.

Additionally, 56% of professionals stated that they are satisfied with their current compensation packages after Hong Kong (61%). Singapore also ranked highest in Asia for the greatest number of employers who offered benefits in addition to salary and bonuses (85%), however compensation packages will not be enough to retain staff.

About half, or 48%, of professionals surveyed cited work-life balance as the best reason to stay with their current roles. Hays added that 36% of employees in Singapore are actively looking for a new job, whilst 45% were still open to new opportunities.

More than half, or 60%, of the employees still cite salary or benefit package as the top reason for switching jobs.