Singapore among countries increasing base salaries for majority of finance and accounting professionals

14 May 2014

Robert Half survey shows Asia Pacific companies are the most competitive in cash compensation to attract and retain top talent

If you are a finance and accounting professional and have not had a pay rise lately, then it is time to make a game plan for getting the salary you deserve. That is because the majority of your peers in Singapore are likely to have their base salaries increased.

According to the latest research by specialist recruitment firm Robert Half, Singapore is one of only six markets surveyed where a majority of companies (55 per cent) are paying more to professionals in their finance and accounting department with the trend towards further increases. The other five are China, Hong Kong, New Zealand, Australia and Brazil. The majority of countries surveyed are either freezing or reducing salaries.

The global survey was conducted among 2,431 Chief Financial Officers in 16 countries, of which 150 are from Singapore.

Globally, China paves the way for salaries with 70 per cent of CFOs in China intending to increase salaries for finance and accounting professionals this year.

Ms Stella Tang, Managing Director of Robert Half Singapore, said Singapore is a prime market for experienced finance and accounting professionals, as their skills are in high demand.

"Much of the increase in salaries in Singapore is driven by competition for the best staff. Companies are confident in their growth prospects and are prepared to pay more to attract or retain the top people they need,” Ms Tang said.

TABLE 1: On average what remuneration trends is your finance department currently facing for salaries?

Salaries

All Countries

Singapore

Hong Kong

China

Japan

Australia

New Zealand

UAE

UK

Increasing 

44%

55%

69%

70%

45%

55%

60%

43%

42%

Maintaining

54%

43%

29%

28%

52%

43%

36%

55%

54%

Decreasing

3%

1%

2%

2%

3%

2%

4%

2%

4%

 

In large Singapore firms with 1,000 or more staff, 65 per cent are paying their finance and accounting staff more, compared to 54 per cent of smaller firms with less than 500 employees and 51 per cent of medium-sized firms.

 

Salaries

Brazil 

Chile

Austria

Belgium

France

Germany

Switzerland

The Netherlands

Increasing

58%

39%

39%

23%

28%

43%

39%

27%

Maintaining

40%

55%

61%

73%

72%

55%

58%

70%

Decreasing

2%

6%

0%

4%

0%

2%

3%

3%

 

"While the trend is definitely up, it does not mean everyone should expect a pay rise,” Ms Tang said. “The ability to increase salaries depends on the performance of individual companies. Employees moving to new firms are likely to get a bigger pay rise than employees staying where they are. Moving to a new company can often see a finance and accounting professional’s salary jump by a double digit percentage.”

“Many companies usually have a range in mind when hiring for a specific position, but will go to the top end of the range for outstanding candidates. Candidates who feel confident they are experienced and have the ability to handle the responsibilities of the position, should be prepared to engage in a salary negotiation” Ms Tang said.

BONUSES

And when it comes to bonus time, Singapore finance and accounting employees also have a good chance of getting more. The survey found 37 per cent of companies are increasing bonuses while 59 per cent are paying the same as last year.

Compared to the rest of the world, Singapore has the third highest number of companies that are increasing bonuses for finance and accounting professionals, behind China and Hong Kong and on par with Australia and Brazil.

TABLE 2: On average what remuneration trends is your finance department currently facing for bonuses?

Bonuses

All Countries

Singapore

HK

China

Japan

Australia

NZ

UAE

UK

Increasing 

28%

37%

43%

61%

33%

37%

31%

27%

26%

Maintaining

52%

59%

47%

33%

57%

51%

36%

51%

51%

Decreasing/No

20%

4%

10%

6%

10%

12%

33%

22%

23%

 

 

 

 

 

Bonuses

Brazil 

Chile

Austria

Belgium

France

Germany

Switzerland

The Netherlands

Increasing

37%

29%

25%

14%

18%

29%

16%

12%

Maintaining

54%

45%

49%

58%

56%

55%

58%

54%

Decreasing/No

9%

26%

26%

28%

26%

16%

26%

34%

 

 

 

 

 

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Contact us

MEDIA CONTACT

Gabrielle Nagy 
Public Relations Manager, Asia Pacific
P: +61 2 8028 7751
E: [email protected]

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