A conservative average pay increase of 4.7 per cent is expected this year, going by findings of a report released yesterday. Still, human-resource experts said that the market outlook is not all that bad.
Ms Sarah Ellis-Goldsmith, from recruitment consultancy Robert Walters Singapore, pointed out that the expected increment is slightly above the expected inflation of 3.5 to 4.5 per cent.
"In line with that, candidates are seeing an average of 10 to 15 per cent (salary) increment when switching jobs," said the manager of Robert Walters' legal and compliance division.
"The impact of this is that we are seeing some candidates choosing to look for opportunities outside of their companies in order to receive a higher salary increment than what their current companies can offer," she said.
She also added that the employment market is still competitive, and good candidates with certain niche skill-sets continue to be in high demand.
Ms Stella Tang, a director at human-resource consulting firm Robert Half, said that her company has also observed double-digit salary increases when employees move to another company, although no figures were provided.
She said: "Looking at salaries across whole industries is a macro approach. What you really need to do is look specifically at individual job functions and you will see that some jobs are enjoying increases well above national or industry levels."
She added that senior accountants at large firms, financial planning and analysis professionals, and investment analysts with a good track record still enjoy healthy pay rises.