SINGAPORE - Good news for those in the tech industry! IT professionals are more likely to see large salary increases this year than their counterparts in the finance or banking sectors.
According to recruitment firm Robert Half's latest 2016 salary guide, about two in 10 (20%) employees in the tech industry can expect their salaries to rise by 10 per cent or more.
By contrast, only nine per cent from the finance & accounting sector, and none from the banking & financial services sector are likely to get similar increments.
Mr David Jones, Robert Half's senior managing director for Asia Pacific, acknowledged that the area where salaries are most likely to increase are in technology roles.
"We are seeing strong demand for professionals with skills in IT audit, security and change management. Responding to technological change is a priority for many companies in Singapore and they need top technology professionals to deliver projects and update their systems," he explained.
Earlier this year, it was reported that tech giant Google was seeking to hire a team of software engineers in Singapore.
On the whole, more than seven in 10 (72%) employees can expect their salaries to stay the same or increase between one and five per cent.
The report also revealed that finance and accounting professionals are most likely to enjoy a salary increase of more than five per cent in 2016. Three out of five employees in the industry can expect an increase of more than five per cent.
However, the outlook is significantly less rosy for those in banking & financial services, as salaries within this sector are expected to be the most flat out of the three industries covered.
Reflecting reduced hiring activity in banks around the world, salary increases on offer for Singapore banking professionals are expected to be five per cent or less for a huge majority of employees (96%).
Commenting on the figures, Mr Jones said that the modest salary increases reflected the subdued global economy, but there remains optimism for both economic and corporate growth this year.
"Singapore's employment market is still active with many firms making hires to replace staff who have left and to expand their headcount. However, hiring activity is not driving up salaries the way it has in previous years," he said.
He also pointed out that while in previous years business leaders typically cited the lack of supply of candidates, this year employers faced a shortage of candidates with the right specialist knowledge and experience.
"There has been a significant change in the factors driving salary increases in Singapore. It's not a lack of supply that is the problem, it's a lack of skills," he added.
The problem of workers with insufficient skills has been acknowledged by the Government. Finance Minister Heng Swee Keat has said that the upcoming Budget would look at helping workers learn new skills to cope with changes or to enter new industries through the SkillsFuture framework.