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Two memorable
experiences stood out for me – one with my CEO and the other was with my
Chief HR Officer. The experience with my CEO occurred during his closing
address at one of my company’s leadership development programs. His simple
question was “What’s next?” This simple question if reflected and acted upon
earnestly, will prevent us from being complacent and drive us to
conscientiously think ahead always.
The second experience was a conversation with our CHRO during this year’s HR
leadership meeting. When asked what words of wisdom she could offer to guide
us into 2011, she said “Always stay close and relevant to the business”,
which we all knew was meant to inspire us to continue to add value and be
strategic partners to the business.
If I may add, I would say, “Stay close to doing what you love, stay relevant
and ahead by developing future capabilities needed to be successful in the
near future”.
Mr Christopher Goh Associate Lecturer, SHRI Academy
44th Joint Graduation Ceremony
SHRI RESEARCH CENTRE >>
Research Reports
SHRI-RDS Survey on 2008
Wage Increase, Bonus and HR Actions
SHRI in
conjunction with RDS surveyed 193 companies in January 2008
to find out about their wage increase, bonus and recruitment
plans as well as their special measures to attract and
retain staff. The much awaited report has recently been
released.
Almost 98% of the
companies survey were optimistic about their business
prospects over the next 6 months. Across the various sectors
including manufacturing, marine, financial, engineering,
services, information technology, 95% of the companies would
increase wages this year.
Key Findings
Almost all
companies are satisfied with the current business
prospects and are optimistic with the business
prospects over the next six months.
Wage increase this year will average around 5%
higher than 2007’s 4.5%.
Variable bonuses (excluding AWS) this year will
average 2.1 to 2.6 months, similar to 2007.
87% of companies experienced staff turnover in 2007
and turnover is expected to decrease in 2008.
In January 2008, the entry-level salaries for most
qualifications increased by 3% to 6% from six
months ago.
Entry-level salaries for most qualifications were
revised and increased by 3.0 per cent to 6 per cent.
Such measure would help to attract talents.
While companies
intend to increase the wages of their employees this year,
many do not see wage increment as an immediate measure to
attracting and retaining employees.
Factors
like job satisfaction, job recognition, job advancements,
opportunities for continuous learning and work-life balance
practices are equally important.
Hence many
companies are going beyond dollar and cents to draw and keep
employees. Almost half of the companies surveyed are
providing continuous learning opportunities for their
employees. Other measures adopted by the companies include
selective market adjustments
improve work-life balance
improve staff engagement
faster promotion
coaching/ counseling training
market premium/ allowance
For more details of the report findings,
please email
enquiries@shri.org.sg
to purchase a copy.
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