Manage HR Magazine | Wednesday, March 02, 2022
HR leaders have prepared budgets to deal with differentiating salary increases by functions, with IT being the highest, and by positions, with clerical/operations being the highest.
FREMONT CA: Organizations and HR professionals across Asia, Europe, the Americas, and the Middle East are no longer depending entirely on remuneration to attract and retain employees. They seek new ways to create deeper relationships with their employees and give them greater opportunities for growth and development.
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Organizations and HR professionals across Asia, Europe, the Americas, and the Middle East are no longer depending entirely on remuneration to attract and retain employees. They seek new ways to create deeper relationships with their employees and give them greater opportunities for growth and development.
Nearly half of HR professionals invest more in improving manager and leader effectiveness in building employee connections and inclusion. More than one-third (36 percent) said they engage more with employees around organizational change priorities. Other findings revealed that more than a third of employers (31 percent) are increasing their efforts to connect employee work to the organization's mission, vision, and values, and a similar number (30 percent) are increasing their efforts to connect employee work to the organization's mission, vision, and values.
HR managers have established wage increase budgets that are varied by function. Don Lowman, Global Leader of Korn Ferry's Total Rewards Business, stated that not all jobs are created equal when paying increased budgets. Several hot skill areas, such as analytics and data science (26 percent), engineering (36 percent), IT (39 percent), and sales (39 percent), were identified as having separate wage increase budgets (23 percent). Marketing (14 percent), research and development (14 percent), executive management (13 percent), and human resources (14 percent) round out the top five (10 percent).
From executive/senior management to middle management/seasoned professionals, supervisory/junior professionals, and clerical operations, the expected median income rise (3.5 percent) is identical across all employee groups in Singapore. Thailand and the Philippines have similar rates, albeit at a higher rate - 4.5 percent in the former and 5.5 percent in the latter. However, in Malaysia, the anticipated median wage increase (4.9 percent) Malaysia is expected to benefit supervisory/junior professionals more than middle management/seasoned professionals (4.8 percent).
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