With Voluntary Employee Turnover on the Rise, Technology Sector Companies in Singapore and Asia-Pacific Boost 2017 Salary Budgets
Author(s): Media OutReachSINGAPORE, November 9, 2016: Aon Hewitt, the global talent, retirement and health solutions business of Aon plc (NYSE: AON), has released new data on talent and rewards trends at technology sector companies in...
cityairnews
Nov 9, 2016 10:30
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According to Radford, technology sector companies across Asia-Pacific continue to face high levels of employee turnover despite ongoing economic uncertainty around the globe. Outside of Japan and South Korea, annualized voluntary turnover rates now exceed 10% in all major Asia-Pacific markets. India leads the region with a trailing 12-month voluntary turnover rate of 13.6%, followed by Malaysia at 13.0%, Australia at 12.4%, Singapore at 11.7%, Hong Kong at 11.3% and China at 10.8%.
Facing robust competition for talent, roughly two-thirds of technology sector companies in all major Asia-Pacific markets are currently pursuing normal or aggressive hiring plans-- again, India leads this trend, with 13.0% of companies reporting aggressive hiring plans.
| Overall Salary Increase Budgets | |
Market | 2016 Actual | 2017 Planned |
Australia | 3.5% | 3.6% |
China | 7.9% | 8.0% |
Hong Kong | 4.2% | 4.5% |
India | 10.5% | 11.0% |
Indonesia | 7.9% | 8.7% |
Japan | 2.8% | 3.0% |
Malaysia | 5.5% | 5.6% |
Singapore | 4.2% | 4.4% |
South Korea | 4.8% | 5.0% |
Thailand | 5.5% | 5.7% |
Singapore Recap
As we note in the highlights section above, Singapore is not immune to the larger talent and rewards trends observed across Asia-Pacific. Median voluntary turnover at technology firms in Singapore currently sits at 11.7%, above the 10% threshold where companies typically begin to consider special retention programs. As a result, technology companies in Singapore are responding with increased salary budgets for 2017.
