http://www.businesstimes.com.sg/sub/news/story/0,4574,331631,00.html?
Salaries down 20% in some segments
Economic downturn takes toll on engineering, sales and marketing jobs
By LEE U-WEN
SALARIES for those working in sectors such as engineering and sales and marketing have fallen by up to 20 per cent as the global economic downturn continues to take its toll on workers, a new survey has found.
But there is better news for those in 'resilient' industries such as health care, biotechnology and energy as pay has remained stable year-on-year thanks to steady demand, according to findings from the latest Kelly Services Singapore Employment Outlook and Salary Guide 2009/10.
First the bad news: Engineering managers in the manufacturing sector reported an 18 per cent drop in their monthly salaries - from $11,000 in 2008 to $9,000 this year - as the recession has caused reduced demand for such positions.
The minimum monthly salaries for warehouse supervisors also fell by 11 per cent from $1,800 to $1,600 year-on-year as the logistics sector was hit by falling export orders.
The retail industry is also enduring downward salary adjustments, as promoters, sales coordinators and retail assistants reported earning 6-7 per cent lower base pay - from $1,500 and $1,700 last year, to $1,400 and $1,600 this year respectively.
Recruitment group Kelly Services, which will release these salary trends in a handbook to be launched at the HR Summit this morning, said that there is steady demand for talent in the health care, biotechnology, energy and outsourcing industries, as salaries have remained resilient despite the downturn.
Compared to 2008, the health care industry is expected to continue its recruitment drive this year as the need for skills-specific talent remains relatively high, as more research hubs are being set up and medical tourism remains popular in Singapore, the report noted.
The banking and finance industry, which saw major retrenchments in recent months, has seen the 'most significant' change in its hiring strategies. 'Financial institutions have adopted a more cautious recruitment approach owing to the weaker Singapore economy and the global financial turmoil,' said the report.
Kelly Services' senior vice-president (Asia-Pacific) Dhirendra Shantilal said: 'With the economic crisis, we have noticed an increasing acceptance of the importance of talent management as well as motivating and retaining not only the right staff, but passionate talent in the organisation to ensure long-term and sustainable success.'
Still, amid the gloom, the silver lining is that there is a big increase in available talent on the market for all industries, said the report.
'While there are many opportunities for strong and experienced talent as well as new graduates, we expect a year of cautious hiring,' said Mr Shantilal.
'Singapore's tepid employment climate and outlook means that remuneration will remain competitive and more organisations will choose performance-based incentives over bonuses to reward employees.'
Salaries down 20% in some segments
Economic downturn takes toll on engineering, sales and marketing jobs
By LEE U-WEN
SALARIES for those working in sectors such as engineering and sales and marketing have fallen by up to 20 per cent as the global economic downturn continues to take its toll on workers, a new survey has found.
But there is better news for those in 'resilient' industries such as health care, biotechnology and energy as pay has remained stable year-on-year thanks to steady demand, according to findings from the latest Kelly Services Singapore Employment Outlook and Salary Guide 2009/10.
First the bad news: Engineering managers in the manufacturing sector reported an 18 per cent drop in their monthly salaries - from $11,000 in 2008 to $9,000 this year - as the recession has caused reduced demand for such positions.
The minimum monthly salaries for warehouse supervisors also fell by 11 per cent from $1,800 to $1,600 year-on-year as the logistics sector was hit by falling export orders.
The retail industry is also enduring downward salary adjustments, as promoters, sales coordinators and retail assistants reported earning 6-7 per cent lower base pay - from $1,500 and $1,700 last year, to $1,400 and $1,600 this year respectively.
Recruitment group Kelly Services, which will release these salary trends in a handbook to be launched at the HR Summit this morning, said that there is steady demand for talent in the health care, biotechnology, energy and outsourcing industries, as salaries have remained resilient despite the downturn.
Compared to 2008, the health care industry is expected to continue its recruitment drive this year as the need for skills-specific talent remains relatively high, as more research hubs are being set up and medical tourism remains popular in Singapore, the report noted.
The banking and finance industry, which saw major retrenchments in recent months, has seen the 'most significant' change in its hiring strategies. 'Financial institutions have adopted a more cautious recruitment approach owing to the weaker Singapore economy and the global financial turmoil,' said the report.
Kelly Services' senior vice-president (Asia-Pacific) Dhirendra Shantilal said: 'With the economic crisis, we have noticed an increasing acceptance of the importance of talent management as well as motivating and retaining not only the right staff, but passionate talent in the organisation to ensure long-term and sustainable success.'
Still, amid the gloom, the silver lining is that there is a big increase in available talent on the market for all industries, said the report.
'While there are many opportunities for strong and experienced talent as well as new graduates, we expect a year of cautious hiring,' said Mr Shantilal.
'Singapore's tepid employment climate and outlook means that remuneration will remain competitive and more organisations will choose performance-based incentives over bonuses to reward employees.'
