To keep your compensation plan competitive, you have to know where you stand
in the market. Pay too little and you risk losing valuable talent to your
competition. Pay too much and you hurt your bottom line. To get pay just right,
you need a compensation plan that keeps your talent engaged and your budget in
line. You need a plan that works in local markets while supporting your region’s
- The ASEAN Economic Community integration in 2015 will push companies to
re-think their employee value proposition in the advent of more talent
mobility within the region.
- Inflation and its impact to wages continue to be a major concern in
developing and emerging markets like Indonesia, Malaysia and the Philippines
while Vietnam is entering a more sustainable inflation environment.
- Innovation in providing non-monetary rewards and segmentation in
delivering benefits will become a key differentiator for companies in the
- Companies in the private sector in Singapore are looking at effective
pay-for-performance strategies to support business growth. In the last 2
years, salary increase rate registered a flat growth around 4.5%, while
attrition remained critical and performance –based rewards were perceived as
the best way to engage and retain key talent.
- Singapore pharmaceutical and high-tech industries, however, have been
traditionally competitive with 1.6% to 1.9% and 2.9% to 3.3% increase on
their bonuses from 2013 to 2014, respectively.
- Salary increase rate for General Industry in China reached 8.8% in 2014,
and is predicted to contract to 8.4% in 2015. Among all functions, salary
increase for manufacturing operators remained the highest, reaching 10.5% in
2014 for the High-Tech Industry.
- Premium for top management/executives in China are competitive compared
to other countries in APAC region, exceeding Australia, Hong Kong and Japan.
However, overall turnover rate reached 19% in 2014, relatively higher than
other APAC countries
About the summit
The inaugural Towers Watson Asia Pacific Data Insights Summit held in
Singapore last 20 November 2014 brought together our data services leaders from
13 countries across Asia Pacific.
Over 40 clients and participants had the opportunity to engage with our
experts from Australia, China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam at length in
their respective country booths. Valuable insights on latest local and regional
compensation and benefit trends were shared.
Alvin Khoo, Rewards Director, Asia Paci¬fic of Estee Lauder shared his views
on the challenges in implementing rewards in local markets while supporting
regional reward philosophy.
On the other hand, our very own Jasbir Singh, Global Leader of the Data
Services Practice chaired the panel discussion on the latest local/regional
compensation and bene¬fit trends. The panelists included Clare Muhiudeen,
Darilay, Edward Hsu, Raghav Datta and
Three special prizes worth up to USD$10,000 were also given away to lucky
draw winners. A special prize valued up to US$4,000 was likewise given to the
best Tweet via our live Twitter feed.
From the left: Sean Darilay, Gaia Gentili, Raghav Data, Edward Hsu, Clare Muhiudeen, Jasbir Singh – you might want to include their title after their name
Global Data Services leaders from 13 countries across Asia Pacific
Live Twitter feed #TWAPGDSSummit
Clare Muhiudeen, Managing Director, T&R, AP and Jasbir Singh, Global Leader, Data Services
How Towers Watson can help
Towers Watson Data Services is a leading provider of compensation, benefits
and employment practices information to the global employer community. Our
databases are recognised worldwide as the most reliable source of current data
for compensation planning.
- Compensation Survey Reports
- Company Car Benefits Survey Reports
- Employment Terms and Conditions and Benefits Profile
- Global 50 Remuneration Planning Report
- Salary Budget Planning Reports
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