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backGLOBALtalk July, 2011
Small Talk: Jobs and wages go up in Asia
The positive economic outlook in Asia is cause for celebration for many employees as they can now expect salary increases this year.
Senior executives in Asia can anticipate a pay rise of up to 7% this year, as revealed in Mercer’s Global Executives Remuneration Trends report. It added the shortage of executive talent with the ability to innovate and think globally are a couple of the many factors driving the salary increase.
Closer to home in Malaysia, there has been a 33% increase in the number of jobs created, with the logistics, engineering and business development industries leading the growth. According to the Robert Walters’ Asia job Index, hiring activities within the financial services, retail and telecommunications have also been steadily rising.
Locally, human resources (HR) professionals can look forward to a pay rise of between 6% and 9% this year. The Michael Page Employee Intentions Report added that 40% of employees will only stay with their current employer if the financial rewards offered are sufficient.
Besides discussing what Generation X and Y employees think are the strongest retention strategies, Small Talk looks at why the Ministry of Manpower (MOM) might take legal action against a recruitment agency. The firm had posted a job ad which asked for only permanent residents and employment pass holders to apply. MOM has said the agency acted in “a manner detrimental to public interest”.
“This reiterates the need for fair play when it comes to hiring, and the need to hire on merit,” Tan Chuan-Jin, Minister for State for Manpower, said in a blog post with regards to the incident.
Source: Human Resources online - GAI
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