The double-digit pay jumps of the past three years in certain sectors may be over, but some positions will still attract decent rises, a new study has found.
This moderation of remuneration increases comes even though hiring activity is at a three-year high.
Robert Half's 2015 Salary Guide looked at the finance and accounting, banking and financial service and technology sectors.
It found employees in these sectors are more likely to receive wage rises of below 10 per cent.
Ms Stella Tang, managing director of Robert Half Singapore, attributes this to employers' increased cost-consciousness.
To retain employees, firms now offer non-financial incentives such as flexible work arrangements and mentoring opportunities, she said.
However, the study noted that certain technology roles in business analysis, information technology (IT) audit and risk as well as IT business development can expect above-average salary rises.
According to Ms Tang, individuals entering new companies can expect higher pay rises than those who stay put.
However, Mr Lee Fook Chiew, chief executive of the Institute of Singapore Chartered Accountants, said skills upgrading is the best strategy to land better-paying jobs.
Wage growth may be tepid, but the study also revealed that Singapore is among the most active hiring markets for accounting and finance professionals, behind mainland China and on a par with Hong Kong.
With hiring activity at its highest level in three years, half of all companies surveyed plan to increase headcount before June this year. Two years ago, this percentage was closer to a third.
However, Mr Lee cautioned that greater demand for new staff does not diminish the fact that employers will be choosy. He said: "In an increasingly challenging and complex business environment, businesses will have more stringent hiring requirements... Individuals need to take responsibility for their own professional development to stay ahead of the game, or risk being left behind."
This article was first published on April 3, 2015.
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