Pay hikes are making a comeback – finally
Companies in Asia Pacific are planning to give employees larger pay rises in 2022, according to a recent study. Concerns over the ongoing ‘Great Resignation’ in 2021 and a talent crunch has forced employers to rethink their budget for compensation packages. APAC companies have also been experiencing some level of business recovery and projected some of the highest pay hikes worldwide. Employers in Singapore are expecting an average salary budget increase of 3.7% for 2022.