35% of all job postings on employment website Indeed are including salaries
More employers in Singapore are being open about their salary offers in job ads as they seek to attract more talent, according to a new report. In March, 35% of all job postings on employment website Indeed are including salaries, 1.8 times higher compared to the same month in 2019.
"While Singapore has not introduced pay transparency laws, we are seeing more employers actively advertising salary in their job postings. It comes against the backdrop of talent shortages over the last couple of years as companies competed fiercely for talent," says Callam Pickering, Senior Indeed Economist, APAC, in a statement.
According to Indeed, job advertisement for Admin roles registered the highest number of ads that included salaries (44%). This is closely followed by job ads for Sales (43%) and Marketing (42%) roles.
"Even as the market shifts, we expect to see this trend continue with employers and job seekers both reaping the benefits of a more transparent hiring process," Pickering said.
Pay transparency gaining steam
The findings indicate that employers in Singapore are hopping on the pay transparency trend that has been growing in popularity. In fact, 45% of companies in 2022 already include pay ranges in job postings, according to Payscale.
Pay transparency legislations and policies are also growing more popular across the world, such as in some US states like California, Connecticut, and Colorado, as well as Canadian provinces like British Columbia.
Big companies, such as Microsoft, also announced plans to include salary offers in their job postings.
While there is no pay transparency legislation in Singapore, its government will require all Singapore-listed firms to disclose the salaries of chief executive officers and individual directors starting December 2024.
Robert Boersma, VP operations North America at Talent.com, previously said pay transparency will make "historically challenging" conversation easier for HR.
"Although employers need to be prepared to receive potentially fewer applications when adopting salary ranges in their job postings, they will benefit by bringing in more qualified applicants, increasing their employer brand trust and even lowering their cost per hire, as they will be saving time interviewing candidates who are way out of the salary range," Boersma previously told HRD.
"Salary transparency will make historically challenging conversations easier on HR people, bring more qualified applicants to recruiters and help close the gender and racial wage gap, what's not to like."
