Wage Rise in Singapore – Don’t Tally with Performance Ratings
Countries in Asia are expected to experience a boost in the economy according to a forecast by the consulting firm Korn Ferry. Singapore’s economy grew over 2 per cent in the last year even though the growth rate is considered by economist’s result of the trade war between USA and China. This has created a diversion in the world trade where Singapore is now considered as another viable eco-space to do business until the trade war boils over.
Every year, millions of graduates seek jobs in the already saturated market; most candidates don’t want to go into small paying jobs but will prefer oil and gas companies, transportation, tech and innovation, chemical and government jobs. Despite these strict choices, the goods and service industry and start-ups are viable sectors that will change the perspective for the Asian economy in 2019.
Wage rise is a result of the need and pursuit of more skilled talents in the current workspace and more importantly, the opportunity for companies and establishments to hire remote workers. This enables cost cutting of office spaces or paying for basic amenities and allowances and get the best hands to push the company’s reputation and deliver excellence.
Talking about the performance not aligning with the wage rise, this is a result of the boost in most markets in Asia. The whole region is experiencing an increase in making employers increase salary, regardless of the performance level of the workers. The Singaporean economy saw an increase in the last quarter of 2018.
Although the conditions are favourable for growth, we have to realize that it is just the first quarter of the year. Amidst the rising trade protectionism and uncertainty of the US-China trade war, the Singapore economy can use the current airspace to improve the various sectors and grab a piece of the pie as its economy continues to rise above the 2.6 percent-mark recorded in the previous quarter.
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