**SINGAPORE** - A recent survey conducted by foundit has unveiled alarming trends regarding salary satisfaction among Singaporean employees, revealing a growing wave of discontent that could have serious implications for businesses in the region. Shockingly, only 25% of workers declared themselves satisfied with their current pay, signaling a critical need for businesses to reevaluate their compensation strategies.

Senior Employees Leading the Charge of Discontent

The survey highlights a worrying decline in salary satisfaction as employees climb the corporate ladder. Only 28% of participants expressed happiness with their pay progression, and among senior-level executives, this figure drops drastically, with nearly 40% discontented with their salary growth. This gap underscores a significant disparity between employee expectations and their actual remuneration packages.

Moreover, over half of the respondents (53%) believe their counterparts in similar roles are earning more, contrasting sharply with only 36% who feel they are compensated above average. In addition, an unsettling 11% of employees are uncertain how their compensation stacks up against market rates, raising concerns about the overall clarity of salary structures within organizations.

Stagnation of Pay Growth: A Worrying Trend

Many employees have faced stagnant wages in recent years, with 41% reporting no salary increase in the last three years and 28% indicating they had experienced pay cuts. Among those fortunate enough to receive raises, only 32% reported any increase, and a mere 15.3% claimed to have experienced substantial salary hikes.

Looking ahead, employee expectations appear subdued; nearly 49.4% anticipate no or minimal salary growth of 10% or less in their next reviews. Conversely, 24.5% are hopeful for a slight increase of 6-10%, with 16% yearning for more significant raises of over 30%. Interestingly, entry-level employees tend to have more optimistic views on salary growth prospects than their senior counterparts.

The Urgent Call for Transparency and Fairness

V Suresh, CEO of foundit, strongly advocates for greater transparency in salary management to combat employee dissatisfaction. He suggests that businesses implement skills-based pay and career progression frameworks to better align salary increases with employee performance and industry standards.

"Companies that prioritize fair and structured salary growth will not only enhance retention but also bolster Singapore's status as a premier talent hub in Asia," Suresh emphasized.

A Shifting Landscape: Companies Respond to Demand for Wage Increases

Encouragingly, recent data from the Singapore government indicates that businesses are starting to take notice of these pressing concerns. Plans to raise wages have surged dramatically, with the proportion of companies intending to increase compensation rising from 15.6% in September 2024 to 31.6% by December 2024. This trend suggests that companies are beginning to recognize the importance of addressing salary concerns to maintain a competitive edge.

As Singapore navigates the complexities of its labor market and seeks to retain top talent, it is evident that swift action is required. Companies must ensure their compensation practices are not only competitive but also transparent and fair. The failure to adapt could lead to heightened dissatisfaction among workers and escalating turnover rates in the near future.

Conclusion: A Pivotal Moment for Employers

The current landscape serves as a pivotal reminder for employers in Singapore: to thrive, businesses must listen to worker feedback and prioritize salary fairness and transparency. By doing so, they can foster a more satisfied workforce and secure their place in the increasingly competitive job market.