Will salary transparency be a norm in Singapore?

Find out if salary transparency be a norm in Singapore today

Female in the workplace

Will salary transparency be a norm in Singapore?

A survey by Bankrate has found that the Gen Z workforce in United States (US) is open about sharing their salaries with their peers. While some big companies overseas have also embraced salary transparency, some remain sceptical. 42% of Gen Z workers, ages 18-25, and 40% of millennial employees, ages 26-41, have shared their salary information with a co-worker or other professional contact, the survey found.

This may result in companies re-evaluating their hiring processes which will determine their ability to attract upcoming talent to remain competitive and sustainable in the long run.

To weigh the pros and cons along with its applicability in Singapore, Prime Time’s Timothy Go and Bharati Jagdish spoke with Alena Salakhova, our Managing Director on MONEY FM 89.3.

 

Why do people have open conversations about salaries?

The main reason and driving force remains the same – to be more informed during salary negotiations and be better prepared for interviews.  

Alena shared, “It is seen more often now that Gen Z are very open in sharing their salaries, to use it as part of their salary negotiations. This is also prevalent amongst millennials in the workforce. The reason being their mentality – they are all for transparency and integrity. They believe that having a fair and square approach towards salary is the way to go.”

“We need to be mindful that the Gen Z population is going to make up the majority of the workforce very soon. Finding the balance on what we expect as well as what they expect is key. In my experience here at SThree as well as from educating our clients, having salary grading and banding along with knowing the rationale of each band have worked well.”

 

What should employers and business owners look out for when hiring Gen Zs?

“Be mindful that they are more vocal. Be mindful of your means of communication and the channels you are using. Know how they consume information. I’ve been in the recruitment industry for over 20 years and things have changed, so have the way people execute and multitask have also evolved. Even when it comes to communication, you would be used to conversing over a phone call or face-to-face formally in the past, but now things can be decided and executed on WhatsApp on-the-go which saves time.”

 

Singapore is not the US

MONEY FM 89.3 hosts as well as Alena were well-aware that Bankrate’s survey covered the US sentiments, however it is pertinent to note that such trends could transcend across cultures. Nonetheless, there is a consensus that things might be different here in Singapore, and a mindset shift is required to make a change.  

Alena added, “I feel that the cultural aspect is very different here. I’ve worked a few years in the US myself, so companies requesting payslips in Singapore did come as a cultural shock for me. I questioned the process and asked why we do it here. First of all, it puts candidates in a very uncomfortable position, and you’d end up judging a candidate based on where they stand in terms of pay, rather than renumerate them based on their skill set. The problem now is although the Ministry of Manpower has shared last drawn salaries are not essential back in 2020, companies are still doing so.”

When asked how long it might take for companies in Singapore to shift the dial, Alena projected that it might take three to five years.

 

Notes for media

To listen to the recorded interview, check out: 

 

 

MONEY FM 89.3 Podcast

To learn more about the STEM world and the future of work, do review our key insights here:

STEM insights

We also ran a virtual roundtable of HR experts across STEM back in 2020 in light of the Ministry of Manpower’s announcement of last drawn salary disclosure being non-mandatory, and you can view it here:

Watch or listen to it here

SThree is the global STEM-specialist recruitment agency. We connect dynamic organisations with communities of sought-after specialists in science, technology, engineering, and mathematics.

Our global house of specialist recruitment brands brings expertise in specific sought-after skills. We know how to achieve the goals of STEM professionals seeking both permanent and contract work and understand the organisations who need them.

 

Media Inquiries   

We will be happy to address any inquiries regarding media opportunities by e-mail.

 

 

Contact us today

Read more insights

Shutterstock 1797490504 RT1
30 September 2022

In partnership with Women in Science Singapore: Overcoming the Gender Gap in STEM

SThree partners with Women in Science Singapore: Overcoming the Gender Gap in STEM

hybrid working
07 September 2022

Are leaders ready for the hybrid work model?

Find out how leaders can prepare themselves effectively for the hybrid work model

Break the bias: how we can empower more women in STEM
08 March 2022

Break the bias: how we can empower more women in STEM

Women in Tech founder discusses how bias against women in STEM fields can be countered by increasing levels of female participation.

Close up of a male biologist looking an screen of molecules with purple/pink hue overlay
13 January 2022

Placing specialist life science skills with a global leader in Covid-19 vaccine development

Seeking people with extensive experience for roles that were essential for the development and delivery of a Covid-19 vaccine.

Female project manager at a solar farm reviewing panels and holding laptop
21 December 2021

Building a diverse and inclusive workforce for the 21st century

How partnering with Schneider Electric, recognised as one of the world's most sustainable companies, helped build a better future.

Installation engineers working on solar farm project moving solar panels into place
10 December 2021

Finding reliable talent for a utility-scale solar farm construction project

How ENGIE, a global leader in sustainable energy solutions, began construction on a 200-megawatt utility-scale solar farm in Anson, Texas

Close up of hand typing on laptop with code overlay and pink/blue hues
29 November 2021

Unexpected error: .NET Consultant needed urgently

Whether it’s a 24-month contract, or a 2-day contract, every day we partner exceptional contractors with pioneering companies.

Senator John A. Nejedly Bridge in Northern California
25 November 2021

Building a diverse workforce in the Asia Pacific region

Assisting our financial services client to map the market and source candidates from diverse backgrounds.

Solar and wind farm through the mist at dawn
26 October 2021

Being a climate conscious business

How climate change is affecting our business and the STEM markets we operate in with independent sustainability consultancy Avieco.

Female scientist wearing full protective suit in a lab holding empty sample tubes and analysing data on touchscreen monitor
06 October 2021

Finding female leaders for a MedTech client

How people with different backgrounds, expertise and viewpoints can help teams make more effective decisions.

Wind turbine maintenance engineer working during daylight
15 September 2021

How expertise in niche fields kept a US wind farm construction project on track

Global renewable energy construction company benefits from key hires with specialist skills in wind turbines.

Factory working on a production line quality checking product as they move through the production line
02 August 2021

Finding local talent for a major US food and beverage manufacture

Solving a problem during the pandemic required a new approach when additional staff were needed during lockdown when demand soared.

Offshore wind turbine engineer abseiling over the sea looking at turbine
30 July 2021

Helping Arevon Energy reach its growth goals

How building a trusted relationship helped source a varied range of skilled professionals.

Close up of blue cables and connectors all organised in computer server room
09 July 2021

Placing a complete team to deliver a multi-departmental CRM system

Following a false start by another provider, a new perspective was needed to recover and deliver a project for a leading UK University.

Developers looking at code on a screen while one holds a bank card testing a transaction on another device
24 June 2021

Building a new flagship store app on a tight timeline

Even when you’re a large global e-commerce retailer, finding experienced mobile developers at short notice presents a challenge.

Close up of a finger scrolling over financial charts on a mobile phone
17 June 2021

Helping end the cycle of talent turnover

Supporting a major financial services client with their recruitment process to realise efficiencies and improve retention.

Male robotics scientist standing next to computer screens and robot mimicking his actions
04 June 2021

Now is the time to energise the future of work

We've partnered with Samuel Durand on a new documentary exploring the future of work

Close up stock image of an Asian doctor looking at computer screen which consists of human body scans, MRI & CAT, and scrolling text & numbers.
13 May 2021

Challenging gender bias and inequality to build a more inclusive future

If you can’t get a seat at the table, create your own table. Sunny Ackerman, President of SThree Americas, discusses this years IWD theme.