‘War for talent’ driving up salaries, finds survey
03 December 2011
Hospitality professionals in the Asia Pacific are once again being courted by their employers, the results of a new salary survey would seem to indicate.
The survey from hospitality and travel recruitment agency TMS Asia Pacific found that 75% of respondents had received a pay increase in the last 12 months, up 10.3% on those getting a raise in 2010.
A lucky 27% of those said they received a raise of 6% or more whilst the majority received a more nominal raise of between 1-5%.
TMS CEO Andrew Chan said the results reflected the growing competition for top staff both within the industry and from other sectors.
“The ‘war for talent’ has been heating up in Asia since the start of the year and, as evidenced by the increase in employees receiving pay increases, employers are attempting to retain their good staff with increased remuneration – and it seems to be working,” said Chan.
“Our findings show that in 2011, the majority of respondents receiving a pay rise said they had seen a 1-5 % increase at their last review with a further 27 % receiving a raise of 6 % or more. This is in stark contrast to just two years ago when the TMS survey registered a significant number of pay cuts which we can readily attribute to the impact the GFC was having at that time.”
The survey also showed, however, that 10% experienced a decrease in salary of between 1-5% at their last review.
Not surprisingly, career development also proved to be a key factor in employee satisfaction based on the survey findings with a total of 72 % of all respondents stated that career progression was either ‘extremely important’ or ‘very important’.
Almost 900 respondents from across the Asia region took part in the survey, which was carried out in August. These ranged from company CEOs, managing directors and general managers through to middle management and front line consultants.
Hong Kong and Singapore recorded the highest average salaries at US$92,445 and US$80,479, respectively, while the lowest average salary of US$28,425 was found to be in Indonesia.
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So where are the challenging Missions?
Olga Kovshanova, MBA, MA
Hotel Professional Extraordinaire
Sales and Guest Relations Manager for CIS, Eastern Europe & Greece