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- Salary budgets are expected to increase inChina, India, Japan and South Korea in 2019, but remain flat at 4.0% inSingapore
- The prevalence oftechnology companies across Asia-Pacific with aggressive hiring plans rose forthe second consecutive quarter. InSingapore, the percentage of technology companies that plan to hireaggressively increased to 4.9%
SINGAPORE - Media OutReach - 9 November 2018- Salaryincrease budgets at technology companies are expected to increase in China,India, Japan and South Korea in 2019 according tonew data from Radford, a division of therewards solutions practice at Aon plc (NYSE: AON). In Singapore, salary budgetsare expected to remain flat at 4.0% in 2019. The fast-growth, developing markets of Chinaand India report the highest increases in salaries at 7.8% and 10.5%,respectively.
Median Overall Salary Increase Budgets
| Market | 2018 Actual | 2019 Planned |
| Australia | 3.4% | 3.3% |
| China | 7.2% | 7.8% |
| Hong Kong | 4.2% | 4.0% |
| India | 10.4% | 10.5% |
| Japan | 2.8% | 3.0% |
| Singapore | 4.0% | 4.0% |
| South Korea | 4.6% | 4.8% |
| Taiwan | 4.0% | 4.0% |
Source: Radford Global Technology Survey QuarterlyWorkforce Trends Report, Q3 2018
Meanwhile, technology companiesacross Asia-Pacific also report increasingly optimistic hiring plans despite battlinghigh employee turnover at the same time. The prevalence of technology companies reportingaggressive hiring plans-- defined as actively planning and recruiting for organisationalgrowth-- increased during the third quarter of this year in five of eight key Asia-Pacificmarkets. In Singapore, the percentage of technology companies that plan to hireaggressively increased for the second consecutive quarter to 4.9%. Companiesreporting aggressive hiring plans in India saw the biggest jump with anincrease from 16.8% in Q2 2018 to 21.1% in Q3 2018.
Percentageof Technology Companies Reporting Aggressive Hiring Plans
| Market | Q2 2018 | Q3 2018 |
| Australia | 6.9% | 5.9% |
| China | 9.2% | 8.6% |
| Hong Kong | 1.8% | 2.4% |
| India | 16.8% | 21.1% |
| Japan | 4.0% | 4.8% |
| Singapore | 4.4% | 4.9% |
| South Korea | 2.2% | 2.9% |
| Taiwan | 2.5% | 1.2% |
Source: Radford Global Technology SurveyQuarterly Workforce Trends Report, Q3 2018
Voluntary employee turnover-- another keymetric on the health of the overall technology sector-- is up for the pastquarter in six out of eight markets. Voluntary employee turnover is highest inAustralia at 13.8% followed by China (13.7%), Singapore (13.2%) and India(12.6%).
AverageVoluntary Employee Turnover at Technology Companies
| Market | Q2 2018 | Q3 2018 |
| Australia | 12.8% | 13.8% |
| China | 12.4% | 13.7% |
| Hong Kong | 10.9% | 12.2% |
| India | 12.7% | 12.6% |
| Japan | 10.1% | 9.7% |
| Singapore | 12.0% | 13.2% |
| South Korea | 8.4% | 8.5% |
| Taiwan | 9.2% | 10.2% |
Source: Radford Global Technology Survey Quarterly Workforce TrendsReport, Q3 2018
While salary increase budgets are forecastedto be up in several markets, merit increases alone won't be enough to hire,engage and retain talent in a hot labor market. "Companies must assess what jobs are needed forfuture growth and hire for those roles in a competitive marketplace while alsoengaging and retaining their current talent when many other job opportunitiesexist. Businesses with a voluntary turnover of above 10% shouldevaluate their employee value proposition and talent practices carefully" says Alexander Krasavin, Partner and Radford Leaderfor Asia Pacific, Middle East, and Africa.
About Radford
Radfordpartners with technology and life sciences companies to reimagine theirapproach to rewards, empowering them to achieve superior levels of people andbusiness performance. Radford is part of Aon plc (NYSE: AON). For moreinformation, please visit radford.aon.com.
About Aon
Aonplc (NYSE:AON) is a leading global professional services firm providing a broadrange of risk, retirement and health solutions. Our 50,000 colleagues in 120countries empower results for clients by using proprietary data and analyticsto deliver insights that reduce volatility and improve performance. For furtherinformation, please visit aon.com.
