Monday, February 28, 2011

Professionals’ Salaries Set for 30% Rise

MALAYSIA: Professionals from the information and communication technology sector, accounting and finance, banking, logistics and sales have a lot to cheer about this year as their salaries are set to rise by as much as 30% compared with last year.

The Robert Walters Global Salary Survey 2011 for Malaysia has revealed that a wage increase of between 5% and 30% would sweep across these industries this year, partially influenced by inflation rates and market conditions.

Highly-qualified employees with five to 10 years’ experience are expected to benefit from this salary increase as firms in these industries are scrambling to hire and retain the best talents.

“It’s learnt that the job market has gradually moved to become more employee-driven. Some firms are even willing to offer premiums to attract good local and foreign talent with niche skills,” Robert Walters Country Manager Sally Raj explained yesterday.

“The real jump in salary scale can be seen among sought-after talent – going from 10% to 30%,” she said. For example, a 29-year-old top investment banker with some six years of working experience can earn up to RM180,000 per annum on his basic salary, she added.

According to the market survey, the banking sector will see the biggest salary boom as the wage bracket for investment bankers with five to eight years of work experience increased from RM180,000 to RM288,000 per annum this year, compared with RM157,000 to RM240,000 last year.

In the ICT industry – software, voice and network engineers are expected to see up to a RM5,000 increase in their annual earnings and business application specialists, up to RM10,000 this year.

In the accounting and finance sector – cost controllers and auditors may stand to earn up to RM10,000 more while wages for account managers in charge of taxation and pricing may make some RM20,000 more.

Malaysian Employers Federation Executive Director Shamsuddin Bardan said while the average wage increment was expected to be around 5.5%, sectoral increases would be evident as these key industries had been given emphasis by the Government.

“Talents, especially in the 12 National Key Economic Areas (NKEA), will be in demand,” he said.
National ICT Association of Malaysia (Pikom) chairman Wei Chuan Beng said the ICT sector, which is one of the NKEAs, would see expansion with demand for highly-qualified and experienced talents to grow rapidly.

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