There are 3 types of sources:
- Commercial sources
- HR-related professional association
- Local government
The criteria for selecting sources of information for determining salary increases is that the source must have clients in the country in which you are operating, preferably they must have an operating presence. The operating presence is preferred because it is important that the firm understand the rationale behind the general level of salary increases in that specific geographical area or country.
It is always good to have 3 sources of information, so that you are able to counter-check the information.
For example, if I am operating in Singapore, I would have the following 3 commercial sources:
- Korn Ferry Hay Group Salary Forecast
- Mercer Pulse Survey
- Tower Watson Salary Budget Planning Report
There are of course other sources available like ECA International, Renumeration Data Specialists.
You may need to budget to pay for these information. It is important to take note of when the information are made available as it has to synchronise with your salary review date.
For an example, the Mercer Pulse Survey has the following schedule
|2016 Asia Pulse Survey|
|Survey launches||18 April 2016||27 October 2016|
|Survey closes||31 May 2016||30 November 2016|
|Results delivery||8 July 2016||31 January 2017|
The Singapore National Employers Association is HR related professional source. It helps interprets the country National Wage Council’s recommendations (somewhere in May) and translate into a recommended salary increase figure for employers.
The Singapore Human Resource Institute also run a survey using a third party to gather information from surveyed company on wage increase, bonus, and recruitment plans. The survey is completed in June and made available in July.
The Government, usually a large employer by itself will also announce give some information on salary increases. In Singapore, this will be the Public Service Division.
As general level of wage increases is news, the local newspaper The Straits Times will carry some information.
Some of the bigger recruitment firms operating in the geographical areas or country, such as Hays, Rober Walters may run commentaries.
If you are managing business operations in the Asia Pacific, then you have to compile a list of information sources for your references.
Sources of Global Sales Compensation Data
In the 2011 Global Sales Compensation Practices Survey Results published by Alexander Group and World at Work on 19 August 2011 cited as sources of global sales compensation data:
Aon Hewitt: http://www.aon.com
Kenexa (IPAS): http://www.kenexa.com
Towers Watson: http://www.towerswatson.com
Western Management Group: http://www.wmgnet.com