Pay transparency driven by regulation and peer practices in Singapore

Five in 10 firms conduct pay equity analysis.

Singapore firms value pay transparency, with 50% conducting pay equity analysis and 65% having corresponding implementation strategies, AON reported.

In doing the Pay Equity Analysis, the top factors Singapore firms look into are job family (81%), experience/gender (65%), and performance rating (54%). 

The analysis is communicated to top management (81%) and board of directors (35%).

Firms conducting pay equity analysis face difficulties allocating budgets (46%) and getting buy-in from business or leadership, knowledge of industry/peer practices, and unconscious bias in managers (31%).

AON also revealed that the top drivers for pay transparency practices in Singapore are regulation and compliance (75%), peer practices (54%), the company’s diversity, equity, inclusion and belonging (DEIB) policy (36%), investor relations (25%), and social movements/activism (7%).