The 2014 Travel and Hospitality Industry Salary Survey from ACI HR Solutions shows that employees appear more satisfied with their current prospects than they did in previous years, with more than two-thirds of respondents reporting they had received a pay increment in the last 12 months.
Speaking at the official launch at the Singapore Tourism Board, ACI’s Founder & CEO Andrew Chan said this year’s results showed positive signs for staff working in the Asia Pacific travel and hospitality sector.
“2013 proved to be an excellent year for international tourism, which showed a remarkable capacity to adjust to changing market conditions, fuelling growth and job creation across the region despite the lingering economic and geopolitical challenges,” Chan said.
While salary continues to be an important factor for candidates, Chan pointed to the increasing importance of career development on employee satisfaction. More than 70% of all respondents stated that career progression was either ‘extremely important’ or ‘very important’, with just 3% considering career progression unimportant.
Employees appear more satisfied with their current prospects than they did in previous years, with 34% of those surveyed saing they believed that their current employer offered ‘excellent’ or ‘good’ opportunities for career progression compared with 28% in 2013. Only 22% felt career prospects with their present employer were ‘poor’ or ‘zero’ compared to 35% from the previous survey.
Chan said one of the possible reasons was that the improved economic outlook has allowed companies to expand, creating new opportunities for existing staff in new areas of their business or sub-regions.
Launched in late January, the survey attracted over 800 respondents from nine countries across the Asia Pacific region. These range from CEOs, managing directors and general managers through to middle management and front line staff. Most of the respondents (37%) were based in Singapore with mainland China (31%) providing the next-largest sample.
Underlining Singapore’s reputation as one of the most expensive cities globally, average salaries from respondents grew by 16.1% according to the 2014 survey. This was followed closely by Thailand (11.5%) and China (9.8%).