The report, which surveyed 206 businesses across Singapore and Kuala Lumpur, claims that businesses across the marketing and creative industries are growing in confidence again and are set to take advantage of improved market conditions in 2010.
Aquent’s regional director for Asia, Steven Pang, said confidence within the Singapore and Malaysian markets is now on the rise after widespread hiring and salary freezes brought about by depressed business conditions in the first half of 2009.
Area Manager for Malaysia, Priya Bala, added: “While a return to pre-downturn levels is a long way off, all indicators suggest companies are increasing in confidence and with that will come a thawing of hiring freezes and, later, a corresponding increase in salaries.”
In both countries, over 86 per cent of employers predict that business sentiment will not decline over the next six months while 66 per cent see an improvement in economic conditions.
Most employers in consumer and corporate marketing are not planning to make major changes to headcount, with 38 per cent of respondents planning to use salary increases as a HR tool to reward and retain high performers.
In Singapore, branding and design agencies are particularly optimistic, with 82 per cent predicting improved business conditions, while 65 per cent of PR agencies hold similar views.
Seventy per cent of digital agencies and 50 per cent of PR agencies are expecting to raise salaries. Furthermore, 70 per cent of branding and design agencies as well as 50 per cent of both media and digital agencies are planning on increasing permanent headcounts.
In Malaysia, 38 per cent of PR agencies and 33 per cent of digital agencies are expected to implement salary increases within the next six months.
Furthermore, the use of temporary or contract staff in Singapore is also on the rise despite budgets remaining tight. Fifty per cent of both PR and digital agencies and 40 per cent of branding and design agencies are expected to build on their use of temporary staff.
In Malaysia, 44 per cent of advertising agencies, 42 percent of digital agencies, 39 per cent of media owners and 38 per cent of PR agencies are continuing to build on their use of temporary staff.
Aquent’s regional director for Asia, Steven Pang, said confidence within the Singapore and Malaysian markets is now on the rise after widespread hiring and salary freezes brought about by depressed business conditions in the first half of 2009.
Area Manager for Malaysia, Priya Bala, added: “While a return to pre-downturn levels is a long way off, all indicators suggest companies are increasing in confidence and with that will come a thawing of hiring freezes and, later, a corresponding increase in salaries.”
In both countries, over 86 per cent of employers predict that business sentiment will not decline over the next six months while 66 per cent see an improvement in economic conditions.
Most employers in consumer and corporate marketing are not planning to make major changes to headcount, with 38 per cent of respondents planning to use salary increases as a HR tool to reward and retain high performers.
In Singapore, branding and design agencies are particularly optimistic, with 82 per cent predicting improved business conditions, while 65 per cent of PR agencies hold similar views.
Seventy per cent of digital agencies and 50 per cent of PR agencies are expecting to raise salaries. Furthermore, 70 per cent of branding and design agencies as well as 50 per cent of both media and digital agencies are planning on increasing permanent headcounts.
In Malaysia, 38 per cent of PR agencies and 33 per cent of digital agencies are expected to implement salary increases within the next six months.
Furthermore, the use of temporary or contract staff in Singapore is also on the rise despite budgets remaining tight. Fifty per cent of both PR and digital agencies and 40 per cent of branding and design agencies are expected to build on their use of temporary staff.
In Malaysia, 44 per cent of advertising agencies, 42 percent of digital agencies, 39 per cent of media owners and 38 per cent of PR agencies are continuing to build on their use of temporary staff.
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