Upward trend for salaries as Asia cheers up at last

<p>Salaries for Asia-Pacific's advertising staff are moving up for the </p><p>first time in more than two years, in line with the region's economic </p><p>recovery. </p><p><BR><BR> </p><p>But while pay packets are generally somewhat fatter than a year ago, </p><p>they have yet to return to the pre-recession levels of 1996 and </p><p>1997. </p><p><BR><BR> </p><p>The huge salary spiral of the past, however, is not likely to occur in </p><p>the near future - at least not this year - despite the fact that </p><p>agencies are once again staffing up and dot-com companies are on a major </p><p>hiring spree, poaching senior agency executives. </p><p><BR><BR> </p><p>An air of caution, which still prevails in the major Asia-Pacific </p><p>markets, is being fuelled by memories of the recent recession, still </p><p>fresh in people's minds. </p><p><BR><BR> </p><p>This is underlined by a Morgan & Banks Job Index survey for the first </p><p>quarter of this year for Hong Kong and Singapore. </p><p><BR><BR> </p><p>The good news was that the wage freeze has been largely lifted; only 18 </p><p>per cent of respondents in the advertising sector in Hong Kong stated </p><p>that they would keep salaries where they were. </p><p><BR><BR> </p><p>Three-in-four said they would implement wage hikes of between one and </p><p>six per cent, while six per cent indicated their readiness to give </p><p>raises of seven per cent or more. In Singapore, meanwhile, about 78 per </p><p>cent of advertising employers said they would be giving increases of </p><p>four per cent or more. </p><p><BR><BR> </p><p>According to Morgan & Banks regional HR manager Kevin McCormick, </p><p>companies were generally optimistic, however, there was also the </p><p>sentiment that "we aren't out of the woods yet". </p><p><BR><BR> </p><p>But while dot-com companies were trying to lure key advertising staff </p><p>with lucrative pay packets, including stock options, there were fears </p><p>that the Internet bubble could burst at any time. </p><p><BR><BR> </p><p>In addition, Mr McCormick said, "The days of staff jumping ship for a </p><p>five or 10 per cent salary rise are gone, because companies are now </p><p>putting more focus on staff retention and attracting the right </p><p>people. </p><p><BR><BR> </p><p>"We have also noted that employees are a lot more sophisticated. Yes, </p><p>money is important, but they are also increasingly placing more </p><p>importance on job satisfaction." </p><p><BR><BR> </p><p>(See also pages 6 and 22.) </p><p><BR><BR> </p>