Daily NewsView All News
An Employee Intentions Report conducted by Michael Page Singapore revealed that employers will need to offer various monetary rewards to successfully attract and retain staff over the coming year.
The survey, based on the responses of over 1,500 employees across Singapore’s professional sector, indicates that 39% of respondents expect the job market to remain stable in the next 12 months, and 38% believe it will improve. Furthermore, some 44% of respondents indicate they are very likely to look for another role in the next 12 months.
Andrew Norton, regional managing director of PageGroup Singapore, said: “Business activity in Singapore remains positive as international organisations continue to establish their regional hubs in the country. This continues to create a demand for talent across a variety of sectors and many employees are expected to take advantage of the growing number of job opportunities in the coming year.”
“Employers should have strong talent management and retention strategies in place that encourage the long term career development of professionals, as well as a blend of financial and non-financial incentives,” Mr. Norton added.
For 22% of surveyed respondents, an increase in salary is the most important factor for accepting a new role, followed by 20% responding that scope for career progression was most important. Seeking to improve their salary with another employer by an increase of +10-12% was of importance to 31% of respondents.
A quarter of respondents advised that financial reward based on performance is the main motivating factor for remaining in their current role. Furthermore, 57% of respondents are likely to ask their present employer for a salary increase in the coming year, with 34% of these employees also want a rise of 10-12% on their current salary.
In addition, 32% of respondents selected transport allowance as the most desired benefit they are not currently being offered at work. A bonus was ranked as the second most preferred benefit by 31% of surveyed employees.