More employees in Singapore expected to seek better pay in 2023
More employers in Singapore may have to pay higher salaries, or risk losing their best talent in 2023. With growing concerns over rising living costs and inflation, 48.95% of employees will request pay raises from their employers, while 47.25% are expected to search for better-paying jobs, a new survey from Indeed has found.
The survey of 1,000 employees found that 34% of them expected their salary to increase through a promotion or new job offer. Of these, 41% of employees are not sure if they would be promoted or have a new job opportunity, and 25% of the respondents do not believe either will happen.
Nishita Lalvani, Marketing Director for Indeed in India and South-East Asia, commented, “Inflation is clearly a worry for most employees, and our research suggests they will push for higher compensation, with a significant number thinking about changing jobs in pursuit of a bigger paycheck.”
READ: Manpower and high costs remain core challenges for firms in Singapore
The Indeed survey also showed that more than 60% of employees have made a full return to the office, while 33% are under a hybrid model that combines the office with working from home. Only 5% of employees are still working fully remotely.
While acknowledging that they will have to work longer in the office, 51% of employees claim that they are happy with that, although 21% of employees expressed their displeasure over having to be back in the office for longer.