Remuneration key to retaining employees in Singapore
These factors include a desire for higher total pay, better career opportunities and flexibility amid rising inflation, a shrinking labour market and an increase in jobs offering flexible working arrangements.
The 2022 Work Reimagined Survey by EY showed that, as many countries emerge from the pandemic, employees have gained significant influence over their employers and that their “wish list” from potential employers is changing.
For 42% of Singapore employees, the main motivation for seeking new jobs is a desire for higher pay. About 45% of Singapore employees surveyed say that pay increases are the key to addressing staff turnover, while only 24% of Singapore employers agree with that statement.
Career growth is the next top-most reason cited by 35% of Singapore employees to move.
Flexible working arrangements – which were by far the biggest factors leading to employee moves according to last year’s survey – are now less of a driver. Only 19% of employees are seeking remote-work flexibility even though 90% say they want to work remotely at least two days per week.
This could be due to the fact most are already working for companies that offer flexibility in some form. Only 12% of employers say they want employees to come back to the office five days a week.
The survey canvassed the views of more than 1,500 business leaders and more than 17,000 employees globally, including 50 Singapore employers and 300 Singapore employees.