Singapore jobseekers have nominated better salary or benefit packages as the main reason why they wish to switch jobs in 2017. Work/life balance was the number one reason why employees in Singapore will stay with their current employer, according to the newly released 2017 Hays Asia Salary Guide. The annual Hays Asia Salary Guide reveals the results of candidates and employers surveyed from across mainland China, Hong Kong, Japan, Malaysia and Singapore. The Guide also provides salary ranges for more than 1,200 roles based on research from 3,000 employers representing six million employees.
According to the tenth annual Guide, 34 per cent of candidates across all countries are actively looking for a new job while 46 per cent are open to new opportunities.
In addition to seeking better salary or benefit packages (71 per cent) compared to 43 per cent last year, the other key motivators for job hunting in Singapore are:
• Lack of career progression (46 per cent)
• Seeking new challenges (45 per cent)
• The management style & company culture (36 per cent)
• Lack of training or development opportunities (26 per cent)
• Poor work-life balance (17 per cent)
• Concerns about job security (16 per cent)
• Work location (11 per cent)
• Other (4 per cent)
On a country level, salary or benefit package was the main reason why job seekers are looking to switch jobs in Hong Kong, mainland China and Malaysia whilst in Japan, a desire to seek new challenges was the main reason why job seekers are currently looking to switch jobs.
Key reasons candidates in Singapore want to stay with their current employer are:
• Work-life balance (47 per cent)
• Salary or benefit package (34 per cent)
• The management style & company culture (33 per cent)
• Job security (30 per cent)
• Work location (27 per cent)
• Training & development opportunities (25 per cent)
• New challenges (24 per cent)
• Career progression (23 per cent)
• Other (3 per cent)
On a country level, work-life balance was nominated by candidates in Hong Kong and Malaysia as the main reason why they wish to stay with their current employer. In Japan, career progression is the key retention motivator with mainland China respondents choosing job security.
Other key candidate trends from Singapore in the 2017 Guide include:
• 45 per cent are happy with their salary, bonus, benefits package
• 63 per cent are willing to relocate to a different country to secure a new role
• 60 per cent believe their job performance is fairly evaluated
• 42 per cent believe there is scope for career progression in their current role
• 24 per cent say there is no scope for career progression in their current job and 34 per cent are unsure
• 36 per cent spend 1 to 2 hours of personal time a week enhancing their professional skills
“This year’s Guide tells very different stories about why employees in Singapore leave a job and why they stay,” says Lynne Roeder, managing director of Hays Singapore.
“We have seen a significant increase in the number of job hunters motivated by salary and benefits but for many of those expecting to stay with their current employer, work-life balance is worth more than financial gain.”
Asked about their salary expectations, 29 per cent of candidates in Singapore expect an increase from between 3 and 6 per cent whilst 13 per cent expect no increase at all. 34 per cent expect a salary increase of more than 6 per cent.
Of employers surveyed in Singapore, 46 per cent plan to award salary increases from between 3 and 6 per cent. 8 per cent of employers in Singapore have no plans to award salary increases this year whereas 11 per cent plan to offer more than 6 per cent.
During the last salary review period, 52 per cent of employers in Singapore awarded increases from between 3 and 6 per cent with 9 per cent providing no salary increases. 11 per cent of employers gave salary increases of 6 per cent and more.
“While those planning to stay with their employer have fairly realistic salary expectations, employers will have to be mindful of the higher salary expectations of the candidates they are trying to attract, especially those companies with hard to fill roles,” Lynne says.
Of employers in Singapore surveyed for the 2017 Guide, 47 per cent believe skills shortages have the potential to hamper effective business operations this year and 49 per cent expect shortages to have some impact on their business operations.