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Remuneration And Benefits Most Important To Job Seekers
Global recruiting firm Hays in their research discovered that remuneration and benefits are important to job seekers, while work-life balance is key to retaining employees in Singapore.
The annual Hays Asia Salary Guide was released on 21 February 2016, with the study surveying more than 3,000 employers and about 6 million employees across China, Hong Kong, Japan, Singapore and Malaysia.
In Singapore, it was revealed that 37 per cent are currently looking for a new job, with a further 48 per cent “open to hearing about fresh opportunities”. About 30 per cent want to be in a new role within the next six months, while a further 22 per cent expect to change jobs within the year. In addition, 43 per cent admitted that their main motivation when hunting for a job is remuneration and benefits, with 36 per cent saying that the reason for moving on is a lack of career progression in their current role. The other reasons given are, seeking new challenges (36 per cent), management style or company culture (29 per cent), lack of training or development opportunities (21 per cent), concerns about job security (17 per cent), work location (11 per cent) and poor work-life balance (10 per cent).
As for employee retention, the main reasons are, work-life balance (60 per cent), followed by salary/benefits package (40 per cent), work location (37 per cent), career progression (31 per cent), management style and company culture (30 per cent), training or development opportunities (29 per cent), job security (26 per cent) and new challenges (23 per cent).
Across Asia, work-life balance is similarly the most important factor in China and Hong Kong, while career progression is key in Japan and salary ranks as most vital in Malaysia.
With regards to increments, Hays indicated that 66 per cent of those surveyed in Singapore did not ask for a raise in the past one year, while 32 per cent expect a salary increase of more than 6 per cent.
You can find out more about the salary guide here.
