CFA Society Singapore
SINGAPORE (June 5): A majority of 68% of employees and job seekers in Singapore say that an attractive salary and benefits is a must-have criteria of an ideal employer, according to Randstad’s latest Employer Brand Research 2018.
This is followed closely by 64% who take importance in their work-life balance and 42% who expect career progression opportunities.
The research which measures the perception of Singapore’s largest commercial employers (by workforce size) and unlocks the drivers of employee motivation, also suggests that employers should adopt a more holistic approach towards talent attraction and retention to appeal to the local workforce.
Jaya Dass, country director at Randstad Singapore says, “As the economy continues to grow, employers may find it more and more difficult to attract and retain the right talent, particularly more so in a highly competitive market like Singapore. Furthermore, employees and job seekers are stepping up their efforts to upskill and re-skill through various learning and development programmes.
“A talent-short market combined with a competitive workforce means that only employers with a well-perceived employer brand have what it takes to appeal to today’s job seekers. It is therefore important that employers design and communicate their employer brand in a way that resonates with the workforce,” adds Dass.
The research has also shown that job aspirations change with age. Almost half of the respondents between the ages of 18 and 24 said that career progression opportunities is a must-have, suggesting that they are more ambitious about their careers. But only 36% of the respondents between the ages of 45 and 64 would place value in career progression.
Meanwhile, work-life balance is the most consistent high-ranking criteria that employees and job seekers across all ages seek in an ideal employer.
The study also showed that the top five reasons employees stay with their employers are salary and benefits (55%); work-life balance (53%); job security (43%); financial health (39%); and work atmosphere (38%).
“Depending on their personal life and career aspirations, employees choose to take advantage of these initiatives and policies differently,” adds Dass.
Out of the employees who have plans to leave their employers within the next 12 months, 49% say that it is due to the lack of career progression opportunities.
Younger employees are also more likely to leave their jobs due to insufficient challenges (31%), further supporting the fact that younger employees are more ambitious about their careers.
On the other hand, 38% of employees are willing to leave due to inadequate compensation; 31% would resign due to lack of recognition and award; and 31% would change their jobs in search for an organisation with better leadership skills.
“With healthier and happier employees, productivity would naturally increase,” says Dass.