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[h=2]Compensation Woes Driving Singaporeans To Seek New Opportunities[/h]
March 28th, 2013 |
Author: Online Press
SINGAPORE, March 28 (Bernama) — One in two (56 per cent) of employees in Singapore are planning to leave their jobs within the next two years, citing unsatisfactory compensation, according to the Randstad Award 2013 survey.
The survey of 4500 employees in Singapore found that the figure rises even higher among those aged 18 to 34.
Randstad Director for Singapore, Michael Smith, says it also reflects rising confidence among employees about the country’s economic strength.
He said people are feeling they have helped their companies through a few tough years. For many, this was at the same time that salaries were frozen and bonuses were lower.
“Now that the outlook is more positive and many business are in a position to loosen their purse strings, employees are demanding their hard work be recognised, and if it isn’t, they’ll vote with their feet,” he added.
“We recognise not all companies can provide financial benefits but compensation does come in other forms, such as offering career development opportunities or time-in-lieu,” said Smith.
The survey also revealed a lack of work-life balance and an unpleasant work atmosphere were key drivers for employees looking to leave their current jobs.
On the other side of the coin, the survey found that almost a third (30 per cent) will stay with a company if it offers long-term job security and a competitive salary alongside benefits.
Smith noted that Singapore’s unemployment rate continued to hover at a low of two per cent.
“In this tight labour market, it’s important for organisations to understand what people value and motivates their career choices.
“All companies need to look at their full employee value proposition and offer employees a complete package, including benefits and entitlements such as competitive compensation, career progression, work/life balance, and above all, be a company that people are proud to work for,” he said.
He said companies that successfully defined their employer brand to engage jobseekers will attract and retain the best talent and create a vital competitive edge in today’s marketplace.
.
[Source]: http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=937854
SINGAPORE, March 28 (Bernama) — One in two (56 per cent) of employees in Singapore are planning to leave their jobs within the next two years, citing unsatisfactory compensation, according to the Randstad Award 2013 survey.
The survey of 4500 employees in Singapore found that the figure rises even higher among those aged 18 to 34.
Randstad Director for Singapore, Michael Smith, says it also reflects rising confidence among employees about the country’s economic strength.
He said people are feeling they have helped their companies through a few tough years. For many, this was at the same time that salaries were frozen and bonuses were lower.
“Now that the outlook is more positive and many business are in a position to loosen their purse strings, employees are demanding their hard work be recognised, and if it isn’t, they’ll vote with their feet,” he added.
“We recognise not all companies can provide financial benefits but compensation does come in other forms, such as offering career development opportunities or time-in-lieu,” said Smith.
The survey also revealed a lack of work-life balance and an unpleasant work atmosphere were key drivers for employees looking to leave their current jobs.
On the other side of the coin, the survey found that almost a third (30 per cent) will stay with a company if it offers long-term job security and a competitive salary alongside benefits.
Smith noted that Singapore’s unemployment rate continued to hover at a low of two per cent.
“In this tight labour market, it’s important for organisations to understand what people value and motivates their career choices.
“All companies need to look at their full employee value proposition and offer employees a complete package, including benefits and entitlements such as competitive compensation, career progression, work/life balance, and above all, be a company that people are proud to work for,” he said.
He said companies that successfully defined their employer brand to engage jobseekers will attract and retain the best talent and create a vital competitive edge in today’s marketplace.
.
[Source]: http://www.bernama.com/bernama/v7/bu/newsbusiness.php?id=937854
