Employers in Singapore have a harder time hiring.
According to Hays that recently released its 2019 Hays Asia Salary Guide, only 35% of professionals are actively looking for new jobs in the country.
Hays has also asked respondents who were not keen on switching jobs about their motivations for staying with their current employer and found the following reasons for not looking for a new employer:
- work-life balance (45%)
- management style and company culture (37%)
- salary or benefit package (33%)
- job security (33%)
Those respondents who indicated they were searching new jobs cited the following reasons:
- salary or benefit package (60%)
- seeking new challenges (55%)
- lack of career progression (45%)
Employees happy about their salary
Surprisingly, three in five (61%) employees claim to be either ‘satisfied’ or ‘very satisfied’ with their current compensation package, an improvement from the 46% who felt the same way in 2018, according to the survey.
As a result, a majority (65%) of employees didn’t request for a pay raise, survey results indicates.
While compensation contentment is high, talents in Singapore have considerations that go beyond the financial aspect of their jobs, said Grant Torrens, Regional Director at Hays Singapore.
“To continue retaining top talents, we recommend that employers work on placing a greater focus on their employees’ career paths, while employees should take a more proactive stance when entering into dialogue with current or prospective employers to ensure that both parties are clear on what future steps can be taken for candidates to meet their goals,” he noted.
Employees not upskilling: Are they too confident about their skills?
The report shows that there has been a huge upswing in confidence over current skills levels, with 69% of employees believing that their skillsets will continue to be in demand by employers five years from now, slightly up from the 66 per cent with the same sentiments in the previous year.
However, Torrens pointed out that there’s the worrying trend of employees spending less and less time out of working hours on upskilling.
“This is a worrying reality, particularly when you consider how quickly new technologies are changing the face of a broad spectrum of industries,” he said. “To ensure that employees can be truly confident of their lasting significance they should be looking into ways of developing their professional skills that can safeguard their future in the years to come.”