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Singaporeans Are Willing to Accept Lower Pay in Exchange for More BenefitsManagement NEWS People Development June 6, 2017
In Singapore’s fast-paced employment market, career-oriented professionals are continuously seeking to improve upon their current remuneration.
However, new independent research commissioned by specialised recruiter Robert Half shows many Singaporeans may in fact value work-life balance more so than higher pay.
With 69 percent Singaporeans saying they are motivated by more than just pay, the Robert Half 2017 Salary Guide has found many Singaporean employees consider work-life balance options to be more attractive than higher pay.
Almost half (43 percent) Singaporeans would accept less pay in exchange for flexible working hours, and more than one in three (37 percent) would prefer the option to work from home over a salary increase.
Non-financial benefits are a clear motivator for Singaporeans, as more than one in four (28 percent) would accept a lower wage in return for more medical benefits, and one in five (20 percent) would prefer an increased holiday allowance.
Matthieu Imbert-Bouchard, Managing Director at Robert Half Singapore said: “While salary is still the most vital element of a remuneration package, flexibility has become increasingly important, with many Singaporeans starting to prioritise other benefits that positively impact their work-life balance.”
“In an indication that non-monetary benefits can be a prime motivator in the workplace, flexible working hours, additional holidays and the option to work from home are highly sought-after, contributing to a satisfied, motivated, productive and loyal workforce.”
“In a fast-paced working environment where employers are confronted with a continuous war for talent, employers need to diversify their incentives offerings – and look beyond the financial aspect – in order to attract and retain their best talent,” concluded Matthieu Imbert-Bouchard.
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