Recent study commissioned by Robert Half revealed finance leaders in Singapore are forecasting a surge in employee turnover over the next 12 months. About one in 10 (10 percent) employees are estimated to change jobs voluntarily this year, which is equivalent to almost 21,000 workers based on the current employed finance workforce in the country.
More than half (56 percent) Singapore finance executives said they have witnessed an increase in staff resignation in the past three years, with the average turnover currently staying at 10 percent. Despite almost all (99 percent) CFOs surveyed currently have staff retention program in their organisations, majority still expected that employee turnover will increase over the next 12 months.
Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore said, “As job opportunities increase and the supply of candidates dwindles, it’s essential for Singapore’s employers to amplify their staff retention policies to avoid their employees leaving the organisation.
Businesses are only as strong as the people who staff them, so significant setbacks can occur from high staff turnover, such as lost productivity, diminished customer loyalty and company credibility, and even low staff morale as workloads inevitably increase for remaining staff.”
The survey suggested that finance employers are missing out on valuable insights from their departing employees, as more than eight in 10 (84 percent) were unable to undertake exit interviews. Meanwhile, about two thirds (67 percent) do not perform regular salary reviews. When looking at the measures companies take to retain their employees, only half (50 percent) offer training and development programs, whilst only 42 percent offer flexibility and employee wellness programs respectively.
“Being proactive with staff retention is essential. Managers should regularly check in with their staff and never assume employees are satisfied and engaged – rather this should be part of an ongoing conversation which involves understanding the key motivating factors keeping employees content in their role and identifying areas for improvement. These dialogues make it that much easier for managers to remedy any underlying concerns that may prompt employees to leave the organisation prematurely,” said Matthieu Imbert-Bouchard.
Voluntary employee turnover is highest within accounting (39 percent), financial management (35 percent), compliance (30 percent), accounts payable/receivable (29 percent) and credit management (26 percent).
“Skilled finance candidates are challenging to find in a candidate – short market, making retention initiatives a top priority for Singapore’s finance employers. Employees who are satisfied and engaged in their role are more productive, help to create more of a friendly office environment and are more likely to stay with their employer for the long term,” concluded Matthieu Imbert-Bouchard.