Great employee compensation package seems to remain the biggest attraction for employees and jobseekers in Singapore when looking for jobs.
According the latest Employer Brand Research 2018 commissioned by Randstad, majority respondents (68 percent) say that attractive salary and benefits is a must-have criteria of an ideal employer. The other 64 percent consider that good employer should focus on work-life balance, while 42 percent expect the company to provide career progression opportunities.
The study reveals that top five reasons employees stay with their employers include salary and benefits (55 percent); work-life balance (53 percent); job security (43 percent); financial health (39 percent); and work atmosphere (38 percent).
“Depending on their personal life and career aspirations, employees choose to take advantage of these initiatives and policies differently,” says Dass.
Job aspirations tend to change with age, the research found. Nearly half respondents between the ages of 18 and 24 say that career progression is a must-have, indicating that they are more ambitious about their careers. On the other hand, only 36 percent respondents between the ages of 45 and 64 have the same value towards 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 Edge Singapore reports.
The research observes the perception of Singapore’s largest commercial employers measured by workforce size and unlocks the drivers of employee motivation. If employers want to appeal to the changing local workforce, the report suggests that companies need to adopt a more holistic approach towards talent attraction and retention.
Jaya Dass, country director at Randstad Singapore says that given Singapore’s current economic growth, employers might find it more and more difficult to attract and retain the right talent in a highly competitive market. Not to mention, both employees and jobseekers are stepping up their efforts to upskill and re-skill through various learning and development programmes.
He adds, “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.”
About 49 percent employees who plans to leave their current employers within the next 12 months say that it is because the lack of career progression opportunities. Meanwhile, younger employees are more likely to move on due to insufficient challenges (31 percent).
On the other hand, 38 percent employees admit that they are willing to leave due to inadequate compensation; 31 percent would resign due to lack of recognition and award; while another 31 percent would change their jobs in search for an organisation with better leadership skills.