Singapore workers demand fairer compensation packages.
A recent report by Randstad’s Salary Bonus and Expectations indicates that over half of employees in Singapore believe they are not being paid enough for their work. The survey was conducted between February and March and involved 306 individuals who had recently worked in Singapore. The findings suggest a “mismatch” between the salary expectations of employers and workers. This could lead to a potential loss of top talent for employers, who are already facing challenges due to the current global economic landscape, pandemic recovery efforts, and inflation.
The report highlights that job seekers who are switching employers this year are asking for a 20% salary increase, which is seen as a “reasonable starting point for negotiations.” Among the 35% who switched employers in February and March, 37% of them received a salary hike of more than 20% from their new employers.
While a higher salary is a crucial factor for job seekers, respondents also value other factors, including flexible work arrangements, medical insurance, career development, and a positive work environment. Employers who can meet these expectations may be able to secure top talent despite offering lower salaries.
The report also emphasizes the importance of bonuses in motivating employees and retaining top talent. While 55% of respondents received a bonus, 37% received one or less than a month’s worth, and 22% did not receive any bonus at all. Bonuses are seen as a “determining factor” in motivating employees to perform well in their roles and creating a positive work environment.
In light of these findings, Jaya Dass, Managing Director of Permanent Recruitment in Asia Pacific at Randstad, suggests that employers need to update their compensation packages and revise their internal salary bands to meet today’s talent expectations. Failure to do so may lead to a loss of top talent and a potentially negative impact on the organization’s success.