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Renewed optimism about the local job market may lead to significant churn in your workforce, as 67% of employees in Singapore say they are likely to leave their current role in 2015.
More than a third of professionals surveyed in Michael Page’s new report viewed the current employment market with optimism, expecting their job prospects to grow in line with it.
As a result, more than two-thirds of employees are either quite or very likely to leave their current role in the coming year. This search for a new role is already underway for most respondents, as 73% have attended job interviews with another company in the past 12 months.
“Generally there is quite a bit of optimism for Singaporean employees at the moment, but we do forecast churn in the local job market,” said Andrew Norton, regional managing director for PageGroup South East Asia.
“This optimism reflects Singapore’s employment growth, however employers will need to implement strong retention strategies such as succession planning and financial incentives to hold on to their top performers and prevent high staff turnover.”
This need for more competitive HR strategies is timely, with a quarter of the respondents citing career progression as their number one reason for wanting to quit. This may be fueled by the fact that 61% of respondents have not received a promotion in the past two years.
Even so, more than two-thirds indicated they are not looking to ask for a promotion in the next 12 months either.
The second biggest reason for wanting to change roles was an increase in salary, cited by 23% of respondents. Here too, the reason may have been prompted by more than half of respondents expressing concern about their salary against rising living costs.
This was a significant increase from the previous edition of the annual report, where only 38% of surveyed professionals listed the cost of living as their main concern.
In turn, if offered financial rewards, almost a third of survey respondents admitted they would remain in their current job. More than half (55%) also stated their intent to ask for higher compensation within the next 12 months.
“Financial rewards are still the most popular attraction and retention tool based on employee responses. Employers are at risk of losing their best performing staff if they do not offer their employees financial incentives to stay,” noted Norton.