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Mid-level and senior professionals in Singapore are still driven by money and are most likely to move for opportunities with better monetary offerings.
There is an increase of nearly 10% for professionals who place money ahead of their careers, from 26.3% last year to 34.8% this year, a report by recruitment firm MRIC found.
“It tells a story of rising costs and inflationary pressures, which are constantly in the news in Singapore and likely contribute to the pressure to increase earnings in order to advance in a city now rated the third most expensive in Asia after Tokyo and Osaka,” BL Seah, country manager for MRIC Singapore, said.
Other motivators for a career switch for local professionals are an increase in responsibilities or challenges (29.7%), leadership or strategic direction (27.1%) and work-life balance (23.2%).
The report also found half of Singaporean executives surveyed are willing to relocate for career, and are eyeing Australia or New Zealand (51.5%), Hong Kong (50.5%), Shanghai (48.5%), North America (43.9%) and Europe (40.3%).
Seah said while Hong Kong remains the preferred career destination for top and senior respondents, the younger Singaporean employees are more attracted to North America, Australia, New Zealand and Europe.
Additionally, the report found the “primary drivers of relocation for professional and managerial talent are career development, better lifestyle and international exposure”.
Singaporean respondents also ranked company culture as one of the most important factors in building an organisation.
Local professionals identified the people who make up the company (40.7%), a belief in fairness and promotions based on merit (37.6%) and a clear vision of the company culture (35.6%) as the most important aspects making up a company culture.