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Financial incentives essential to lock in staff over 2013/14

Financial incentives essential to lock in staff over 2013/14

Key survey findings: (Source: 2013/14 Michael Page Singapore Employee Intentions Report)

  • Surveyed employees have a positive outlook on the job market; 39% say it will remain stable and 38% believe it will improve in the next 12 months.
  • Almost half (44%) of respondents are very likely to look for another role over the coming year.
  • Some 22% of surveyed employees would accept a new role if offered a salary increase, with 31% seeking a wage rise of 10-12%. Also, if offered financial rewards, 25% would remain in their current role and a salary increase of 10-12% is also desired by 34% of these employees.
  • A transport allowance (32%) and a bonus (31%) are the benefits most respondents would like to receive.

July 30, 2013: The 2013/14 Michael Page Singapore Employee Intentions Report reveals employers will need to offer various monetary rewards to successfully attract and retain staff over the coming year. 

The survey, based on the responses of over 1,500 employees across Singapore’s professional sector, indicates that 39% of respondents expect the job market to remain stable in the next 12 months, and 38% believe it will improve. Furthermore, some 44% of respondents indicate they are very likely to look for another role in the next 12 months.

“Business activity in Singapore remains positive as international organisations continue to establish their regional hubs in the country. This continues to create a demand for talent across a variety of sectors and many employees are expected to take advantage of the growing number of job opportunities in the coming year,” says Mr. Andrew Norton, Regional Managing Director of PageGroup in Singapore. 

“Employers should have strong talent management and retention strategies in place that encourage the long term career development of professionals, as well as a blend of financial and non financial incentives,” Mr. Norton adds. 

For 22% of surveyed respondents, an increase in salary is the most important factor for accepting a new role, followed by scope for career progression (20%). Some 31% will seek to improve their salary with another employer by an increase of 10-12%. Similarly, 25% of respondents say financial reward based on performance is the main motivating factor for remaining in their current role. Furthermore, 57% of respondents are likely to ask their present employer for a salary increase in the coming year and 34% of these employees also want a rise of 10-12% on their current salary. 

In addition, almost one third (32%) of respondents selected transport allowance as the most desired benefit they are not currently being offered at work. A bonus was ranked as the second most preferred benefit by 31% of surveyed employees.

To read the Employee Intentions Report in full, visit the Michael Page Singapore News & Research Centre.