SINGAPORE: In a significant shift from previous trends, the primary reason for job exits among Singaporean employees is no longer low salaries but rather a lack of career progression and the quest for new challenges, according to a report by British HR recruitment and consultancy firm, Hays.
The findings, unveiled in the latest Hays report, indicate a noteworthy transformation in the job market dynamics of Singapore. While low salaries held the top spot as the main driver for job resignations in 2023, the landscape has now evolved to prioritize career advancement and fresh opportunities.
The report, based on a survey conducted over six weeks in late 2023, encompassed insights from 1,175 skilled professionals and 412 employers across Singapore.
Hays highlighted that employees who exhibited a steadfast commitment to their organizations attributed their loyalty predominantly to interpersonal factors rather than financial incentives. Fitting in well with managers or colleagues emerged as the leading reason for retaining their positions, garnering 40.1% of the responses.
This was closely trailed by considerations such as work location or flexible work options (36.2%), and work-life balance (35.4%). Notably, salary package occupied a relatively lower rank at 31.5%, reflecting a shift towards non-monetary motivators.
Conversely, for individuals displaying a lesser commitment to their employers, the allure of a competitive salary package retained its prominence, claiming the top spot at 50.0%. However, it is noteworthy that work-life balance (44.4%) and good job security (27.8%) emerged as substantial factors influencing their decision to remain in their current roles.
Commenting on the findings, experts suggest that the changing landscape underscores the evolving priorities and aspirations of the Singaporean workforce. The desire for career progression and meaningful growth experiences now takes precedence over mere financial compensation, reflecting a deeper societal shift towards holistic job satisfaction and fulfillment.
The report serves as a crucial indicator for employers, signaling the imperative need to reassess traditional approaches to talent retention and engagement. As organizations navigate the evolving dynamics of the labor market, the focus on fostering a conducive environment for career development and personal growth emerges as a pivotal strategy in retaining top talent and driving sustainable organizational success.