International Business & Economy New survey shows Singaporeans prioritize job security, salary, work-life balance

New survey shows Singaporeans prioritize job security, salary, work-life balance

The results also show that job security is more important to Singaporeans than career and development opportunities

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Singapore—The results of a recently released survey show that Singaporeans rank salary as a number one priority in choosing employment, with job security also high on the list.

JobStreet, a recruitment agency, conducted a survey in April and May of this year, the results of which were released on October 23, Wednesday. The study, called JobStreet.com’s Laws of Attraction study, is the largest recruitment survey done by the company.

The survey covers more than 7,000 people looking for jobs in 20 different industries, and shows that the top three factors that determine people’s choices for joining a company are: salary, work-life balance and job security.

Furthermore, the results show that job security is more important to Singaporeans than career and development opportunities.

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For people looking for jobs in education, IT and healthcare sectors, their number one is work-life balance. For those in the finance sector, the pay is the number one factor.

The survey also showed that jobseekers in Singapore expect to be paid 22 percent more when they switch job roles, and that those in the Generation Z demographic (born after 1995), are the “most willing to trade off salary and compensation for modern work environments and socially responsible employers,” in comparison to other generations.

On the other hand, the two top factors that bring job dissatisfaction are management style and organisational culture plus career development, the survey showed.

The respondents ranked the different aspects to consider in taking a job as follows

  1. salary & compensation (16.6%)

2. work-life balance (13.7%)

3. job security (11.4%)

The survey shows that the factors once considered as most significant in the consideration of employment, such as future prospects, employee benefits, management and culture of the organisations, no longer hold the same weight.

The Country Manager, JobStreet.com Singapore, Chew Siew Mee, said, “In view of the ever-changing labour landscape, hirers require more precise and updated information on jobseekers to plan and strategize the entire job package, and this is where JobStreet.com comes in. We believe that successful companies are driven by passionate employees, and the use of analytic tools such as the Laws of Attraction is just one of the many ways that JobStreet.com assists in bridging the gap between hirers and candidates.”

In the current economic atmosphere, this kind of information is important for employers to know.

“As the current global economic status remains uncertain, it is only natural for jobseekers to seek security when it comes to important issues like employment – and results from Laws of Attraction has shown this to be true. The survey has revealed many interesting facts that hirers can look to, to gain greater insights into the minds of jobseekers in today’s climate,” Ms Chew added.

One noteworthy takeaway from the survey results is that people in higher management roles also value work-life balance greatly, and believe that overtime work should be compensated.

Ms Chew pointed out, “Senior management members are the ones who shoulder heavy job responsibilities and work around the clock, but this group of employees (sic) usually exempted from overtime compensation. What this survey has revealed is that companies must make sure to reward employees – no matter their job positions – for work done out of official hours. An occasional time off or flexibility to work from home can go a long way in showing the companies’ appreciation.”

The full report from JobStreet can be found here./ TISG

Read related: Manpower Minister Josephine Teo to young leaders: ‘Hope lies’ in focusing on job creation

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