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Singapore is filled to the brim with talent deemed competitive in fields like business, technology and data science. However, Singaporean talent may be growing restless and looking for new opportunities. Mercer’s 2019 Total Renumeration Survey shows that salary increments in Singapore are expected to remain about the same in 2020 (3.7%) as they were in 2019 (3.6%). HRM Asia reports that a quarter of Singaporean professionals are seeking new jobs in 2020, placing a spotlight on companies’ attraction and retention strategies.
Offering a comprehensive salary and compensation package as well as salary increases are a few ways to attract and retain Singaporean talent. A survey of more than 7,000 job seekers by JobStreet found that employees in Singapore consider compensation their top priority. Salary and compensation ranked number one out of 14 options presented, chosen by 16.6% of respondents.
Offering a comprehensive salary and compensation package as well as salary increases are a few ways to attract and retain Singaporean talent.
However, as Kulapalee Tobing, Career Products Leader at Mercer Singapore puts it, “With salary increases and voluntary turnover rates remaining relatively flat, companies should look beyond merit increments to design packages that take the motivational drivers of their multi-generation workforces into consideration.”
The JobStreet survey found that 13.7% of respondents value work-life balance, and 11.4% chose job security as their top consideration. Job security for Singaporeans is especially important as job seekers become increasingly concerned about their employability in an age of digital disruption. A survey from PwC found that one in five (18%) of Singaporeans are concerned about how technology will affect their job prospects. However, the report also noted that Singaporeans are more likely to learn new skills through their employer. For companies wanting to attract and retain Singaporean talent, offering comprehensive tech skills training is a way to remain competitive.
As talent shortages around the world persist, mobility remains a key strategy for attracting and retaining employees. Integrating mobility into an overall retention strategy that includes compensation benefits and skills training can be the key to unlocking the success of talent in Singapore.
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