Singapore’s dynamic workforce is continually evolving, and understanding the needs and desires of its employees is paramount for businesses striving for success. In a recent survey conducted by Brainsight’s parent company Reeracoen, a leading provider of human resource services in Singapore, titled “What Singapore Workers Want,” insights into the preferences and expectations of Singaporean workers were unveiled. This comprehensive survey, carried out between July and August 2023, gathered 1,587 responses, shedding light on what motivates employees and their career aspirations in a rapidly changing economic landscape.
Work-Life Balance Tops the Charts
The survey’s first part, “What Singapore Workers Want Most,” revealed that an overwhelming 47% of the 293 respondents desire work-life balance as their primary priority. Following closely behind were Remote Work (26%), Four-day Workweeks (19%), and Professional Development (8%). The second survey introduced monetary rewards as an option, but Work-Life Balance still triumphed, with 57% of the 424 respondents choosing it, followed by Money (25%), Remote Work (10%), and Four-day Workweek (8%). These results emphasize the importance of achieving a harmonious work-life balance for Singaporean employees, underlining its significance in their career decisions.
Salary Expectations and Job Change Considerations
The third survey, conducted on 1 August, delved into workers’ salary expectations. A significant 54% of the 425 respondents anticipated a 6% to 10% salary increase, while 28% expected a 1% to 5% raise. Only 13% foresaw their salary remaining the same, and a small percentage considered the possibility of a pay cut (5%).
The final survey, on 15 August, inquired if individuals were contemplating a job change before the year’s end. A staggering 73% of the 445 respondents expressed their intent to switch jobs, signaling a significant desire for career advancement and increased compensation.
Employer and Employee Alignment
Reeracoen’s Group CEO, Mr. Kenji Naito, highlighted the survey’s implications for both employers and employees. He emphasized the significance of time and monetary rewards as primary factors for Singaporean workers when considering employment. As part of talent retention strategies, companies should be mindful of their employees’ preferences and financial well-being, striving to offer competitive packages to retain their top talents.
Furthermore, the workforce’s increasing demand for work-life balance and improved financial remuneration underscores the need for companies to prioritize employee well-being and offer competitive compensation packages. This shift signifies a more nuanced and progressive approach to employment within the dynamic landscape of Singapore’s ever-evolving economy.
In summary, understanding the expectations of Singaporean workers is paramount for businesses to thrive in the changing business landscape. Prioritizing work-life balance, competitive compensation, and career growth opportunities will undoubtedly be key factors in attracting and retaining top talent. Companies that can adapt to these evolving expectations will have a significant advantage in the competitive job market.
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