An attractive salary and benefits package remains a must-have to retain staff - but so are these other factors
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Although an attractive salary and benefits package still reigns as top criteria of an ideal employer, Singapore workers across all ages continue to seek jobs that support work-life balance.
The latest research by Randstad Singapore suggests that employers should adopt a holistic approach towards talent attraction and retention to appeal to the local workforce.
The study also found that employees’ expectations around career progression opportunities have also increased, with 38% planning to quit their jobs in the next 12 months mainly due to a limited career path.
According to the research, 68% of the respondents said that attractive salary and benefits is the number one must-have criteria of an ideal employer.
This is closely followed by work-life balance (64%), which has seen a steady increase over the years from 2015 (54%).
Additionally, employees are also increasingly seeking career progression opportunities – 42% compared with 38% in 201.
A deep-dive into the results suggests that job aspirations change with age. Almost one in two respondents between the ages of 18 and 24 said that career progression opportunities is a must-have criteria in an employer (49%)
However, only 36% of respondents between 45 and 64 said that career progression opportunities remain important to them.
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What remains a consistently high-ranked criteria for employees across all age groups is work-life balance.
“Depending on their personal life and career aspirations, employees choose to take advantage of [work-life balance] initiatives and policies differently,” said Jaya Dass, country director at Randstad Singapore.
“For example, a young executive would value examination leaves and early-release on Fridays, but new parents may want to tap into the childcare benefits instead.
“We’ve seen companies in Singapore starting to introduce some very interesting initiatives such as extended paid paternity and well-being leave. With healthier and happier employees, productivity would naturally increase.”
Below are top five reasons why employees would stay:
- Salary and benefits
- Work-life balance
- Job security
- Financial health
- Work atmosphere