Hint: It's no longer about salary
A low salary package is no longer the top reason why employees want to leave – instead, it’s about a lack of career progression.
The latest survey by Hays of 1,175 skilled professionals and 412 employers in Singapore found that the lack of career progression has surpassed salary and benefits as the top reason why employees want to resign.
But this doesn't mean employees won't leave over low salary, which placed third on the reasons for departure, just behind the desire to seek new challenges, the survey found.
Top reasons for staying in job
On the other hand, the top reasons for staying varied between those who are committed to an organisation and those who are not. Those who are committed to their organisation cited their good relationship with their manager and colleagues as their top reason for staying. This is followed by flexible work options and work-life balance.
Those who are not committed to their employers ranked salary package as their top reason for staying. Similarly, they also remain with their current employer for work-life balance and flexible working options.
Marc Burrage, Managing Director at Hays Asia, said a healthy working environment, positive values, and a sufficiently challenging role will "go a long way" in making employees stay.
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"Leaders need to have these discussions with their workforce, and employees need to examine how they can enhance their value in this period of disruption. Collaboration is the key to survival, and both parties will need to face these challenges with open minds and a willingness to adapt," Burrage said in a statement.
Hays' survey was conducted across six weeks in late 2023 to determine the latest recruitment trends and insights across Singapore, China, Hong Kong SAR, Japan, Malaysia, and Thailand.