How can employers address the issue of retention?
Nine in 10 new hires in Singapore have admitted that they remain open to new opportunities, according to a report. A survey by specialist recruiters Michael Page found that one in two Singaporeans have switched roles since the pandemic began.
Half of the survey's respondents said they are satisfied with their jobs, and another 69% said they are happy with their salary.
Despite this, 92% admitted that they are still open to new opportunities, according to Nilay Khandelwal, Managing Director of Michael Page Singapore.
"This paradox indicates a fundamental reset of people's relationship with their jobs and the value they attach to them," Khandelwal said in a media release.
According to the survey, employees are more likely to start a job search when they think the economic environment is worsening.
In 2022, 65% of respondents said they have begun searching or are planning to look for jobs with higher salaries to keep up with the rising costs of living. They are expecting a 28% hike when they switch jobs, according to another report.
What can employers do?
With new hires leaving early, the report underscored the importance of a "clearly articulated" employee value proposition that goes beyond pay and flexibility.
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According to the report, employers also need to recognise the "transformative shift" in the workforce, whose decisions are influenced by personal ambition, economic uncertainty, and the evolving job market.
"These are not fleeting trends or reactionary responses to a period of turbulence," PageGroup CEO Nicholas Kirk said in statement. "Rather, they are reshaping the workplace in a way that will subtly yet fundamentally change the way businesses attract and retain their talent."