This may be concerning for firms with ambitious hiring plans
Singaporeans have always valued fair and competitive pay, and this is not likely to change anytime soon as 83% of local talent expect a salary increase to switch jobs.
Moreover, across all industries and all job levels, most expect an average pay rise of 17% when switching jobs, found the study.
Although financial compensation is the driving factor for 61% of jobseekers, other factors pushing them to look for jobs are working with “top calibre colleagues” (14%) and career advancement opportunities (11%).
Additionally, RGF International Recruitment’s report found that Singaporeans overall aren’t keen to move overseas – except to Mainland China (21%) or Hong Kong (12%).
These factors are highly relevant for a market looking to expand headcounts in the coming year. The study found that about half of companies are optimistic about business growth, with 58% looking to go on aggressive hiring plans.
However, hiring challenges abound:
- 84% cite a struggle to locate and attract key talent
- 12% face company culture mismatches
- 10% have a low hiring budget
READ MORE: APAC tech firms fuel talent war with hiring plans
On a positive note, the study found that Singapore is the top choice for global talent. Jobseekers around the world would choose to relocate to the city-state if given an option – ahead of Mainland China, North America and Europe.
This bodes well for the country’s latest talent strategy: last week, Minister for Trade and Industry Chan Chun Sing urged employers to “step up” their efforts to attract global talent and remain competitive.
The minister said that doing so would help close any existing skills gap and ease the ongoing talent war.
Beyond Singapore, the study found that:
- 66% of APAC jobseekers consider fair salaries their highest priority
- Talent want an average pay jump of 22% when changing jobs
