Despite having staff retention policies in place, employers fear almost 21,000 workers will quit in 2018
More than half (56%) of Singapore’s CFOs say they have seen an increase in staff turnover – defined as employees freely resigning – in the past three years with the average turnover currently standing at 10%.
And despite the fact that 99% of CFOs currently have in place measures to avoid staff turnover, little over one in two (51%) say turnover within their organisation is expected to increase over the next 12 months.
According to research by Robert Half, one in 10 employees are likely to change jobs this year, the equivalent of almost 21,000 workers based on the current employed workforce within finance in Singapore.
The study also found that Singapore’s finance employers are missing out on valuable insights from their departing employees, as more than eight in 10 fail to undertake exit interviews. Also, two-thirds (67%) do not perform regular salary reviews.
When looking at the measures companies take to retain their employees, only half (50%) offer training and development programs, whilst only 42% offer flexibility and employee wellness programs respectively.
“Being proactive with staff retention is essential,” said Matthieu Imbert-Bouchard, Managing Director at Robert Half Singapore.
“Managers should regularly check in with their staff and never assume employees are satisfied and engaged – rather this should be part of an ongoing conversation which involves understanding the key motivating factors keeping employees content in their role and identifying areas for improvement.
“These dialogues make it that much easier for managers to remedy any underlying concerns that may prompt employees to leave the organisation prematurely.”
Voluntary employee turnover in the sector is highest within accounting (39%), financial management (35%), compliance (30%), accounts payable/receivable (29%) and credit management (26%).