Flexibility cited as key to addressing talent issues
Retaining talent has emerged as the most pressing challenge for Singapore employers as they set their sights on achieving organisational growth this year.
Findings from Hays showed that 84% of employers are targeting organisational growth as a goal for the year ahead.
This means expanding their market share (40%), prioritising higher competitiveness (39%), and expanding product portfolios.
But employers recognise that retaining talent will be a tough challenge this year, with 19% of employers citing it as the biggest barrier preventing them from achieving their organisational goals.
Hays attributed the challenge to employees continuing to "reassess" what they want from work, pointing to growing emphasis on career development, wellbeing, and flexibility.
"Employers are eager to grow, but success will depend on how well they retain talent, support flexibility, and respond to evolving employee expectations," it said.
What can employers do?
Addressing the issue of talent retention will require employers to take various measures, according to Hays.
"With the new year traditionally signalling a period of increased job movement, employers who invest in engagement, clear progression pathways, and meaningful conversations will be better positioned to keep pace and avoid losing momentum," it said.
It also pointed out that flexibility is now a key attraction driver for professionals in Singapore.
For more than half of employees (57%) in the country, flexible work arrangements are important to them. They cited the following benefits of flexibility:
- Helps improve work-life balance (67%)
- Feel more productive (63%)
- Feel more motivated to stay with their employer (44%)
"These findings are a clear link between flexibility, performance, and retention," the report read.
"Employers who embed flexible work into their operating model are more likely to maintain energy and commitment across their workforce."
More than 80% of employers in Singapore are already providing flexible working arrangements to employees, according to a report from Aon last year.
It comes as the government has mandated employers across the country to consider formal requests for flexible work arrangements, such as flexi-place, flexi-time, and flexi-load.
While it does not prevent employers from rejecting flexible work requests, the mandate encourages them to explore alternative options with employees.
