SINGAPORE - Bosses need to step up retention efforts, as 37 per cent are actively looking for a new job this year, recruitment firm Hays found in its latest survey.
The study found that 30 per cent of employees in Singapore who are actively job-hunting, want to be in a new role within the next six months. Another 22 per cent expect to change jobs within the year.
Hays surveyed over 3,000 employees in China, Hong Kong, Japan, Malaysia and Singapore and studied salary ranges for more than 1,200 roles for the 2016 Hays Asia Salary Guide.
The company found that 43 per cent of Singapore respondents were drawn by salary or benefits of other companies. While 36 per cent cited a lack of career progression as a reason for leaving, another 36 per cent wanted new challenges, and 29 per cent were unsatisfied with their current company culture.
All is not lost though - the study also revealed key retention factors that would convince employees to stay.
60 per cent of employees wanted better work-life balance while 40 per cent sought an improved salary or benefits package. Interestingly, 37 per cent cited work location as a factor while 31 per cent wanted career progression.
"Employers with modest salary intentions this year will need to pay close attention to the other key benefits candidates and employees value most highly to ensure they can attract and retain the best talent in the year ahead," said Lynne Roeder, Managing Director of Hays in Singapore.
"At the same time, candidates should do their research and set realistic salary expectations before asking for a pay rise or intending to change jobs this year," she added.
This confidence in seeking greener pastures comes despite total employment growth in Singapore dropping to a 12-year-low in 2015. According to a Ministry of Manpower study, more workers were also retrenched last year, with a total of 14,400 laid off, the most since 2009.
However, positivity towards the job market in the Republic remains uplifting. Randstad Singapore said in a recent report: "With the establishment of the ASEAN Economic Community and the negotiation of regional alliances, Singapore employees are confident that the economy will pick up, which will continue to drive demand for skilled workers in 2016."