SINGAPORE, Oct. 31, 2023 /PRNewswire/ — Reeracoen, a leading provider of human resource services in Singapore, has released the results of its latest survey, “What Singapore Workers Want“. Conducted throughout July and August this year, the survey aimed to uncover the preferences and expectations of Singaporean workers and their career plans amid the evolving changes in Singapore’s economy.
The comprehensive four-part survey garnered 1,587 responses, seeking to provide a deeper understanding of what motivates Singaporean employees and their career plans. The findings shed light on the factors influencing their decisions, with significant implications for employers and workers.
In the first survey, “What Singapore Workers Want Most,” the majority of the 293 respondents expressed a strong desire for Work-Life Balance (47%). This was closely followed by Remote Work (26%), Four-day Workweeks (19%), and Professional Development (8%). The second survey included monetary rewards as an option and revealed that Work-Life Balance still topped the list, with 57% of the 424 respondents choosing it, followed by Money (25%), Remote Work (10%), and Four-day Workweek (8%).
The third survey, conducted on 1 August, asked workers about their salary expectations. Most of the 425 respondents (54%) anticipated a 6% to 10% salary increase, while 28% expected a 1% to 5% raise. Only 13% expected their salary to remain the same, and a small percentage anticipated a pay cut (5%).
The series culminated in a final survey on 15 August, which asked if individuals were considering a job change before the end of the year. An overwhelming majority of the 445 respondents (73%) expressed their intent to change jobs. The remaining respondents answered No (12%), Maybe (12%), and I Don’t Know (3%).
The recurring themes of the first two surveys indicated a strong preference for work-life balance, followed by financial considerations. Subsequent surveys highlighted the anticipation of salary increases, prompting contemplation about job transitions in pursuit of better remuneration prospects.
Reeracoen, as a leading employment and recruitment firm, recognises the potential to bridge the gap between job seekers and employers by providing workforce insights. These insights can assist both parties in making informed decisions for a thriving and harmonious professional life.
Mr Kenji Naito, Reeracoen’s Group CEO, stated, “The surveys seem to indicate time and monetary rewards as main factors when Singapore workers consider employment. As part of their talent retention strategies, employers should remain sensitive to their employees’ preferences and financial well-being and strive to offer competitive packages to retain their top talents.”
He continued, “The Singaporean workforce’s aspirations for better work-life balance and enhanced financial remuneration reflect the pressing need for companies to foster employee well-being and offer competitive compensation packages. This shift indicates a more nuanced and progressive approach to employment within the dynamic landscape of Singapore’s ever-evolving economy.”
Reeracoen envisions that the survey findings will benefit two main groups:
- Employers: Understanding these sentiments can help companies develop more effective staff retention strategies to retain their valuable workforce. Firms can use this data to re-evaluate their compensation strategies to stay competitive in retaining and attracting top talent. The survey findings also offer insights into talent acquisition.
- Singapore Workers: Workers can make informed career decisions with more knowledge about industry trends and shifts. With this knowledge, employees can confidently negotiate better compensation packages and seek employers aligned with their salary and career growth expectations.
Reeracoen’s commitment to providing holistic and beneficial matches between employers and prospective job seekers, based on understanding the evolving needs and expectations of the Singaporean workforce, sets the stage for a mutually advantageous employment landscape.
To access more valuable content and stay updated with Reeracoen, please visit the official website at https://www.reeracoen.sg/en/services/recruitment_solutions and follow on LinkedIn at https://www.linkedin.com/company/reeracoen-singapore-pte-ltd-/.
About Reeracoen Singapore Pte Ltd
Reeracoen Singapore Pte Ltd is one of Singapore’s leading recruitment agencies. With our extensive networks, we effectively source and match high-calibre candidates to our partners. Our clients enjoy peace of mind knowing that as part of the Neo-career group, Reeracoen is committed to delivering the same Japanese professionalism and service quality across our ten offices in 6 Asian countries. For more information, visit https://www.reeracoen.sg/ and follow us on social media.
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SOURCE Reeracoen Singapore