Work flexibility no longer the main driver for Singaporeans to switch jobs
Four in 10 Singaporeans would rather get higher pay.
Singaporeans planning to switch jobs are no longer attracted to flexible working arrangements as much as they used to, a study has found.
According to EY's 2022 Work Reimagined Survey, only two in 10 employees are seeking remote-work flexibility from their prospective employers. Of those wanting work flexibility, 90% of them work remotely at least two days per week.
"This could be due to the fact most are already working for companies that offer flexibility in some form," EY said, adding that only 12% of companies want their employers to report to the office for five days a week.
What employees are seeking now is higher pay, according to EY.
Based on the survey, four in 10 (42%) employees seeking new jobs now desire higher pay.
Employees (45%) also believe that higher compensation is key to addressing staff turnover in companies, but only 35% of employers agree with this proposition.
Apart from higher pay, 35% of employees also cited career growth as a top reason for them to move employers.
"As flexibility has now become the new standard requirement, employers must re-evaluate their employee value proposition to address the key workforce concerns of today, particularly around competitive compensation and career growth opportunities," Samir Bedi, EY Asean Workforce Advisory Leader, said.
"Employers who do so will be able to change their position from being in the ‘Great Resignation’ to one that’s a ‘Great Attraction’," Bedi added.
To address the turnover of staff, 64% of employers believe they should match talent and skills to future business needs which they plan to do by hiring employees from other countries and allowing them to work from anywhere if their skills are critical or scarce.
Other employers (28%) said improving opportunities to build skills will help address turnover.