71% of Singaporeans likely to switch employers next year

Employee retention should address growing concerns on career progression and salary increases.

As 50% of survey respondents say that the current job market for their profession is strong or very strong, 71% of those surveyed by Michael Page International said they are likely to change employer over the next year.

Most job seekers (41%) rated scope for career progression as the primary factor in the decision to change roles, followed by an increase in salary (23%). More than half of professionals (54%) that want to stay in their role will ask their employer for a pay rise, with most (31%) looking for a salary increase of 10-12%.

"Employers will need to have a strong focus on retaining their best staff over the next year as professionals across Singapore’s white collar sectors are positive about the job opportunities that may become available the them," said Michael Page in a release accompanying its annual 2012/13 Employee Intentions report for Singapore.

"With multinational companies continuing to invest in Singapore by basing their regional operations in the country, there is a steady volume of jobs across a variety of sectors, particularly in revenue-generation and business support functions. This is likely to continue over the year and employers will need to focus on ways to keep the best staff in their company,” says Mr. Andrew Norton, Regional Managing Director for Michael Page International in South East Asia.

“One of the most effective retention strategies is to provide staff with financial rewards and employers will need to be prepared to offer above average salary increases to keep talent in the company. In addition, training and development opportunities, including a structured career development plan, remain a key motivator for skilled employees when choosing to stay in their job or search for a new one,” adds Mr. Norton.

More than half of professionals (54%) that want to stay in their role will ask their employer for a pay rise with most (31%) looking for a salary increase of 10-12%.The primary factor that will encourage 41% of job seekers to change companies is career progression, followed by 23% that will look for a salary increase.