Almost 4 in 10 Singapore employees intend to retire at 55: survey

Way sooner than the government's expectations.

Almost four in ten (37 per cent) employees in Singapore want to retire at the age of 55 – ten years earlier than the retirement age set by the Government, revealed the 2014 Randstad Award survey.

The survey of 6,546 employees in Singapore also found that respondents would be motivated to work longer if their workplace offered a more relaxed schedule (48 per cent), friendlier atmosphere (37 per cent) and fewer work hours (34 per cent).

Randstad Country Director for Singapore, Mr Michael Smith, said the findings provide organisations with a clear insight on how best to engage their top talent in order to retain them within the company.

“Singapore is already facing a talent crisis, with many organisations finding it difficult to meet the demand for skills.

“If a situation arises where a large group of the talent pool are unwillingly to work to the retirement age, this will make the talent shortage challenge even more acute for organisations here.

“Employers need to constantly evolve their talent management strategies by understanding the motivations of their employees of all ages, including return-to-work mothers and the mature-age workforce,” said Mr Smiths.
For example, the survey found that female employees, in particular, find flexible working hours a key motivator (36 per cent) for staying in the workforce.

Mr Smith said this is not surprising given female employees tend to think about family priorities at some stage during their career.

“Today’s constantly changing world of work means that there is no one-size-fits-all approach.
“Employers need to continuously rethink their approach to ensure they are meeting the needs of their employees. These include establishing flexible working arrangements, a positive working environment and work-life balance.

“This will help businesses to create a strong employer brand which will not only attract Singapore’s best talent, but help keep them in the workforce for longer.

“Yet it is critical for employers to strike the balance between keeping their employees happy and maintaining productivity to ensure their business is well placed for the next phase of growth,” added Michael.

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