Job market tightens as firms grapple with benefits gaps: report

63% of professionals are either neutral or dissatisfied with their current packages.

Over half of Singaporeans (55%) plan to actively search for new jobs in the next six months, according to Morgan McKinley’s 2025 Salary Guide.

The report noted that this trend indicates an increasingly competitive hiring landscape as 50% of hiring managers also expect to recruit during the same period.

Employee satisfaction with benefits remains low, with 63% of professionals reporting they are 'neutral,' 'dissatisfied,' or 'highly dissatisfied' with their current packages.

As a result, 80% of employers have lost candidates in the past six months due to their inability to compete on salary and benefits offerings.

In H2 2024, 60% of organisations kept salary bands static, making it harder to attract new hires. This year, 56% of employers plan to increase salary offers for hard-to-fill roles. However, professionals remain cautiously optimistic, with 50% expecting a pay increase in 2025.

“We anticipate that companies that strategically adapt their compensation and workplace policies to align with employee demands for transparency, flexibility, and career growth will be best positioned to thrive in this dynamic market,” Andrew Evans, COO at Morgan McKinley Asia Pacific said.

Morgan McKinley surveyed 530 businesses and 2751 professionals on their hiring intentions, job changes, and salary increase expectations for 2025.

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