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Employee turnover set to escalate in Singapore

  • 87% of employees consider the job market to be strong or very strong
  • 46% of professionals are highly likely to change jobs within six months
  • Almost half cite career progression as the primary motivator to change roles

The volume of staff turnover is a growing concern for employers in Singapore, according to the recently released Michael Page Employee Intentions Report.

After 12 months of positive hiring activity, some 87% of employees surveyed in Singapore consider the employment market to be strong or very strong.

“Jobs growth is being fuelled by Singapore’s position as a business hub for expansion throughout South East Asia. Multinationals are investing heavily in their Singapore operations and this is creating significant opportunities for skilled professionals,” said Mr Andrew Norton, Regional Managing Director of Michael Page, South East Asia.

Almost half of the employees surveyed for this report believe it is highly likely they will change jobs within the next six months.

“Confidence in the job market is high and employees are increasingly positive about their career prospects. The best candidates frequently have multiple options to consider which is making staff retention an issue of pressing concern for employers,” said Mr Norton.

Almost half of the professionals surveyed (49%) say the opportunity for career progression is their primary consideration in taking a new role. Being financially rewarded for achievement is the main reason they would stay with their current employer.

“In such a tight labour market, employers need to offer more than competitive salaries to attract and retain top talent. Employer branding, career development and training should all play a part in the overall talent management strategy,” said Mr Norton.