Two-Thirds of Employees in Singapore Considering Changing Employers Within the Next 12 Months, Aon Study Finds
- Written by Media Outreach
- 65 percent of employees are willing to sacrifice existing benefits for a better choice of benefits
- 45 percent agree that their compensation is fair compared to similar roles
Aon's study found 60 percent of employees globally might or will seek new employment in the next 12 months, revealing widespread dissatisfaction with their current job. This percentage is even higher in Singapore, at 67 percent, underscoring the urgency for Singaporean businesses to adapt their Human Capital strategies to meet the evolving expectations of its workforce.
With 21 percent of Singapore employees feeling undervalued compared to 13 percent globally, employers should ensure a consistent and continual investment in their employees to help mitigate workload pressures and retain their brightest talent.
"In a competitive market, it is imperative businesses build a fair and equitable workplace in which employees are rewarded for their efforts and results. Employers in Singapore must rethink their total rewards strategy to address both professional and personal needs," said Rahul Chawla, partner and head of Talent Solutions for southeast Asia at Aon. "Designing a holistic employee value proposition that recognises unique work motivations utilising data and analytics will help build a resilient workforce and enhance the employee experience."
Top 5 Most Influential Characteristics Attracting Employees in Singapore
"Although the expectation of above-average pay might be a key driver for employees leaving organisations, the survey also indicates a trust issue with less than half of participants feel their compensation is fair and more than a third lack confidence that their employer ensures pay equality regardless of gender. Employers therefore must do a lot more to ascertain their market positioning and communicate it confidently to build trust in the process," added Chawla.
The top five valued benefits for the Singapore workforce are:
- Medical coverage
- Paid time off
- Work-life balance programs
- Flexible benefits
- Career development
- 44 percent say employers should support employee wellbeing.
- 24 percent say employers should support with eldercare or family care.
- 24 percent say employers should help employees save for retirement/long term needs.
Medical Coverage and Paid Time Off were in the top five valued benefits for the Singapore workforce. While paid time off was the top valued benefit by Gen Y and Gen Z, medical coverage was rated highly by Gen X and Baby Boomers, indicating the need for employers to address the needs of an ageing workforce with integrated medical and wellbeing coverage. Interestingly, 65 percent of employees are willing to sacrifice the value of existing benefits for a better choice of benefits.
Work-life balance, personalised benefits and flexible working have also become more important for Singapore's workforce.
"Employee benefits are so much more than programs and initiatives; they are a long-term people and performance strategy, driving business goals over a sustained period," said Alan Oates, head of Global Benefits for Asia Pacific at Aon. "It is interesting that almost two-third of the employees would be willing to sacrifice the value of existing benefits for a better choice of benefits. In this challenging cost environment, we are successfully using flexibility and personalised benefits to better match employee needs and balance cost. Understanding employee expectations through data-driven insights coupled with leadership support are critical factors in creating an innovative benefits strategy that can positively impact attracting and retaining talent."
Technological disruptions and innovation necessitate ongoing skill development among employees. In Singapore, 29 percent of employees are not confident that their employers are investing in their skills development and training for future work needs, compared to 17 percent globally. Additionally, 13 percent of employees in Singapore are uncertain about the impact of AI on their jobs, compared to 15 percent globally. Meanwhile, 35 percent of employees are motivated to develop new AI skills to remain relevant both globally and in Singapore.
Read Aon's Human Capital Employee Sentiment Study here.
Hashtag: #Aon
The issuer is solely responsible for the content of this announcement.
