2013/14 EMPLOYEE INTENTIONS REPORT - Michael Page · The Michael Page Employee Intentions Report ... Oil & gas Sales & marketing 46% 46% 47% 45% ... seniority or a promotion as just

Michael Page singaPore

2013/14 EMPLOYEE INTENTIONS REPORT

www.michaelpage.com.sgwww.pagepersonnel.com.sg 2

Methodology

Over the last 12 months, business conditions in Singapore have been steady as global companies continue to establish their Asia operations in the country. This continues to create demand for talent across the professional sector. Many professionals have confidence in current employment conditions, with the 2013/14 Michael Page Singapore Employee Intentions survey revealing 36% of respondents are of the opinion that it is good and 37% describe job market activity as average.

As a volume of job opportunities are expected to be available across most areas of the professional sector in Singapore, some employees are likely to seek a new role in the coming year. Almost half of survey respondents (44%) indicate they are very likely to look for another job in the next 12 months. Furthermore, 55% say they will seek work overseas in the coming year, in a move to enhance their exposure to international markets.

Companies in Singapore will need to offer competitive incentives to attract and retain the best in-demand talent. Some 22% of survey respondents reveal an increase in salary is most important when considering a new role, with 31% seeking a wage raise of 10-12%. Similarly, 25% of respondents indicate financial reward based on performance is the main motivating factor for remaining in their current role. Just over half of respondents (57%) are likely to ask their employer for a salary increase in the coming year, with a 10-12% rise the desired salary increase for 34% of employees looking to stay in their current role.

Incentives that encourage employee engagement are also key to securing Singapore’s most talented professionals. Of a range of benefits surveyed employees are not already being offered by their employers, almost a third of respondents (32%) selected transport allowance as the most preferred option. In terms of options to promote work-life balance, the majority of surveyed employees (78%) would like to receive flexible working arrangements.

Looking ahead, the economy is expected to stabilise in Singapore over the next 12 months, as multinational organisations are expected to continue to set up regional operations in the county. Most employees have a positive outlook about the job market for the sector they work in, over the coming year. Some 39% say the job market will remain stable, and 38% are of the opinion that it will improve. However, some concern exists around salary versus living costs over the next 12 months, according to 38% of surveyed employees.

Companies in Singapore will need to offer competitive financial incentives to attract and retain the best in-demand talent.

The Michael Page Employee Intentions Report is based on the online survey responses of 1,547 professionals in Singapore. Participants represent a range of professional occupation groups and hold positions that range from entry level through to senior management. The scope of the report includes key employee insights into preferences for attraction and retention, salary expectations, benefits and work-life balance and their views on the predicted employment outlook.

36%

8%4% 2%

37%

13%Excellent

Good

Average

Weak

Very weak

Unsure

Employee confidencein the current market

Key Findings


Employee turnoverin the next 12 months

Combination of channelslikely to be used for job search

Top 5 sectors with professionals most likely to move roles

Top 5 preferred job boards

With positive business conditions continuing to drive the requirement for talent in Singapore, professionals are likely to seek a new role in the coming year. Almost half of respondents (44%) to the 2013/14 Michael Page Singapore Employee Intentions survey indicate they are very likely to look for a new job in the next 12 months.

From the range of sectors that respondents work in, accounting and finance professionals (47%) are most likely to move roles in the coming year. This may be due to job opportunities continuing

to become available for talent with skills in corporate finance and analysis, within organisations looking to strengthen and improve their position in the local market.

Of a combination of channels that can be used in a job search, 83% of respondents selected recruitment consultants as their top choice. The second most popular channel for survey respondents (73%) is job boards with 68% of these respondents preferring to use JobsDB. Employers looking to attract staff would therefore benefit from using these channels to source top talent.

Employee activity

Attracting New Talent

10%

44%

23%

23%

Very likely

Quite likely

Not likely

Unsure

Accounting & finance

Legal

Oil & gas

Sales & marketing

46%

46%

47%

45%

Technology 45%

Job boards 73%

Local newspaper 20%

Industry specific publications 20%

Recruitment consultants 83%

Social media platforms 37%

Word of mouth 42%

Other 5%

JobsDB

JobStreet

Monster

Headhunt

STJobs

1

2

3

4

5


Despite the expectation that the professional recruitment market in Singapore will be healthy over the coming year, just over half of all surveyed employees (55%) say they will look for work overseas in the next 12 months. This is most likely as more professionals realise overseas experience may increase their marketability to an employer. Almost half of employees (47%) looking for an

international role will look for work in the Asia region. Some 22% of these respondents selected China as their desired work destination, most likely as the demand for talent continues across China’s professional sector.

Employee activity (cont.)


Employees looking for work outside of Singapore in the next 12 months

Region jobseekers will look for work

Top 5 countries jobseekers will look for work

55%45%

Yes

NoAsia

Australia / New Zealand

EMEA*

North America

27%

13%

47%

8%

South America 1%

Other 4%

*Europe, The Middle East and Africa

China

Hong Kong

Malaysia

Indonesia

Thailand

1

2

3

4

5


Talent attraction is likely to be a key focus for employers in Singapore as skill shortages continue across the country. To secure the best in-demand talent, employers will need to offer attractive incentives to jobseekers. The 2013/14 Michael Page Singapore Employee Intentions survey reveals 22% of survey respondents seek an increase in salary when considering a new role, while 20% look for scope for career progression.

Respondents working in the legal sector (43%) are most interested in a new role that offers an increase on their current base salary. This is most likely as employers in the legal sector are willing to increase remuneration levels in an effort to attract the best talent.

Professionals from below the age of 24, through to 54, selected an increase in salary as the primary factor when considering a new role. Those aged between 35 and 44 (21%) are equally interested in another role that offers scope for career progression and survey respondents aged from 45 to 54 (18%) rated more seniority or a promotion as just as important as an increase in salary. For 29% of respondents aged between 55 and 64, company brand and reputation is most important when looking for a new role, most likely as professionals in this age range look for stability in an employer.

Preferred attraction strategies


What jobseekers are looking for in their next role

Top 5 sectors in which increase in salary is most

important

Legal

Financial services

Oil & gas

Property & construction

31%

30%

43%

25%

Technology 25%

What jobseekers are looking for in their next role (by age)

Increase in salary 22%

Learning and development 12%

Company brand and reputation 12%

More seniority / promotion 13%

Office location / accessibility 3%

Potential for overseas career opportunities 7%

Scope for career progression 20%

Workplace flexibility 8%

Other 3%

Increase in salary 22%

Learning and development 12%

Company brand and reputation 12%

More seniority / promotion 13%

Office location / accessibility 3%

Potential for overseas career opportunities 7%

Scope for career progression 20%


Other 3%

More seniority / promotion

Company brand and reputation

Increase in salary

Learning and development

O�ce location / accessibility

Potential for overseas career opportunities

Scope for career progression

Workplace �exibility

Other



Increase in salary






Other



Increase in salary






Other



Increase in salary






Other

11%5%

22%

28%

17%

11%

6%

24 and below 25 to 34

16%

25%

8%

2% 10%

10%

20%

2%

7%

35 to 44

10%3%

11%

9%

21%

15%4%

6%

21%

55 to 64

6%

8%

10%

29%12%

2%8%

19%

6%

45 to 54

3%

18%

8%

17%

14%

6%5%

18%

11%


The importance of financial incentives in attracting staff and securing the best talent, coupled with the rising inflation and higher cost of living in Singapore, means employers will need to offer competitive remuneration. For 31% of all respondents to the 2013/14 Michael Page Singapore Employee Intentions survey who are looking to change roles in the coming year, a wage rise of 10-12% will be the focus.

Respondents working in the legal sector (47%) are most focused on a new role that offers a 10-12% increase in salary, followed by

those in healthcare and life sciences (40%). This is most likely as employers in this sector need to offer competitive remuneration to secure talent, particularly for those with language skills and niche skill sets, given the small pool of candidates that fit this criteria.

Respondents from the age of 24 or below (38%) are most likely to seek a role with an employer that offers a 10-12% increase on their current base salary, as are 35% of those aged between 35 and 44.

Jobseeker salary expectations

Employee salaryexpectations for a job change

Age of professionals with salary expectations of 10-12%

Top 5 sectors with employees that have salary expectations of 10-12%


No change or a reduction

1% - 2%

3% - 5%

6% - 9%

3%

7%

7%

9%

10% - 12% 31%

13% - 15% 16%

16% or above 27%

Legal

Healthcare & life sciences

Technology

Accounting & finance

40%

33%

47%

32%

Human resources 31%

24 and below

25 to 34

35 to 44

45 to 54

30%

35%

38%

27%

55 to 64 12%


Retaining the best performers in a business will be equally as important as talent attraction for employers in Singapore, as most survey respondents are expected to seek a new role in the coming year. Monetary incentives continue to be a primary factor in employees’ job choices, with 25% of respondents to the 2013/14 Michael Page Singapore Employee Intentions survey indicating financial reward based on performance, such as a salary increase or a bonus, is the main motivating factor for remaining in their current role over the next 12 months.

Across all age groups, monetary incentives is the primary factor in the decision to stay with a current employer. Respondents from the age of 24 or below are equally focused on additional career development supported by training (22%) and workplace flexibility (22%), in addition to financial reward (22%). This split in responses may reflect the balance of wages and flexibility that professionals in this age range typically focus on when making career choices.

Preferred retention strategies

Retaining Top Performers

What will keep employees in their current role

What will keep employees in their current role (by age)Other 6%


Overseas career opportunities 8%

Leadership / motivating manager 17%

Financial reward based on performance

25%

Company culture 15%

Additional career development supported by training 18%

Other 6%


Overseas career opportunities 8%

Leadership / motivating manager 17%


25%

Company culture 15%

Additional career development supported by training 18%

Leadership / motivating manager

Additional career development supported by training

Company culture


Overseas career opportunities


Other

Leadership / motivating manager

Additional career development supported by training

Company culture


Overseas career opportunities


Other

22%22%

6%

22%17%

11%

24 and below 25 to 34

28%

16%13%

3%20%

9%

11%

35 to 44

13%

6%19%

23%

13%

20%

6%

55 to 64

14%

12%

16%4%6%

21%

27%

45 to 54

18%

7%

13%10%

8%

18%

26%


The focus employers have on retaining the best staff amidst a thriving job market, coupled with employee preference for monetary incentives, highlights that an increase in salary should be considered as part of the retention strategy. Just over half of respondents (57%) to the 2013/14 Michael Page Singapore Employee Intentions survey are likely to ask their current employer for a salary increase in the coming year.

Sales and marketing employees (61%) are primarily focused on asking employers for a wage rise in the next 12 months. This is likely within companies looking to expand into Singapore that require this expertise to cement domestic operations. These organisations are offering financial incentives, including substantial wage increases, to secure staff in the coming year.

Some 34% of employees indicate they will seek a salary increase of 10-12%, which is in line with the salary expectations of professionals looking to change roles in the coming year and affirms the importance of monetary incentives in the career choices of survey respondents. This pay rise is most important to those aged from 24 or below (72%).This preferred salary increase is above employer expectations for wage rises, according to the 2012/13 Michael Page Singapore Salary & Employment Forecast, and therefore companies will need to be prepared to offer more competitive salaries to retain staff.

Employee salary expectations

Retaining Top Performers

Top 5 sectors with professionals most likely to request a pay rise

Salary pressures over the next 12 months

What employees will ask for in their current role

Age of professionals most likely to request a pay rise

Sales & marketing

Financial services

Technology

Legal

60%

59%

61%

57%

Oil & gas 56%

1% - 2%

3% - 5%

6% - 9%

10% - 12%

14%

25%

1%

34%

13% - 15% 11%

16% or above 15%

24 and below

Between 25 - 34

Between 35 - 44

Between 45 - 54

65%

52%

72%

50%

Between 55 - 64 47%

57%

17%

26%Yes

No

Unsure


Offering employee benefits is key to both attracting and retaining the best staff in a business. Of a range of benefits surveyed employees are not already being offered by their employer, almost a third (32%) of respondents to the 2013/14 Michael Page Singapore Employee Intentions survey selected transport allowance as the most desired option. A bonus was ranked as the second most preferred benefit by 31% of respondents.

Professionals (46%) aged between 25 and 34 are most interested in receiving transport allowance from their employer as this is a type of financial incentive, which professionals in this age group are continually interested in receiving.

In comparison, the 2012/13 Michael Page Singapore Salary & Employment Forecast indicated 92% of employers are currently offering staff healthcare or health insurance benefits. Employers will need to refocus their benefits schemes to offer incentives that are important to their staff to keep them in the business.

Preferred employee benefits

Benefits & Work-Life Balance Options

Combination of benefits employees would like to be offered

Age of employees that would like to be offered transport allowance

Car parking 12%

Company car 17%

Bonus 31%

Transport allowance 32%

Dental benefits 23%

Festive allowance 22%

Loans 14%

Meals allowance 21%

Gym membership 26%

Mobile phone 19%

Medical benefits 22%

Superannuation 19%

None 10%

Other 8%

Car parking 12%

Company car 17%

Bonus 31%


Dental benefits 23%


Loans 14%

Meals allowance 21%

Gym membership 26%

Mobile phone 19%


Superannuation 19%

None 10%

Other 8%

Car parking 12%

Company car 17%

Bonus 31%


Dental benefits 23%


Loans 14%

Meals allowance 21%

Gym membership 26%

Mobile phone 19%


Superannuation 19%

None 10%

Other 8%

24 and below

25 to 34

35 to 44

45 to 54

46%

37%

1%

14%

55 to 64 2%


Preferred work-life balance options

Benefits & Work-Life Balance Options

Encouraging work-life balance within a business is important for fostering staff engagement. From a range of work-life balance options not already offered by employers, the majority of respondents (78%) to the 2013/14 Michael Page Singapore Employee Intentions survey would like to receive flexible working arrangements. More companies are offering this in the form of remote access, mobile workspaces or work from home

options, negotiable working hours, part-time work or job sharing assignments.

Those aged between 35 and 44 (81%) would most like to receive flexible working arrangements from their current employer, as professionals in this age range typically appreciate the flexibility to balance work and personal priorities.

Combination of work-life balance options employees would like to be offered

Age of employees that would like to be offered flexible working arrangements

Flexible working arrangements

Additional leave options

Extended leave

Increased parental leave

44%

37%

78%

14%

Onsite day care 10%

None 8%

Other 5%

24 and below

25 to 34

35 to 44

45 to 54

79%

81%

78%

73%

55 to 64 65%


Market Outlook

Over the coming year, the economy is expected to stabilise in Singapore, however there is some unease around wages not meeting the continued rate of inflation. Some 38% of respondents 2013/14 Michael Page Singapore Employee Intentions survey selected salary versus living costs as the primary concern for the next 12 months. Global economic influences is ranked as the second highest concern by 24% of respondents.

Legal professionals (57%) are most concerned about salaries meeting the cost of living in the next 12 months. Although employers in this sector are offering competitive financial rewards to secure staff, professionals still feel uneasy about the rising cost of living.

Employee concerns

Top 5 sectors with employees most concerned about

salary vs living costs Employee concerns over the next 12 months

Domestic economicdownturn

Global economicinfluences

Government regulation

Interest rate rises

24%

5%

8%

1%

Job security 16%

Quotas of foreign workers

Salary vs. living costs

None

6%

38%

1%

Other 1%

Domestic economicdownturn

Global economicinfluences

Government regulation

Interest rate rises

24%

5%

8%

1%

Job security 16%

Quotas of foreign workers

Salary vs. living costs

None

6%

38%

1%

Other 1%

Healthcare & life sciences 43%

Legal 57%

Accounting & finance 40%

Oil & gas 38%

Sales & marketing 39%


Overall, most surveyed employees have a positive view of the job market for the sector they work in, over the coming year. Some 39% of respondents 2013/14 Michael Page Singapore Employee Intentions survey say employment conditions will remain stable and 38% are of the opinion that it will improve. This split of survey responses may be due to mixed opinions about whether the demand for talent across most sectors in Singapore will benefit employees by providing a greater number of job opportunities, or toughen chances of finding a job as employers seek talent with niche skill sets.

Respondents working in the oil and gas sector are most optimistic about job market conditions. This is due to the maintained focus that global oil and gas companies are expected to have on operating in Asia, and the demand for professionals this will create. Employees in this sector are also very likely to change roles in the coming year and a salary increase is the most important factor for accepting a new role. Property and construction employees (57%) also have a positive outlook on hiring activity in their sector as building activity continues domestically and regionally.

Employment conditions for 2013/14

Employee optimism in the job market over the next 12 months

Top 5 sectors with highest employee optimism

Market Outlook

38%

7%4% 2%

39%

10%It will signi�cantly improve

It will improve

It will be the same

It will be worse

It will be far worse

Unsure

38%

7%4% 2%

39%


It will improve

It will be the same

It will be worse


Unsure

38%

7%4% 2%

39%


It will improve

It will be the same

It will be worse


Unsure

Oil & gas

Property & construction

Healthcare & life sciences

Technology

57%

53%

60%

45%

Human resources 44%

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About Michael Page

As part of PageGroup, Michael Page is a leading professional recruitment consultancy specialising in the recruitment of permanent, contract and temporary positions on behalf of the world’s top employers.

PageGroup operates through 153 offices in 34 countries worldwide. First established in London in 1976, we’ve been bringing jobseekers and employers together for more than 30 years. Our presence in the Asia Pacific region extends across China, Taiwan, Singapore, Hong Kong, Japan, India, Malaysia, Australia and New Zealand.

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Documents

2013/14 EMPLOYEE INTENTIONS REPORT - Michael Page · The Michael Page Employee Intentions Report ... Oil & gas Sales & marketing 46% 46% 47% 45% ... seniority or a promotion as just