SINGAPORE: A recent survey conducted by human resources agency Robert Walters highlights significant differences in salary expectations between professionals staying in their current roles and those planning to change jobs in Singapore.
The study, carried out in September and involving over 300 professionals and companies, revealed that more than half (53%) of professionals who intend to remain in their current positions are either uncertain or pessimistic about receiving a salary increase in 2024.
Among those who expect a raise, the anticipated increment is modest, ranging from 2% to 5%. Many employees see these raises as necessary adjustments to offset inflation rather than as substantial rewards for performance or tenure.
In contrast, professionals seeking new opportunities anticipate significant pay hikes, with expected increases ranging from 12% to 15%. Those working in high-demand fields like artificial intelligence and data science predict even greater rewards, with potential salary increases of up to 20%. This disparity reflects the growing competition for talent in specialized and rapidly evolving industries.
The survey also highlighted evolving priorities among job seekers. Flexible working hours emerged as the top aspiration for over 80% of respondents planning to switch roles. Other key motivators included a stronger emphasis on technology adoption (46%), physical and mental well-being (43%), and opportunities to work across different departments (32%). Additionally, about 20% of respondents expressed a desire to reduce their working hours or fully transition to remote work.
Employers, meanwhile, face a challenging landscape in attracting skilled professionals. High salary expectations, a shortage of qualified candidates, and insufficient industry experience among applicants were cited as the top hurdles in recruitment. Despite these challenges, companies prioritize critical thinking and problem-solving abilities, with 66% identifying these skills as essential traits when hiring new talent.
The survey results highlight a growing gap in salary expectations and workplace preferences between those remaining in their current roles and job hoppers. For companies, the findings point to the importance of offering competitive compensation packages and addressing evolving employee needs, such as flexibility and well-being initiatives, to retain and attract top talent.
As Singapore’s job market continues to evolve, both employers and professionals will need to navigate these shifts to ensure alignment in expectations and opportunities.
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