Salary and compensation, work-life balance, and job security - these are the top three factors candidates in Singapore consider when looking to join a company today.
In particular, JobStreet.com's just-released Laws of Attraction recruitment survey, of more than 7,000 job seekers across 20 industries, found that 16.6% of respondents valued salary and compensation, while 13.7% valued work-life balance and 11.4% sought job security.
With this new direction, job seekers are placing lesser emphasis on what were once considered the most important deciding factors of a job - future prospects, employee benefits, as well as the management and culture of the organisation.
Industries with the highest expectations for salary increments
In terms of salary and compensation, employees still consider attractive salary packages as an important criterion when accepting a job offer. In fact, a significant number of candidates expected to receive higher salaries when switching job roles.
In line with that, candidates in the following industries had "even higher" expectations towards salary increments:
- Retail and merchandise - 26.6%
- Food & beverage/catering/restaurant - 26.1%
- Advertising/media/public relations - 25.7%
Interestingly, while this is so, Generation Z candidates (aged 18 to 23) have revealed a different view - they would favour exciting career development opportunities, modern working environments, and socially responsible companies over salary and compensation.
Senior management expects to be compensated for overtime work
According to the survey, work-life balance was considered a "relatively important" factor for respondents who held key roles in their organisations.
Additionally, about three in 10 (31%) "firmly believe" in getting compensation for any overtime work, be it in overtime pay or off-in-lieu.
Chew Siew Mee, Country Manager, JobStreet.com Singapore, explains: "Senior management members are the ones who shoulder heavy job responsibilities and work around the clock, but this group of employees is usually exempted from overtime compensation.
"What this survey has revealed is that companies must make sure to reward employees – no matter their job positions – for work done out of official hours. An occasional time-off or flexibility to work from home can go a long way in showing the companies' appreciation."
Apart from this, the survey also found that job seekers in the education and training, as well as healthcare/medical sectors - two sectors that are set to grow, were more concerned about work-life balance.
In view of these results, what then constitutes work-life balance to these candidates?
A five-day work week and an entitlement to a sufficient number of paid holidays, according to half (50%) of those surveyed. In fact, some respondents wished to have more control over their leave entitlements, and would most desire 18 to 19 days of annual leave.
At the same time, slightly more than four in 10 (44%) said they would not consider a job offer if it required irregular hours or shift work.
Job security is growing in importance among older job seekers
In terms of job security, this factor was common across all generations, though more prevalent among Generation X (12.6%) and the Baby Boomers (12%). Generation Y and Generation Z, on the other hand, were slightly less concerned with this factor (9.9% and 10.2% respectively).
While this is so, 44% of respondents across generations would prefer to be employed by an established and financially-secure company.
Lastly, across job levels, mid-level management holders were most concerned with job securities while, on the contrary, those in their first jobs were least concerned, preferring to prioritise their breadth of work experience.
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