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As confidence in the local economy increases, employees in Singapore are expecting to be rewarded financially this year.
74% of staff in Singapore believe they will get a bonus this year, Randstad’s Q4 2014 Workmonitor Report found, while 62% also expect a hike in their salaries to kick off the new year.
“With business sentiment in Singapore looking positive, it is not surprising that employees are expecting to be rewarded financially by their employers – especially when they are seeing their organisation continuing to record business growth,” Michael Smith, country manager of Randstad Singapore, said.
“An important thing that employers should take note of here is that employees have different motivations, and only by understanding these motivations can they reward their staff in ways that will keep them engaged and satisfied.”
Investing in talent development programmes was another integral employee retention tool identified in the survey.
Randstad’s research found 84% of employees in Singapore see talent development as an opportunity for personal growth, supporting “the idea that employers need to invest heavily in their talent management strategy, creating career pathways and building a leadership pipeline.”
The survey highlighted bosses in Singapore are increasingly recognising the importance of such development programmes.
It stated 61% of employees recognise their employers now dedicate more time and resources to talent development programmes than they did 10 years ago.
“Members of Generation Z are generally more ambitious in their climb up the corporate ladder. They are more likely to jump ship if they feel that there is no more room for personal development at their current workplace,” Smith said.
“In this regard, employers that recognise and acknowledge the importance of career development to these younger workers will be able to reap the benefits of a loyal and engaged workforce – which is critical in developing the next generation of strong leaders.
However, while employers are increasingly focused on talent development, 45% of employees in the report stated they feel pressured as these programmes give them the feeling that they cannot keep up.