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Almost half of the Singaporean workforce think they are being paid poorly.
According to Ambition’s Market Trends & Salary Report H1 2014, 45.2% of Singaporeans believe they are not being paid the average market rate.
The report, which surveyed 2,000 local employees, found changing jobs to be the foremost solution to get a salary increment (54.6%), followed by bagging a promotion (28.6%).
Considering these respondents also identified salary and bonus as the top reason to retain their current jobs, companies may need to review their compensation policies if they want to win the war on talent.
“The demand for high quality talent has never been more pressing, particularly for those native to Singapore who have overseas experience,” Paul Endacott, Ambition’s managing director for Southeast Asia, said.
“This means that a company’s attraction and retention strategies have never been more important as there will be no lack of opportunities for high calibre talent in Singapore.”
However, despite the discontentment with salaries, 56.2% of locals said they are happy in their jobs.
Scope of work and company culture were found to be the main reasons for high satisfaction levels in local organisations, coming in at 27.3% and 20.7% respectively.
A large majority (90.2%) also had no problems reporting to a superior with a different race or nationality. Likewise, 91.8% of employers stated they were comfortable with managing a racially diverse employee.