When asked about the most important factors for considering a job change, being fairly rewarded financially ranked first.
Of those surveyed, 21% of employees in Singapore admitted they are likely to switch to a new employer over the next 12 months — higher than the global percentage of 19%. Particularly, Generation Zs (18-25-year-old segment) are even more likely to do so, at 36%.
It is clear that employee expectations are changing drastically across the globe, and Singapore is no exception. PwC’s latestGlobal Workforce Hopes and Fears Survey 2022: Singapore Highlights takes a deeper look into this phenomenon.
Pay is necessary but insufficient
When asked about the most important factors for considering a job change, being fairly rewarded financially ranked first by 61% of Singapore employees. Interestingly, this was lower than the global indication of 71%. A further 29% (35% globally) said that they will likely ask for a pay raise.
Following compensation, the second factor is having a fulfilling job, with 58% of the Singapore respondents indicating as such (69% globally). This is then followed by being able to truly be themselves at work (55% in Singapore; 66% globally) and being in a team that cares about their wellbeing (55% in Singapore; 60% globally).
In contrast, a significantly lesser percentage of respondents agree that they are currently being fairly rewarded financially for their work, (31% in Singapore; 42% globally), with only 12% strongly agreeing that their jobs are fulfilling (25% globally). In addition, only 11% of employees strongly agreed that they can bring their true selves to work (27% globally).
Chris Woo, Tax and People and Organisation - Rewards Leader, PwC Singapore commented: “What’s coming out clearly from this year’s survey is that while Singapore workers are seeking a fairer financial reward, they are also looking for employers and jobs that can provide them with greater transparency, job fulfilment, and a flexible working environment.
"It is increasingly vital that employers think differently about salary and benefits and design total rewards strategies that include elements of salary and employee benefits, health and wellbeing, flexible work arrangements, and truly drive upskilling and lifelong learning as a strategic people development focus."
Concerns loom on the learning and upskilling gap
The survey also looked into what employers are doing to address shortages in skills and labour — in which, nearly half of Singapore employees surveyed (46%; globally 40%) cite upskilling workers in response.
At the same time, a little over half of the respondents, at 51% (40% globally), expressed concerns about the lack of opportunities to work with or learn from colleagues with advanced technical or digital skills. A close 50% are also concerned about not getting sufficient training in digital and technology skills from their employer (39% globally).
The survey also found that 39% of Singapore respondents (30% globally) are concerned about their role being replaced by technology in the next three years, a concern that was more prevalent among the younger generation, with nearly half of Generation Z respondents (49%; 30% globally) sharing this concern.
The survey findings suggest that Singapore employees are demanding companies to look beyond financial performance to broader ESG considerations, particularly regarding transparency.
Per the survey, most of the Singapore respondents indicated that transparency matters most to them when it comes to health and safety (56%; 65% globally). This is followed by the organisation’s impact on the economy, at 54% (60% globally).
Meanwhile, 46% of the respondents find transparency on their organisations’ impact on the environment important, (53% globally); and 26% of respondents in Singapore (23% globally) feel that their company helps them minimise the environmental impact of their job.
Hybrid working is set to continue
The above aside, the survey observed that 70% of Singapore respondents (54% globally) are able to work remotely. A further 72% (63% globally) indicated a preference to work in a hybrid arrangement.
Encouragingly, over half of Singapore respondents, at 74% (63% globally), said they expect their employers to be supportive of hybrid work arrangements and offer a flexible work approach in the next 12 months.