Three in ten, or almost one-third, of employees in Singapore are considering turning in their resignation letters this year to search for a new opportunity, according to a new survey.
Inadequate career growth prospects, low salary and lack of recognition were the key reasons cited by employees planning to leave their current jobs, the 2015 Randstad Award employer branding survey showed.
Randstad, a recruitment and human resources services provider, polled over 7,100 employees in Singapore for the survey, which was published on Wednesday.
"With the unemployment rate continuing to hover around 1.9 percent, it continues to be an employees' market. With employees able to choose which organization they want to work for, they'll always join the one that best suits their needs, whatever the stage of life," said Michael Smith, country director for Singapore at Randstad.
"Career progression, competitive compensation and flexible work arrangements are high on the hit-list for people looking for a new opportunity, and organizations that align their employee value proposition accordingly will win the war for talent," he said.
On the other hand, employees satisfied in their current roles cited a good work-life balance as a key factor.
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Work life balance is one of the top three criteria for employees aged between 25 and 44 when choosing an employer alongside a competitive salary and financial health of the company.
"It is interesting to observe that while 70 percent of employees in Singapore list salary and benefits as one of the top reasons for choosing an employer, it's not the main reason to stay once they're in the role," Smith said
"Once people get settled into a working environment, they shift priorities from long-term drivers like salary and job security, to those which are more directly connected to their daily working life, such as skills development and, most importantly, work-life balance and job content," he said.