Salary & Work-life Balance: Let’s examine the two biggest talent drivers in Singapore
When it comes to choosing a career, candidates have clear preferences that guide their decisions. Our new interactive data tool: Talent Attraction Lab has collected data and insights from over 33,000 of local candidates across Asia Pacific to give you a comprehensive picture of what they want in their careers. Here’s a sneak peek at the top drivers of talent in Singapore:
Salary/Compensation
In Singapore, salary and compensation are the top priorities for candidates, with key sub-drivers including base salary or salary range, the frequency of salary reviews, and how salaries compare to market rates.
Baby Boomers and candidates earning between SGD2,500 to SGD4,000 per month place a higher value on insurance coverage than on salary benchmarking.
Meanwhile, Gen-Y, junior-level talent, as well as candidates who earn between SGD2,500 to SGD6,000 per month prioritise financial compensation for overtime.
Is Salary/Compensation the number 1 driver of your industry too?
Work/Life Balance
Work-life balance ranks second in importance, with sub-drivers such as time in lieu (compensation for overtime or working on public holidays such as Replacement leave, set number of hours off), additional leave, and regular daytime working hours.
Gen-X, Baby Boomers, and candidates who earn less than SGD2,500 per month prefer regular daytime working hours over additional leave.
On the other hand, Gen-Y, mid to senior-level talent, as well as candidates who earn more than SGD7,000 per month highly value the option to work from home or remotely.
Conclusion
Salary / compensation, along with work-life balance, are critical factors for candidates in Singapore. Understanding these preferences can help employers tailor their offerings to attract, develop and retain top talent.
But these are just two of the many various drivers of talent in Singapore. To learn and understand more about how you can enhance your recruitment, development and retention strategy to meet the myriad needs of today's jobseekers in your industry across Singapore or Asia Pacific, visit Talent Attraction Lab now