74% of Singaporeans happy with their current jobs, but would be happier if their paychecks are raised

Over three-quarters of employees in Singapore are content with their present employers-- with under two-fifths planning a job switch over the next 12 months— but they also expect a year-end salary increase.

According to the World of Work Remuneration and Benefits Survey conducted by Randstad, four-fifths of employees expect year-end base salary increases or variable bonuses in 2010.

The survey, conducted in September, polled 98 respondents in Singapore who work in a wide variety of jobs including human resources, manufacturing, logistics, banking & finance and more.

Of these survey respondents, 76 per cent indicated they were satisfied with their current job. This represents a substantial improvement from the findings in Randstad’s World of Work Report 2010 (released in May), where 67 per cent of Singapore employees were either happy or very happy in their role.

The survey findings also reflect greater employee optimism in terms of job remuneration, with 84 per cent of respondents expecting year-end base salary increases in 2010. In particular,

• 37 per cent of respondents expect a salary increase of between one and four per cent
• 26 per cent of respondents expect a salary increase of between five and 10 per cent
• 21 per cent of respondents expect a salary increase of more than 10 per cent

Additionally, 82 per cent of survey respondents expect a year-end variable bonus this year – comparable to the World of Work Report 2010 figure of 83 per cent.

Karin Clarke, Regional Director (Singapore & Malaysia) for Randstad, said, “Employers should be gratified that most employees are satisfied with their current jobs. This is particularly so for organisations who have invested in their people and in a well-defined employer brand. Employees also expect to reap some financial rewards for the hardships of the last 12 to 18 months, which suggests that remuneration packages are realigning with employee expectations.”

Randstad’s survey findings also reflect the importance of structuring remuneration packages in line with employee expectations. Of the 98 survey respondents, 45 per cent regard competitive remuneration as the most important benefit within their total compensation and benefits package. Meanwhile, 22 per cent of respondents identified learning and development opportunities as the most important benefit while 17 per cent of respondents cited flexible working conditions.

Although the outlook for employees is improving from a remuneration standpoint, most workers are not capitalising on the economic recovery by seeking a job switch.

According to the survey, 61 per cent of employees are not planning to change jobs over the next 12 months. The remaining 39 per cent of respondents are considering a job switch mainly for the following reasons:

• need for new challenges or promotions
• search for better career advancement opportunities
• poor leadership and management at their existing companies

“Overall, the survey results indicate that employee sentiment is improving in line with the improving business conditions. To facilitate their next phase of growth, Organisations need to structure their compensation and benefits packages in such a way that they continue to attract and retain quality staff. It is also heartening to note that businesses are becoming more innovative in their efforts to remunerate, compensate and motivate their employees,” Clarke said.