More employees are ditching their jobs for better-paying ones

Nearly 3 in 4 are seeking better compensation.

Jobseekers in Singapore are on the lookout for positions with better salaries and benefit packages than their previous jobs, according to the latest annual Hays Asia Salary Guide.

Around 3 in 4 employees tag better pay as the reason why they are looking to switch jobs. This is an increase from 43% last year.

Other key motivators for job hunting in Singapore are lack of career progression (46%), seeking new challenges (45%), the management style & company culture (36%), lack of training or development opportunities (25%), poor work-life balance (17%), concerns about job security (16%), and work location (11%).

“We have seen a significant increase in the number of job hunters motivated by salary and benefits but for many of those expecting to stay with their current employer, work-life balance is worth more than financial gain,” said Hays Singapore managing director Lynne Roeder.

When asked about their salary expectations, 29% said they expect an increase between 3% and 6% whilst 13% expect no increase at all. Around 34% expect a salary increase of more than 6%.

On the employers' side, 46% plan to award salary increases from 3% to 6%. Only 8% of employers in Singapore have no plans to award salary increases this year, whereas 11% plan to offer more than 6%.

Hays noted that during the last salary review period, 52% of employers in Singapore awarded 3%-6% pay hikes. Around 9% provided no salary increases whilst 11% of firms gave salary increases of 6% and more.