79% of production, manufacturing managers plan to quit jobs soon

Due to insufficient money rewards.

A majority of Singapore managers are considering a move away from their current organisations in the near future, citing insufficient financial rewards as a top reason for quitting.

Roffey Park, an internationally renowned leadership institute based in the UK and Singapore, unveiled this finding from its inaugural Management Agenda Singapore, an in-depth survey of more than 650 managers from across sectors of the economy.

Other significant push factors compelling the decision to leave include poor management (35%), lack of appreciation (36%), limited career prospects (33%) and few development opportunities (33%).

Amongst the various sectors, the production and manufacturing sector was the most vulnerable to the talent exodus with the highest percentage of managers (79%) from that sector wishing to move away from their organisations as compared to other industries.

A higher percentage of private sector managers were also morelikely to move as compared to public sector managers. While private sector managers were likely to cite lack of financial rewards as a key push factor, public sector managers were more likely to report a lack of career growth and development.

The impact of poor leadership on talent retention is also evident from the research. Poor leadership from the survey centred around lack of strategic direction, support and empowerment and lack of openness to ideas.

The culture of the organisation is another influencing factor on managerial turnover with managers in “low support cultures” i.e. those where there was imbalance between demands and resources with a focus on bottomlines rather than people, more likely to express an intention to leave their organisations.
Mr Michael Jenkins, CEO of Roffey Park commented, “The survey has implications for organisations in Singapore and the country’s overall competitiveness in the talent stakes.

While the findings of our survey are encouraging in many respects, there is much to be improved upon as among the top reasons cited for managers wishing to move away from the organisation was poor management.

The motivating factors for employees are important to get right in order to ensure that organisations are able to retain talent.

While financial rewards are sometimes difficult to adjust, other factors which can help talent retention ought to be given due consideration such as improving the quality of leadership and career prospectsfor employees. If leaders and organisations do not take the necessary steps to stem the talent outflow, ultimately, it will be difficult to maintain competitiveness and they will have to resign themselves to mediocrity.”