Singapore employees concerned over company's financial health

27% of respondents ranked it as the top priority when choosing an employer according to a survey.

After a turbulent period for the global labour market, employees in Singapore have ranked the financial health of a company as the most important factor when looking for a new workplace, according to the 2012 Randstad Award survey.

In the Singapore survey, 4000 employees ranked the financial health of a company as their top priority (27%) when choosing an employer, followed by long-term job security (18%) and competitive salary and employee benefits (17%).

Randstad Asia Pacific Managing Director, Ms Deb Loveridge, says the findings suggest the global economic downturn and ongoing Euro debt crisis have affected workers everywhere, despite the strong fundamentals of the local labour market.

“Even with unemployment sitting at its lowest point in 14 years, employees in Singapore are cautious as companies look to undertake cost cutting in order to achieve financial performance targets.

“To alleviate these concerns, business leaders should incorporate a strong message about financial stability and corporate strength into their employer branding. That is the messaging that will position an organisation as an employer of choice and fosters brand loyalty. This will help to attract and secure talent in Singapore’s skills-short marketplace and give employees a sense of greater security,” says Ms. Loveridge.

The survey found differences in opinions between male and female respondents. Among the most important factors for men were strong companies that offer global career opportunities, good training and strong management. On the other hand, workplace location, flexible working arrangements and a pleasant workplace atmosphere were most important for women. Interesting job content was equally valued by male and female respondents, while women are looking for competitive salary and benefits more than their male counterparts.
The survey also showed that long-term job security, flexible working arrangements and companies that promote diversity in the workplace are a greater focus among mature workers, while younger respondents look for global career opportunities, good work-life balance and training.

Ms. Loveridge concludes: “It’s important for organisations to understand what people value and what motivates their career choices. Companies that successfully define their employer brand to engage jobseekers will attract and retain the best talent and create a vital competitive edge in today’s marketplace.”