Three in five employees expect raise by year-end

Some employers may try to meet the younger generations’ expectations to retain talent.

More than three in five or 63% of Singaporean employees expect a pay raise by the end of their fiscal year, according to a Randstad survey. At the same time, nearly seven in ten or 69% want to receive a one-time bonus.

Despite three in five of employees expect the economic situation to deteriorate in 2020, the same number of respondents expect their employers to perform better financially in 2020 compared to 2019.

“The culture of instant gratification among the younger generations could explain the high expectations they have on salary and bonus. Some employers may try to meet these expectations as an effort to retain good talent,” Randstad Singapore and Malaysia managing director Jaya Dass commented.

Further, over one in four or 28% of respondents had changed employers in the past six months. More than half or 55% also had a stronger focus on promotions in Q4 2019.

“Companies may not experience the usual attrition rate this year due to the COVID-19 outbreak. Many employers are delaying the interview process or replacing face-to-face interactions with video or phone interviews, which would slow down the recruitment process,” Dass adds.

She also notes that some job seekers might opt to continue working in their current workplaces instead of going for an interview or work in a new office.