Underpaid? Only 31% of employees say they are fairly rewarded financially

Those who don't receive fair financial rewards may consider changing jobs.

Companies who wish to attract or retain talent should be able to fairly reward employees financially, a study by PwC has found.

Based on the firm's research, 61% of Singaporeans consider financial rewards as the most important factor for considering a job change, but despite this, only 31% of workers say they are being fairly remunerated.

Apart from financial rewards, Singaporeans (58%) also deem fulfilment in their jobs as a deciding factor for staying with their current work.

Others said it is important for them to be able to truly be themselves at work (55%) and to be in a team that cares about their well-being (55%).

“While Singapore workers are seeking a fairer financial reward, they are also looking for employers and jobs that can provide them with greater transparency, job fulfilment and a flexible working environment," Chris Woo, Tax and People and Organisation - Rewards Leader at PwC Singapore, said.

Based on the survey, Singaporeans seek transparency the most in issues of health and safety (56%), their organisation's impact on the economy (54%) and the environment (46%).

Woo added that it is also increasingly vital for companies to "think differently about salary and benefits and design total rewards strategies that include elements of salary and employee benefits, health and wellbeing, flexible work arrangements, and truly drive upskilling and lifelong learning as a strategic people development focus."

According to the study, 51% of Singaporean workers said they lack opportunities to work with or learn from colleagues with advanced technical or digital skills, whilst 50% said they are not getting sufficient training in digital and technology skills from their employer.