Inflation causing retention headaches for Singapore businesses

A new survey by recruitment firm Robert Walters has found that over 78% of employees in Singapore would consider changing jobs if their pay was not rising as quickly as the inflation rate.

The survey asked over 300 candidates and 105 companies in Singapore regarding their main expectations about salaries, career changes and staff retention in 2023.

The survey results show that companies still face a talent shortage, especially among managerial and senior-level positions.

It also found that companies are looking to develop more inclusive hiring strategies and perks.

“For many candidates, money is no longer the only factor when they make career decisions. We have observed that when employees feel burnt out, or bored because they are not learning anymore, this compels them to look for other opportunities,” Monty Sujanani, country manager at Robert Walters Singapore said.

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Chief of Staff Asia