Monday, March 26, 2012

The desire to change jobs is very high in Singapore and Greater China

Unlike many developed countries where companies try to keep their talented employees with defined career enhancements, training and meaningful pay increments, in Asia, or at least in Singapore, the only meaningful way to enhance ones career and get a meaningful increment is to change job (does anybody really wonder why Singapore's productivity is creeping?). This is probably why according to Christine Raynaud from MRIC says "the desire to change jobs is very high and the search for career enhancement the key motivator for all respondents across all markets”.

39.5 % of Singapore respondents are seeking to make a job change in the next 12 months according to 2012 Greater China Region and Singapore Talent Environment Report produced by the MRI China Group. This is higher than Taiwan (38.1%), Mainland China (33.2%) and Hong Kong (15.5%). Only 17.8 per cent of employees surveyed in Singapore said they are not looking for a new job in the next 12 months.

The job seekers are looking for better compensation so to keep talent that must be addressed. But besides that people stay in their company because of the career development opportunities, the company culture and a good work/life Balance.

For Hong Kong, Singapore and Taiwan based professionals compensation is a stronger motivator to change job. According to the survey, Hong Kong residences are the most money focused but they also want a work-life balance! Taiwanese put extremely high importance on the leadership and strategic direction of their prospective employer while Singapore residences prefer job security compared with respondents from Mainland China, Taiwan and Hong Kong.

Work life-balance, which is virtually non existing in Asia thanks to very long working hours, remains a key motivator to move to a new role. According to the survey, confidence in the leadership and strategic direction of the prospective employer becomes more important than work/life balance compared to 2010; must probably thanks to the uncertain economic times ahead.

The survey also found that:
  • "A good company culture, across markets and generations is defined primarily as a company that has a clear vision for the business and that supports promotion on merit."

  • "Health and benefits are also key components of work/life balance and of attraction, considered in Mainland China to be as critical as compensation."

  • "About 40% of respondents are willing to relocate overseas, primarily to North America and Europe, with Shanghai being the top destination in Asia."

Source : Singapore, Taiwanese, and China Top Talent Equally Willing to Relocate, But Not So Hong Kong Professionals

Source : 2012 MRIC Greater China Region and Singapore Talent Environment Report

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