Employers willing to pay more for the right talent
With skills shortage still persisting across all industries, Singapore employers have revealed that they are willing to pay above-average salaries in order to secure top talent.
This is particularly true for financial services firms, where 95% of employers say in a new Robert Half survey that they are willing to raise the initially-planned starting salaries by an average of 10% in order to secure top talent.
The fact of the matter, says Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore is that “money talks”, especially in the financial services sector where salary remains a determining factor in whether or not job-seekers accept a role.
“And while financial incentives is just one component that makes up an attractive remuneration package, Singapore’s financial services employers understand that in order to attract the best talent then they need to offer competitive salary rates,” Imbert-Bouchard notes.
“In the ongoing war for talent, companies risk losing top talent to the competition if they don’t offer industry or above-industry salaries.”
He adds that financial services candidates tend to be aware of their market value and how in demand they are, so companies need to get creative when determining the motivators of job-seekers so as to secure their preferred candidate.
In its 2018 Salary Guide, Robert Half identified that the most in-demand financial services professionals in Singapore who will be able to command higher starting salaries are: business planning managers, management/ financial reporting managers, internal auditors, credit risk managers, and compliance managers.
Those findings are in line with Randstad's newly-released Employer Brand Research, which found that 68% of job seekers and workers named "attractive salary and benefits" as their top criteria for joining or staying with a company.
This is closely followed by "work-life balance‟ (64%), which has seen a steady increase over the years from 2015 (54%).
Jaya Dass, Country Director at Randstad Singapore, says that it is advisable for employers to cater to candidates' demands where possible, particularly in a highly talent-competitive market like Singapore.
“A talent-short market combined with a competitive workforce means that only employers with a well-perceived employer brand have what it takes to appeal to today‟s job seekers. It is therefore important that employers design and communicate their employer brand in a way that resonates with the workforce," she says.