Finance employers fear 21,000 workers likely to change jobs in 2018
New independent research commissioned by Robert Half has revealed that Singapore’s finance leaders are forecasting an increase in staff turnover over the next 12 months.
According to the research, which surveyed 150 Chief Financial Officers (CFOs) in Singapore, one in 10 (10%) employees are likely to change jobs this year, the equivalent to almost 21,000 (approximately 20,990) workers based on the current employed workforce within finance in Singapore.
More than half (56%) of Singapore’s CFOs say they have seen an increase in staff turnover – defined as employees freely resigning – in the past three years with the average turnover currently standing at 10%. And despite the fact that 99% of CFOs currently have in place measures to avoid staff turnover, little over one in two (51%) say turnover within their organisation is expected to increase over the next 12 months.
Singapore’s finance employers are missing out on valuable insights from their departing employees, as more than eight in 10 (84%) fail to undertake exit interviews. Also, two thirds (67%) do not perform regular salary reviews.
When looking at the measures companies take to retain their employees, only half (50%) offer training and development programmes, whilst only 42% offer flexibility and employee wellness programmes respectively.
Voluntary employee turnover is highest within accounting (39%), financial management (35%), compliance (30%), accounts payable/receivable (29%) and credit management (26%).