Singaporeans lowering salary expectations
Singapore - An increasing number of Singaporean workers are lowering their expectations for salary increments, and are more likely to stay at their current jobs than to switch for a better paying one.
The Berkley Recruitment Group discovered that in a recent third quarter survey, even though 80% feel that their companies are picking up from the financial crisis, only 30% are looking forward to a 5% or more pay rise in 2011. This was a fall in 7% from 37% in a second quarter survey.
The sentiments for job security have also increased. A majority 85% of Singaporeans have said that they are not as concerned as they were a year ago. This was a rise from 78% in the second quarter. In fact, 13% have stated job security as their primary motivating factor when switching jobs.
However, only 59% have stated that they are looking to change jobs in the next one to six months, a drop from 69% in Q2, and 71% in Q1; even though 77% believe that there are enough opportunities in the market for employment.
Steve Greenwood, CEO of Berkley Group noted that previously, companies acceded to greater pay rises once the economy recovered as good employees were in higher demand. Now, he says that prospective candidates are more selective about their next employment due to this increased concern on job security.