Lower business confidence but higher remuneration on the cards in 2012: Randstad Workmonitor
Male employees in Singapore are more pessimistic about the business outlook for 2012 but still expect higher bonuses than their female colleagues, according to the Randstad Workmonitor Report for Q4 released today.
A survey of 405 employees in Singapore found that half of the respondents expected next year to be more financially difficult than 2011, with 59% of males supporting this view. This reflects growing uncertainty compared to 48% of men who said that on review 2011 was a financially-tough year for their organisation.
Despite this pessimism, the majority of males expect to receive a bonus (85%) at the end of the year compared to 81% of the 214 female respondents.
Expectations for higher remuneration in 2012 is also clear, with 68% of men and 71% of women surveyed expecting a pay rise at the end of the year. The survey also found that 77% of male respondents do not believe their salary reflects accurately their performance, whereas the figure for females is 68%.
Randstad Regional Director, Singapore & Malaysia, Ms Karin Clarke, says despite economic uncertainty in the Eurozone, Singapore remains an employees‟ market given the country‟s low 2.0% unemployment rate.
“Employers‟ can expect to see continued upwards wage pressure in 2012. While the expectation for remuneration differs between the sexes, companies should equally apply the same talent retention strategies to both men and women.
“Remaining focused on attracting and keeping top talent should remain a priority for organisations. This may mean reviewing salary and benefits in order to maintain strong and motivated talent to drive growth when the global economy recovers,” says Ms Clarke.
The survey also found that:
- 69% of employees in Singapore expect to have a higher disposable income in 2012 than in 2011.
- 71% of employees in Singapore would be willing to move abroad for a job if they were paid more.
- Yet only 49% would still be prepared to move for a job better suited to them, even if their salary remained the same.
- 71% of Singaporean workers expect to work longer than their official retirement age.
The Randstad Workmonitor
After the successful introduction of the Workmonitor in the Netherlands in 2003 and more recently in Germany, the survey now covers 29 countries around the world, encompassing Europe, Asia Pacific and the Americas. The Randstad Workmonitor is published four times a year, making both local and global trends in mobility regularly visible over time. The Workmonitor Mobility Index, which tracks employee confidence and captures expectations surrounding the likelihood of changing employers within a six month time frame, provides a comprehensive understanding of job market sentiments and employee trends. In addition to measuring mobility, also employee satisfaction & personal motivation, as well as a rotating set of themed questions are part of the survey.
The quantitative study is conducted via an online questionnaire among a population aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed), by Survey Sampling International.