Singapore’s employers are forecasting an increase in staff turnover in 2018, with one in 10 likely to change jobs this year. Read more here.
Employee resignations on the rise: Survey
- Singaporean CFOs report an average of 10% of their finance staff are currently leaving the organisation voluntarily.
- 56% say voluntary employee turnover has increased in their organisation compared to three years ago, and 51% expect turnover to increase in the next 12 months.
- 99% of employers have staff retention policies in place.
New independent research commissioned by specialised recruiter Robert Half reveals Singapore’s finance leaders are forecasting an increase in staff turnover over the next 12 months. According to the research, which surveyed 150 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 [1].
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 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 programs, whilst only 42% offer flexibility and employee wellness programs respectively.
Voluntary employee turnover is highest within accounting (39%), financial management (35%), compliance (30%), accounts payable/receivable (29%) and credit management (26%).
| Employee retention initiative | % of Singapore finance employers |
| Training and professional development programs | 50% |
| Flexible and/or remote working opportunities | 42% |
| Employee wellness programs | 42% |
| Employee appreciation initiatives | 39% |
| Regular salary reviews | 33% |
| Employee engagement initiatives | 26% |
| Regular performance reviews/feedback | 25% |
| Clear communication of company purpose/goals | 25% |
| Exit interviews | 16% |
Source: Independent survey commissioned by Robert Half among 150 CFOs in Singapore – multiple answers allowed.
Matthieu Imbert-Bouchard, Managing Director of Robert Half Singapore said: “As job opportunities increase and the supply of candidates dwindles, it’s essential for Singapore’s employers to amplify their staff retention policies to avoid their employees leaving the organisation. Businesses are only as strong as the people who staff them, so significant setbacks can occur from high staff turnover, such as lost productivity, diminished customer loyalty and company credibility, and even low staff morale as workloads inevitably increase for remaining staff.”
“Being proactive with staff retention is essential. Managers should regularly check in with their staff and never assume employees are satisfied and engaged – rather this should be part of an ongoing conversation which involves understanding the key motivating factors keeping employees content in their role and identifying areas for improvement. These dialogues make it that much easier for managers to remedy any underlying concerns that may prompt employees to leave the organisation prematurely.”
“Skilled finance candidates are challenging to find in a candidate-short market, making retention initiatives a top priority for Singapore’s finance employers. Employees who are satisfied and engaged in their role are more productive, help to create more of a friendly office environment and are more likely to stay with their employer for the long term,” concluded Matthieu Imbert-Bouchard.
[1] Based on the number of employed persons in the financing and insurance industry in Singapore
http://stats.mom.gov.sg/Pages/Employment-Distribution-and-Employment-Level-by-Industry.aspx
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About the research
The annual study is developed by Robert Half and was conducted in December 2017 by an independent research firm, surveying 150 CFOs in Singapore. This survey is part of the international workplace survey, a questionnaire about job trends, talent management and trends in the workplace.
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