Health insurance amongst top five benefits S’poreans are looking for in jobs: Survey

Eight out of 10 companies are facing tough competition when hiring.

The top five desired benefits that Singaporean workers are seeking in a job include bonuses, the option to work from home, flexible working hours, health and well-being support, and health insurance.

About 80% of organisations are facing tough competition when it comes to hiring new talent in 2023.  Nearly 39% of these companies lost out on hiring new talent in the past six months due to their inability to match the salary and benefits offered by their competitors. 

Moreover, 44% of these businesses anticipate that the shortage of skilled candidates will be their primary recruitment challenge in 2024.

Despite these challenges, 43% of Singaporean businesses are still planning to hire in the next six months. 

On the other side, 41% of Singaporean professionals are actively seeking new job opportunities in the coming six months. Interestingly, the survey highlights that many Singaporean workers are dissatisfied with their current job benefits. 

Specifically, 63% of them express neutrality, dissatisfaction, or high dissatisfaction with their current packages.

Higher salary remains the most significant reason for job seekers, with 43% of respondents indicating it as their primary motivation. 

Career growth and development opportunities follow at 14%. Additionally, 60% of professionals in Singapore are optimistic about receiving a salary increase in 2024, and 72% of employers plan to offer higher salaries for specific in-demand roles next year.

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"Global markets have presented challenges in 2023, leading companies to be strategic with their hiring efforts. The job market is still active for top talent, but various factors, including jobseeker apprehension and skills shortages, have made it difficult." Gurj Sandhu, Managing Director of Morgan McKinley Singapore, noted.

Sandhu emphasized the importance of understanding employees' career goals and aspirations, particularly in a challenging job market. He also mentioned that neglecting employee engagement and well-being could result in talent loss.

The Morgan McKinley 2024 Salary Guide provides updated and precise salary data for various roles in Singapore. 

This guide assists hiring managers in setting competitive salary benchmarks and helps professionals gain insight into their earning potential. 

The research is based on data from 650 businesses and 3,400 professionals, offering insights into hiring intentions, job motivators, and salary expectations for 2024.