Attributes of an Employer of Choice: A CareerBuilder Singapore Survey
Posted on 16 July 2015most popular employers in the private, government-linked and SME sectors respectively. These employers have earned their trophies after a recent Employer of Choice (EOC) survey for local jobseekers, conducted by CareerBuilder Singapore.
While it is almost impossible to compete against these employers, the mere task of remaining attractive to jobseekers is also not easy to fulfil. It goes without saying that employers have to revise existing plans and create new ones in order to attract and retain talents effectively.
What, then, can employers do to ensure a better talent retention and acquisition outlook? What makes some employers more attractive for jobseekers than others?
Money Matters Most
In spite of the growing perception that passion is more important a job factor than salary, our survey found that pay still trumps all other factors. Majority of respondents (87.7 per cent) indicated attractive pay, bonuses and other monetary compensation as an important offering of an employer of choice. On average, attractive pay surpasses job security, strong company branding and travel opportunities.
This means that while employers pride themselves on having international presence or incorporating work-life balance into their culture, they should not entirely shun the subject of increasing good employees’ salary.
Beat the Challenge Before It Beats You
We also asked respondents how often they expect to make a job switch within 10 years from their entrance into the workforce, and found the most popular response to be 2 times. This implies that most respondents intend to remain in an organisation for slightly more than 3 years.
This is not a worrying fact when you think about newly-minted employees – 3 years seem a reasonable amount of time for an individual to make an impact. But for employees who have been with you for a period close to 3 years, it might make good sense to think of ways to guarantee their retention. Based on our findings, better monetary compensation plans seem a good place to start.
While more attention should be placed on the monetary factor, it is also important to chart promising career plans for your employees. “Career growth and opportunities” is after all an attribute important to 86.7 per cent of our respondents. A healthy combination of attractive pay and good opportunities will do much in ensuring your employee’s loyalty, as well as drawing potential talents to your organisation.
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