A recent survey conducted by RGF Singapore reveals that 72% of professionals in the country consider base salary the most important aspect of their compensation packages. This finding underscores the significance of financial stability and immediate monetary rewards among Singapore's workforce.
However, work-life balance is also a major factor influencing job decisions, with 23% of respondents valuing flexibility in work hours. As businesses strive to attract and retain top talent, aligning compensation strategies with employees’ preferences is essential. Starting in December 2024, all employers in Singapore will be mandated to consider employees' requests for flexible work arrangements, highlighting the growing importance of work-life balance in the local workforce.
Interestingly, stock options and commission/bonus schemes are lower priorities, with only 2% and 3% of respondents respectively selecting these as key components of their compensation packages. This suggests that while long-term incentives and performance-based rewards have their merits, they are not the primary focus for most Singaporean professionals when evaluating job offers.
To attract and retain top talent, employers in Singapore should take these preferences into account. While offering a competitive base salary remains crucial, incorporating flexible work arrangements could provide a competitive advantage in the talent market. As the workforce continues to evolve, aligning compensation packages with employee expectations will be key to long-term organisational success.
