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Will a pay rise be enough for you to stay in your current job?

Will a pay rise be enough

How happy are you in your current role and workplace? What would it take for you to commit to your organisation for another 12 months?

According to new research by Hudson, even a pay rise isn’t enough to convince most professionals in Singapore to stay.

Our latest Talent Trends research 1 found that the majority of employees surveyed (55%) were open to new job opportunities while another 29% were actively looking for a new role. Only 16% of employees were planning to stay in their current job.

Traditionally, employers (and employees) might have believed that they could solve the problem of retention with more or higher pay.

But in today’s transient hiring market, pay alone does not guarantee that good employees will stay.

In fact, almost 90% of employees surveyed expected their base salary to increase at their next pay review, but only 42% said they would stay for another 12 months if they received the pay rise they were expecting. Out of the remainder, 44% were not sure and 14% said a definite no.

It’s clear that money isn’t the only issue.

Employees are also looking for career progression, new challenges and a working environment that suits them. If this sounds like you, what should you do to land your next role?

  1. Be clear about what you want (or don’t want)
     

    It might be easy to know what you definitely don’t want in a role, but it can hard to be clear about what you absolutely do want. Do you want a job that brings more skills development, more responsibility, more travel, managing people or solving a particular problem? Do you want particular conditions such as working from home? Would you benefit from the flexibility of contract work?

  2. Be clear about the kind of workplace you want to work in
     

    Everyone is different and so is every work culture. Write a wish list of the kind of workplace you’d like to work in because it’s a win-win for both you and the organisation when you fit into the culture.

    For example, people who thrive within formal processes may be suited to well-established businesses and organisations, while people who enjoy uncertainty and risk may be better off working in a start-up.

  3. Know the market
     

    Get familiar with salary data for the roles you are looking for, so you know your market value and have realistic expectations.

    It’s also worthwhile talking to a specialist recruiter who can help you better understand the expertise, skills and capabilities that employers are looking for.

  4. Manage your personal brand
     

    The way that people are being found and placed in jobs is changing. Some of the best roles may never even be advertised, so you need to have your digital profile primed for success.

    Thanks to platforms like LinkedIn, it’s become easier than ever to promote your story to prospective employers. Ensure your public profiles are up-to-date and reflect the kind of roles and workplaces where you want to work, as well as what employers are looking for.

    It’s also useful to network with industry leaders and to join professional associations. It’s a good way to scope out where you’d like to work and become known. Contribute to relevant conversations online and in person at events such as workshops or meetups.

Whether you are actively job seeking or open to opportunities, you’ll give yourself the best chance for success if you can identify what you want and position yourself for a role that may be your best career move yet.

Check out Hudson’s salary calculator to find out the market rate for your role.


1 From Hudson surveys of almost 3,500 employers and employees across Asia in March 2017
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HUDSON - FROM GREAT PEOPLE TO GREAT PERFORMANCE®
Hudson is a global talent solutions company. We help transform the workplace and unleash the full potential of organizations and individuals. Our expert team and proprietary tools provide you with unique insights and services that help you maximize your success. Across 20 countries, we deliver a range of recruitment, talent management and recruitment process outsourcing solutions to get you and your business where you want to be.

Hudson Global Resources (Singapore) Pte Ltd
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