Singaporean employees are not actively looking for new jobs, said Hays which recently released results of a survey of 6000 professionals across five markets.
According to Hays, only 36% of employees in Singapore were actively looking for a new job while 45% were still open to new opportunities.
Of all Asian markets, respondents in Singapore were most likely to stay in their current jobs because of work-life balance (48%) as well as management style & company culture (38%), the recruitment agency said.
This may be attributed to increasing reports of work stress and poor work-life balance that have positioned Singapore as having one of the most overworked populations in the world, Hays pointed out.
In addition, wage increments may be reaching a stagnation in Singapore, with most organisations expecting to raise only up to 3% (425).
The only other company with a majority in this lower category if wages was Japan (54%), Hays added.
However, professionals appear to be realistic in their expectations and match these expectations, with the majority also expecting increases of up to 3% (26%), survey results indicate.
However, Singaporeans reported being most satisfied with their current compensation packages (56%).
A little over half of organisations in Singapore were confident they had the talent needed to achieve their current business goals (52%) and were most likely to consider hiring expatriates for skill short areas (60%) after Japan (67%), according to survey results.
This may indicate a skills gap, as Singapore had the highest number of respondents in Asia who spent zero hours upskilling themselves outside of their job (26%), Hays noted.
While 2019 was a challenging year for the region, Singapore has braved much of the economic fallout and maintained a healthy recruitment market, said Grant Torrens, Regional Director at Hays Singapore.
“However, as the results show, the impact of this will still be felt in 2020 as organisations become more cautious with hiring and compensation,” he noted. "Considering a significant amount of businesses are unsure they have the right skilled talent to reach their objectives, candidates can differentiate themselves and counter wage stagnation by upskilling in areas of high demand, as well as showcasing their adaptability to changing business needs. On the employer side, making provisions for better work culture and work-life balance could help retain top talent at a time when cost control is paramount.”