Job security and attractive compensation are common attributes that employees seek in a company.
This is according to a survey by the Singapore National Employers Federation (SNEF) and local brand strategy firm, StrategiCom, which was done over two periods - at the height of the recession in 2008 and when Singapore was experiencing economic recovery in March this year.
In 2008, 30 senior management staff were surveyed while in 2010, 150 respondents comprising MBA students, undergrads and working professionals were surveyed.
Six in 10 workers in Singapore work in an SME.
The survey found that in 2008, during the recession, some key attributes which helped SMEs attract and retain talent include allowing employees freedom to work on their own initiative, recognising their work, and an attractive compensation and benefits package.
But with the economy improving in 2010, apart from an attractive package, the survey found that employees also looked for opportunities for career progression.
The survey added that while employees were more willing to take up contract positions in 2008, they were now seeking long term positions in areas where they were able to develop their careers.
Training & development has also remained among the top five attributes to attract talent. The survey said this reinforced the need for SME employers to train and develop their staff so as to remain competitive.
Job security was also cited as a common attribute.
"We need to study this in its entirety, so that job security must be coupled with the employer being very focussed on employees' personal development and his valuable contribution to the organisation," said Wilson Chew, CEO of StrategiCom.
One attribute which did not show up in the 2008 survey but has emerged in this year's results is the issue of worklife balance. The survey findings said this could probably be a reflection of the expectations of a younger generation of the workforce.
As the economy recovers, the survey has also revealed that employees are less concerned with personal autonomy and job scope variety.
Therefore, attributes like recognising and appreciating their work and allow them a lot of freedom to work on their own initiative have dropped out of the top five positions to attract and retain talent in a booming economy.
The survey findings will be discussed at CEO and Employers summit held as part of SNEF's 30th anniversary celebrations at the end of this month.
Both Prime Minister Lee Hsien Loong and Minister Mentor Lee Kuan Yew will address the CEOs gathering while Manpower Minister Gan Kim Yong and NTUC Chief Lim Swee Say will join Stephen Lee during a tripartite dialogue.
The summit will focus on challenges in leadership and management for productivity and sustainable growth for the next 10 years.
Its findings will be used by SNEF to chart some of the challenges which need to be addressed to achieve the goal of 2-3 per cent productivity growth for Singapore in the next 10 years.
- Channel News Asia
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