According to a new survey by eFinancialCareers, more finance professionals in Singapore plan to quit their jobs and look for opportunities elsewhere by this year. Of the 1,421 Singapore-based finance professionals surveyed, 66 percent said they intend to move to a new employer in 2012.
The lack of career progression is the most cited reason for seeking new employment, followed by the perception of higher compensation at other employers, and the frustration with the lack of recognition for accomplishments.
Similarly, respondents who plan to stay with their current employer (34 percent), cited the opportunity for career progression as the most important factor, followed by satisfaction with the level of recognition for accomplishments.
“The message to employers is loud and clear, defined career progression is absolutely critical to finance professionals and our survey clearly demonstrates that it is the key driver of their employment plans for 2012. Consequently, organisations who are able to offer this, not only give themselves the best opportunity of retaining their top talent but a distinct advantage in any forthcoming recruitment activities.” said George McFerran, managing director, Asia Pacific, eFinancialCareers, in a media statement.
The survey also revealed that non-monetary benefits, in particular flexible working hours and child care, figure prominently in the plans of the finance professionals looking to move.
“It is a clear sign that the industry must continue to evolve as its workforce moves further away from the traditional stereotype,” said McFerran.
Most of the respondents who said they plan to move to a new employer in 2012 believe it will be difficult (62 percent).
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