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SINGAPORE: While they are gearing up to offer even bigger pay packets in the war for talent, Singapore companies are also looking into longer-term retention strategies.
According to a survey of 500 firms here by Mercer Human Resource Consulting, salaries in Singapore are primed to rise by an average of 4.3 per cent by the end of this year. This would be higher than last year's increase of 3.9 per cent.
Among the 12 industries polled, jobs in the broadcasting sector stood out with the biggest projected increase of 4.6 per cent, followed by jobs in the pharmaceutical and healthcare sectors with increases of 4.5 per cent, and the property sector at 4.4 per cent.
"While salary is a factor when trying to retain employees... the top reason top talent leave is because of a strained relationship with their manager, followed by a lack of career development opportunities," Mercer said.
Recognising these other push factors, firms are not using just cash as bait to retain top talent. About half the respondents are thinking of implementing or have already implemented flexible employee benefits programmes.
Such schemes allow employees to choose benefits beyond the traditional life insurance and health coverage.
The new benefits include lifestyle-related perks, such as gym memberships and childcare subsidies, said Mercer.
This ensures that the benefits cater to a worker's needs, said Ms Verena Chua, Mercer's deputy business leader for information product solutions.
Mercer conducts its salary and benefits survey twice a year in Singapore, covering industries such as finance, manufacturing and aerospace. - TODAY/fa
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