- 43% of Singaporean employees say they would be willing to receive lower pay in exchange for flexible working hours.
- 37% say the option to work from home is more attractive than higher pay.
- 69% of Singaporeans are motivated by more than just pay.
- 28% would accept a lower wage for more medical benefits.
In Singapore’s fast-moving employment market, career-orientated professionals are continuously seeking to up their current remuneration.
However, new research by recruiter Robert Half found that many Singaporeans may in fact value work-life balance more than a higher pay.
According to findings by the Robert Half 2017 Salary Guide, 69% of Singaporeans say they are motivated by more than just pay. Almost half (43%) of Singaporeans say they would accept less pay in exchange for flexible working hours, and more than one in three (37%) would prefer the option to work from home over a salary increase.
Non-financial benefits are a clear motivator for Singaporeans, as more than one in four (28%) would accept a lower wage in return for more medical benefits, and one in five (20%) would prefer an increased holiday allowance.
Matthieu Imbert-Bouchard, Managing Director at Robert Half Singapore said: “While salary is still the most vital element of a remuneration package, flexibility has become increasingly important, with many Singaporeans starting to prioritise other benefits that positively impact their work-life balance.”
“In an indication that non-monetary benefits can be a prime motivator in the workplace, flexible working hours, additional holidays and the option to work from home are highly sought-after, contributing to a satisfied, motivated, productive and loyal workforce.”
“In a fast-paced working environment where employers are confronted with a continuous war for talent, employers need to diversify their incentives offerings – and look beyond the financial aspect – in order to attract and retain their best talent,” he concluded.
The research is developed by Robert Half and was conducted in February 2017 by an independent research firm, surveying 100 technology, 100 finance and accounting, and 100 financial services employees in Singapore.