Over 78% will consider switching jobs if their pay rise is lower than inflation rate: Survey

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SINGAPORE - More than 78 per cent of employees will consider changing jobs in 2023 if their pay increment is lower than the inflation rate, according to a survey by recruitment firm Robert Walters.

The rising cost of living and concerns over a possible recession will spur many employees to request, and expect employers to factor in, a pay raise.

However, some may not do so because they lack negotiation skills or fear that such a request could affect their job security, the firm said on Friday.

Core inflation, which excludes costs of private transport and accommodation, and reflects the expenses of Singapore households more accurately, stood at 5.1 per cent in October. Headline consumer price index (CPI), or overall inflation, came in at 6.7 per cent, led by an easing in private transportation inflation.

The findings of Robert Walters’ global salary survey 2023 also show that companies continue to face a shortage of talent, especially among managerial and senior-level positions, causing them to likely double up efforts in staff-retention initiatives.

Talent moving between jobs can also expect a salary increase of 15 per cent to 20 per cent in 2023.

The firm polled 316 candidates and 105 companies in Singapore in September on their main expectations or concerns regarding salaries, career changes and staff retention in 2023.

In the long term, companies are also looking into developing a more inclusive hiring...

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