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Friday, 4 April 2014

4 in 10 S'porean employees want to retire at 55

SINGAPORE: Almost four in 10 employees in Singapore want to retire at the age of 55 - 10 years earlier than the retirement age set by the government, revealed the 2014 Randstad Award survey released on Friday.

The survey of 6,546 employees in Singapore also found that respondents would be motivated to work longer if their workplace offered a more relaxed schedule, friendlier atmosphere and shorter work hours.
Randstad Country Director for Singapore Michael Smith said the findings provide organisations with a clear insight on how best to engage their top talent in order to retain them.
"Singapore is already facing a talent crisis, with many organisations finding it difficult to meet the demand for skills.
“If a situation arises where a large group of the talent pool are unwilling to work till the retirement age, this will make the talent shortage challenge even more acute for organisations here.
“Employers need to constantly evolve their talent management strategies by understanding the motivations of their employees of all ages, including return-to-work mothers and the mature-age workforce," said Mr Smith.
The survey found that female employees, in particular, find flexible working hours a key motivator for staying in the workforce.
Mr Smith said this is not surprising, given female employees tend to think about family priorities at some stage during their careers.
"Today's constantly changing world of work means that there is no one-size-fits-all approach.
“Employers need to continuously rethink their approach to ensure they are meeting the needs of their employees. These include establishing flexible working arrangements, a positive working environment and work-life balance.
“Yet it is critical for employers to strike the balance between keeping their employees happy and maintaining productivity to ensure their business is well placed for the next phase of growth," added Mr Smith.
The survey also found that competitive salary and employee benefits remain the most important factors for employees in Singapore when they choose an employer.
This is the third consecutive year where salary and benefits have taken the top spot.
The top three key employer personality traits employees in Singapore look for are: reliable, honest and sincere.
Another survey finding was that Singapore employees spend an average of 42 minutes travelling to work.
This is close to their acceptable time of 39 minutes. 

4 comments:

  1. In a place like singapore unless we are talking about big companies that brings over their flexi culture over here. If not it is impossible for companies to exercise friendlier and more flexible working environment, at least not in my line where deadlines can only move forward not backward

    ReplyDelete
    Replies
    1. May be Govt should lead job sharing initiative so that we may can semi retire before 62.

      Delete
  2. How many of us have our retirement plan in place before 55 and can answer these three common questions on retirement planning:

    1. What do you expect to spend each year in retirement? (What will be your living expenses?)

    2. How much money will you need in savings/investments to support that spending? (How much is enough?)

    3. How much more do you need to save and invest to get from here (where you are now) to there (the point where you can fund the retirement you want)? (Your investing goals)


    ReplyDelete

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