Money still rules
The report confirmed my view that in order to draw a better salary and climb up the ladder, there is a need to switch job. Typical salary increments in Singapore average about 3-5%. With this kind of increment, normal salaried Singaporean can barely meet the inflation and maintain a comfortable lifestyle. Even if job promotion is factored in, the increase in salary is probably $500 to $800. But if a better job offer comes along, the quantum increase is usually much higher. As a rule of thumb, job seekers should only consider switching job only if there is 20% hike in salary. There is no point switching companies for the sake of a few hundred dollars increment. You are better off staying in your current job and continue to build up your skills and networks.
When to jump ship
The report stated that the majority of the respondents singled out the first quarter as the best time to start a job hunt. This is not surprising as most employees would want to collect their bonuses before jumping ship. Most Singapore companies would have paid out their bonuses by the first quarter. Moreover, another factor to consider is that most job seekers would not want their bonuses in their new companies to be affected. If they joined their new companies later in the calendar year, their bonuses would be much pro-rated and reduced.
The report also indcated that "the market sentiment has improved from last year with only 50% of Singaporean workers expecting to take longer than 3 months to secure a job in 2013 compared to 70% in 2012. Companies are also taking a more optimistic approach to hiring with only 7% of employers not intending to hire this year instead of 20% in 2012". This news is definitely reassuring for job seekers who intend to leave their companies for greener pastures.