Business Times Singapore. English., © 2010 Singapore Press Holdings Limited

The better economic climate appears to have shifted the priorities for talent in their job search.

Opportunity for long- term career progression, and an attractive overall compensation-and-benefits package have moved up the ranks as the top two attributes that would attract them to an organisation, replacing autonomy and recognition of work in a similar study done in 2008.

The findings were the result of research conducted by the Singapore National Employers Federation (SNEF) and branding specialist StrategiCom. The research polled 150 MBA students, undergraduates and working professionals, on the most and least important factors that would draw and make them stay in a company. The first survey was done in late 2008, and a second correlation study carried out in March this year, to see if the factors have remained constant.

SNEF and StrategiCom said that the increased importance of a long-term career progression and attractive remuneration package could have been the result of the rising cost of living in Singapore, combined with workers having experienced wage cuts and retrenchments in the last two years. While employees were more willing to take up contract positions then, they now prefer long-term positions in places where they are able to develop their careers.

'This time last year, the labour market was loose in such a way that there were three persons to a job,' added SNEF executive director Koh Juan Kiat. 'Now it's down to one person to one job. The labour market is tightening. With growth projections up to 13-15 per cent, we expect much more intense competition for the kind of people whom companies need to sustain their growth.'

What stood out in the recent research was also the emergence of work-life balance as a key consideration; it was ranked the third most important attribute in attracting talent to a firm, and the fifth most important attribute in talent retention. Back in 2008, work-life balance did not figure among the top five influential factors.

'Today, the workforce in Singapore is very different,' explained StrategiCom CEO Wilson Chew. 'We have a vibrant city, we have a very positive economy going forward. Asia as a whole is seen to be a roaring region. So I think with that, it is only natural that talent in any city as advanced as ours would aspire to want more.

'And 'want more' does not necessarily come in attractive compensation package as a whole. You also look at personal development right at the top. Of course, then that is coupled with the ability to spend more time with personal interests and family.'

Training and development continues to be ranked as the fifth most important factor in attracting talent, after the fourth- ranked attribute of 'opportunity to work in different roles'.

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