Singaporean bosses say company culture is a top factor in retaining workers

This was followed by compensation and work flexibility.

In contrast to Singapore workers’ opinion, Singapore CEOs revealed that company culture is a top factor in keeping their workers stay in the business.

Heidricks&Struggles, an HR firm, revealed in a recent study that 54% of Hong Kong and Singapore CEOs surveyed said culture is a top consideration for employee retention. This was followed by compensation and benefits (50%), and flexibility in work rules and locations (46%).

Hong Kong and Singapore CEOs saw an improvement in DE&I by 71%. The CEOs were also found to take much more importance in increasing employee engagement (51%) and innovation (45%), with improving DE&I (35%) coming in third in priority.

The study also found that CEOs in Hong Kong and Singapore ranked agility, innovation, and growth mindset (72%) significantly higher than other markets, and direction and purpose (58%) second.
Heidricks&Struggles Singapore Partner Tonny Lok said culture has a positive impact on business and talent management strategies, employee retention, and financial performance.

“All thriving cultures begin at the top with purposeful leadership, as the model of the leader affects the entire organisation,” he added.

A previous study from Hays revealed that Singaporeans are leaving their current jobs for higher salary packages. Another research also revealed that nearly half of Singaporeans are working 10 unpaid hours every week.

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