Study finds dissatisfaction with pay, benefits, and skill development as key reasons for job changes.

A new study by Aon plc (NYSE: AON) has found that 67 percent of employees in Singapore are considering changing employers within the next year. The 2025 Human Capital Employee Sentiment Study, which surveyed over 9,000 employees across 23 countries, highlights growing dissatisfaction with compensation, benefits, and career development opportunities. The findings suggest that Singaporean businesses must rethink their employee retention strategies to address shifting workforce expectations.

The global job market is undergoing rapid transformation, with employees re-evaluating their career priorities. In Singapore, nearly two-thirds of employees are actively considering a job switch, a figure higher than the 60 percent global average. The Aon study identifies key factors influencing job mobility, including perceived unfair compensation, lack of tailored benefits, and inadequate career growth opportunities.

Singaporean Employees Seek Better Pay and Benefits

The study highlights a significant trust gap between employees and employers when it comes to compensation fairness. While 45 percent of Singaporean employees believe their pay is fair, a majority remain unconvinced that employers are ensuring pay equality across gender and job roles.

Rahul Chawla, Aon’s partner and head of Talent Solutions for Southeast Asia, stressed the importance of companies revising their total rewards strategy to meet evolving workforce demands. “Employers must offer competitive pay structures, customized benefits, and career development opportunities to retain top talent,” he stated.

A notable 65 percent of employees indicated they would be willing to sacrifice existing benefits in exchange for a better selection of perks that align with their personal and professional needs.

Most Valued Employee Benefits in Singapore

The Aon study identified five key benefits that Singaporean employees prioritize:

1. Medical coverage – particularly valued by Gen X and Baby Boomers.
2. Paid time off – highly favored by Gen Y and Gen Z employees.
3. Work-life balance programs – increasingly seen as a necessity, not a luxury.
4. Flexible benefits – offering employees control over their benefits package.
5. Career development – a crucial factor for long-term retention.

Alan Oates, head of Global Benefits for Asia Pacific at Aon, emphasized that flexibility and personalization in benefits packages are key to retaining talent in Singapore’s evolving job market.

Skill Development and AI Readiness Lagging

Beyond compensation, Singaporean employees are concerned about future career growth. The study found that 29 percent of employees lack confidence that their employers are investing in their skills development and training for future work demands—a much higher rate than the 17 percent global average.

With technological disruptions reshaping industries, 35 percent of employees expressed strong motivation to develop AI-related skills to stay competitive in the job market. However, 13 percent remain uncertain about AI’s impact on their careers, signaling a need for clearer employer-driven upskilling initiatives.

Employers Must Act to Prevent Talent Drain

The study makes it clear that employers must act quickly to retain their workforce. Competitive salaries alone are no longer sufficient—companies must integrate flexible benefits, continuous learning opportunities, and work-life balance initiatives into their corporate culture.

Aon’s data-driven insights reveal that companies that fail to address these concerns risk losing top talent to competitors offering more attractive employment packages. “Businesses that invest in a resilient, well-supported workforce will not only retain talent but also enhance overall employee satisfaction and productivity,” Chawla concluded.

The Aon study underscores the urgent need for Singaporean businesses to re-evaluate their approach to employee retention. As job satisfaction levels continue to decline, companies must prioritize employee well-being, skills development, and benefit flexibility to remain competitive. Ignoring these concerns could result in a significant talent drain, potentially impacting productivity and business growth in Singapore’s rapidly evolving economy.

Sources: Media OutReach (2025), Financial Times (2025)

Keywords: Employee Turnover Singapore, Aon Workforce Study, Job Change Motivations, Singapore Employment Trends, Compensation and Benefits