Will blanket wage cuts hurt your company?
In order to tighten their belts, some companies are adopting a blanket, across-the-board wage cuts for all employees. But this could end up chasing your top talent away, says CEO of coaching company Thought Perfect, Pratap Nambiar.
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In a survey specifically created for ‘Human Resources in February of this year, Adecco Singapore surveyed 50 job seekers registering at six of its office locations.
The applicants answered two questions about job hunting and what would encourage them to stay in their existing job. Here are the fascinating findings:
1) Please advise why you are looking for a new position right now
a) Inadequate compensation at current workplace. SURVEY RESULT: 0%
b) Inadequate development opportunities at current workplace SURVEY RESULT: 16%
c) Insufficient recognition at current workplace SURVEY RESULT: 2%
d) Looking to go into a growth industry before the economy picks up SURVEY RESULT: 12%
e) Looking for your first job!
SURVEY RESULT: 14%
f) You have been retrenched and are seeking a new role SURVEY RESULT: 24%
g) Others SURVEY RESULT: 32%
2) What would make you stay on in your job or stop job-hunting altogether?
a) Good relationship with co-workers
SURVEY RESULT: 14%
b) Sufficient job security given SURVEY RESULT: 38%
c) Desirable commuting and work hours
SURVEY RESULT: 10%
d) Good boss SURVEY RESULT: 12%
e) Job scope expansion SURVEY RESULT: 20%
f) Others SURVEY RESULT: 6%
- Survey conducted by: Adecco Personnel Pte Ltd
- Survey Period: Friday 13th–18th February 2009
- Survey Size: 50
- Average Age of Respondents: 28
- 46% were Male. 54% were Female
Jessica Chew, Adecco Singapore Marketing Team
Jessica Chew
March 27, 2009 at 2:26 pm