Back in September, we reported on recruiters complaining about a surge in counter offers in Singapore scuppering an increasing number of their deals. “The way some candidates behave in terms of counter offers is horrifying. The financial services world is very small and even smaller in Singapore – who knows when that hiring manager you just rejected will end up being your boss anyway or will be in a position to help you in the future,” Richard Aldridge, a director at recruiters Black Swan Group in Singapore, told us at the time.
Now a new study from recruitment agency Robert Walters suggests that counter offers may not even be an effective short-term retention tool Share on twitter for the company actually handing them out. Most (63%) employers who presented counter offers to resigning professionals were in fact turned down, says the survey of more than 1,200 professionals and hiring managers across China, Hong Kong, Indonesia, Malaysia, Singapore, Taiwan, Thailand and Vietnam. While the results aren’t specific to the financial sector, they do support the (admittedly self-interested) argument that finance recruiters have been telling us all year: don’t bother countering someone as they will either reject you right away or resign for good within months of “accepting” the counter.
The Robert Walters report says that most professionals (58%) did not tell their employers of their unhappiness before starting a job search, but 85% of employers claim they can identify employees on the verge of resignation. Asian bosses are either very insightful or have a misplaced confidence in their ability to spot trouble. The study also suggests that employers need to beef up their exit interview procedures to glean more valuable “insights about a company’s culture, operations and management to implement positive changes”. A substantial number (44%) of professionals surveyed felt that their exit interview process was “not worthwhile at all”.
Meanwhile:
Motivation more important than innovation in raising productivity, say Singapore CFOs in new study. (Asia One)
Singapore banking system passes MAS stress tests. (Business Times)
The total value of China’s stock market has now surpassed Japan’s. (Financial Times)
30% jump in caseload for Financial Industry Disputes Resolution Centre in Singapore. (Straits Times)
15 more countries have “crossed the RMB river”. (SCMP)
Is Singapore really only the 53rd most expensive city to live in? (Channel News Asia)