"While attracting talent is a significant challenge, retaining talent is also proving to be a real issue for employers in Singapore, with a high proportion (78 per cent) concerned about losing top performers to other job opportunities in the next year," the report stated.

Singapore's economy is still recovering and, the report said, for many companies, salary freezes are still in place, with 40 per cent having had no change in income over the past 12 months.

The Robert Half report warned that "many [Singapore] companies are unable to offer pay rises or bonuses due to market uncertainty, and as such risk losing their staff to overseas markets".

"In order to prevent this, employers need to ensure that they have appropriate retention strategies in place, such as offering reduced working hours or other non-financial incentives."