In Singapore? Odds are, you're looking for a new job

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People walk over the bridge across the river overlooking the financial district in Singapore on December 11, 2013.

Another key finding from the report by Hudson, whose clients include a number of multi-national firms, was expectations for a modest pay increase this year.

According to the survey, conducted in November, 86 percent of employees in Singapore expected a pay increase with almost 20 percent wanting an increase of more than 10 percent.

( Read more: For foreigners, has securing a job in Singapore just gotten harder?)

An rise in the cost of living and a high level of performance were the main reasons cited by workers for expecting a pay increase, Hudson said.

A majority of the employers surveyed by the firm, about 53 percent, expected to keep a steady headcount in the first three months of this year and aim to peg salary rises at 3-5 percent for the coming year.

That's still above inflation. Singapore's consumer price index stood at 2.6 percent in November from a year earlier, according to latest official data.

( Read more: Wage-cost worries creep up in Singapore)

'When you have a low unemployment rate and have the ability to secure another job very quickly, then it makes it very tough for employers to retain their people,' said Hudson's Tomich.

'We looked at the other things you can do besides just raising salary. And we found that 90 percent of people valued bonuses and the next thing was flexible working hours. There is a change in the Singapore market because this doesn't normally come up,' he added.

Salary increases are expected to be modest this year as the economy slows, a weekend report in Singapore's Strait Times newspaper cited recruitment, remuneration firms and industry associations as saying.

Data released last week showed Singapore's economy grew 4.4 percent on year in the fourth quarter of 2013, slowing from a 5.9 percent pace in the third quarter.

The Singapore government forecasts the economy to grow by 2-4 percent this year.

The Hudson report was based on a survey of 477 employers and 1,292 employees.

- By CNBC.Com's Dhara Ranasinghe; Follow her on Twitter @DharaCNBC