A survey conducted by Employment Hero resulted in findings that only 51% of Singaporeans feel secure in their roles making Singapore the lowest ranking in regards to job security behind Malaysia (60%), the United Kingdom (69%), Australia and New Zealand (both 71%).
This sense of insecurity is likely due to a growing sense of anxiety around the economy. In fact, as many as 32% of employees feel their company will either reduce headcount, lose customers or scale back operations. More than 1,000 Singaporean employees participated in the survey.
This lack of security within their roles may also contribute to 49% of Singaporean employees who are looking outside of their organisations for their next opportunity. Of the 49% who are looking externally for a job, 20% are looking to move now, with the remainder considering job changes within the next six months.
However, the grass may not always be greener, with 30% of Singaporeans who recently started a new job already looking for their next opportunity. This heavy movement in the talent pool could stem from the fast-growing dislike of their roles, with 34% of job seekers stating this as their reason for leaving their current employer, compared to 5% in 2021. Poor company culture was the second most-cited reason for job seeking (33%).
Concurrently, the desire to move away from Singapore for job opportunities has declined, with only 49% of Singaporeans stating they’d like to take a role overseas, a drop from 55% during the peak of the pandemic in 2021.
All things considered, cash is still king when it comes to recruitment and retention. Survey data shows that pay rises continue to attract people, with 53% of employees would move jobs for a salary increase in 2023, a minimal decrease from 54% in 2021. 43% of employees would also stay on in their current role if given a salary increase.
“Given that many Singaporean employees currently feel insecure about their jobs, employers should use this opportunity to be more transparent with employees around their job security. Additionally, making employees feel valued and recognised for their hard work can play a big and important part in retaining staff, and strengthening loyalty and advocacy,” said Kevin Fitzgerald, Managing Director Asia at Employment Hero.
Employment Hero is a leading people, payroll and benefits software provider, released its global Talent Insights Report examining the current state of employment today. The survey was conducted in January 2023 and aimed to better understand current talent trends and how these changed since late 2021.
