The global economic landscape continues to show signs of stagnation and employees in Singapore, Hong Kong and Malaysia have expressed their concern for the coming year. According to Randstad’s latest Workmonitor research report, employees across all three markets have stated they expect the economic situation in their country to further deteriorate in 2017.
62% of employees across Singapore, Hong Kong and Malaysia have stated that they expect the economic situation in their country to deteriorate further in 2017. This sentiment surpassed the global average of 49%.
Employees in Singapore were the least pessimistic in the region with 61% highlighting their concern for further economic deterioration. Nearly seven in ten (68%) male employees noted that they expected further economic deterioration in Singapore, much higher than the 56% of women who with the same sentiment.
In Hong Kong female sentiment was stronger to that in Singapore with 64% being pessimistic about economic recovery, compared to 61% of male employees. 66% of Millennials (aged 18 to 24) were more pessimistic around economic recovery than their older colleagues (aged 35 to 54) with 61%.
The most pessimistic employees in the region were those in Malaysia - 70% of all employees across both genders and all age groups expected further economic deterioration in 2017.
Expects economic situation in country to further deteriorate in 2017
Employees in the region also held lower expectations than the global average with regards to their employer’s financial performance in 2017, reflecting the low confidence around overall economic recovery.
Despite having the highest percentage of employees who expected further economic deterioration, 70% of employees in Malaysia stated that they expected their employer financial performance to increase in 2017. This sentiment was the highest compared to Singapore and Hong Kong, as well as the global average.
Expects employer to perform better financially in 2017
Managing Director for Randstad Singapore, Hong Kong and Malaysia, Michael Smith noted, “Retrenchments and hiring freezes as well as news of major global issues, such as Brexit and the U.S. elections, have kept employees taking a more cautionary stance with regards to their expectations for the coming year.”
“Despite this, with organisations taking a wait-and-see approach, it still remains to be seen how the economy will perform and how this will affect employee sentiment,” added Mr Smith.
The Randstad Workmonitor
The Randstad Workmonitor was launched in the Netherlands in 2003 and now covers 34 countries around the world, encompassing Asia Pacific, Europe and the Americas. The Randstad Workmonitor is published four times a year, making both local and global trends in mobility regularly visible over time. The Workmonitor Mobility Index, which tracks employee confidence and captures expectations surrounding the likelihood of changing employers within a six month time frame, provides a comprehensive understanding of job market sentiments and employee trends. In addition to measuring mobility, it provides insights into employee satisfaction and personal motivation, as well as explores sentiments around key trends shaping the world of work for employees each quarter. The quantitative study is conducted via an online questionnaire among a population aged 18-65, working a minimum of 24 hours a week in a paid job (not self-employed). The minimal sample size is 400 interviews per country, using Survey Sampling International.
The Randstad Group is a global leader in the HR services industry and specialized in solutions in the field of flexible work and human resources services. Our services range from regular temporary Staffing and permanent placements to Inhouse Services, Professionals, and HR Solutions (including Recruitment Process Outsourcing, Managed Services Programs, and outplacement). By combining our human touch with technology-driven solutions and tools, we aim to offer both clients and candidates the best tools and solutions for increased efficiency and engagement, connecting more people to more jobs. Randstad has top-three positions in Argentina, Belgium & Luxembourg, Canada, Chile, France, Germany, Greece, India, Italy, Mexico, the Netherlands, Poland, Portugal, Spain, Sweden, Switzerland, the UK, and the United States, and major positions in Australia and Japan. At year-end 2016, Randstad had 36,524 corporate employees and 4,752 branches and Inhouse locations in 39 countries around the world. In 2016, Randstad generated revenue of € 20.7 billion. Randstad was founded in 1960 and is headquartered in Diemen, the Netherlands. Randstad Holding nv is listed on the NYSE Euronext Amsterdam, where options for stocks in Randstad are also traded. For more information, see www.randstad.com.sg.