Despite slower economic and employment growth, Singapore employees were confident about the job market this year, with almost 7 in 10 (67 per cent) believing they could secure a job at a different employer within six months, according to recruitment firm Randstad Singapore.
The Randstad Workmonitor Year-in-Review, which tracked employee sentiment throughout 2015, also found that Millennial and Generation Z workers were more confident than their older counterparts, with three-quarters (78 per cent) self-assured about their job prospects.
Only nine per cent of employees thought there was a high chance of losing their job during the year, while close to 7 in 10 (67 per cent) are optimistic about their employers’ financial performance in 2016.
optimism for the new year
Country Manager of Randstad Singapore, Jaya Dass, said that this positivity towards the employment market is encouraging, particularly when softer global economic conditions have resulted in the contraction of some industries in Singapore such as offshore and manufacturing.
“With the establishment of the ASEAN Economic Community and the negotiation of regional alliances such as the Trans-Pacific Partnership and Regional Comprehensive Economic Partnership, Singapore employees are confident that the economy will pick up. This will continue to drive demand for skilled workers in 2016.
“In addition to this, several Government initiatives will be rolled out including the SkillsFuture credit programme. Employees, with the chance to develop new skills, fuels confidence that they will be able to easily find a comparable job if they leave their current employer,” she said.
The year-in-review survey also revealed that 27 per cent of Singapore employees have changed jobs during the year, with 39 per cent citing the search for better employment conditions, such as work-life balance, as a key reason for jumping ship.
Other reasons for switching jobs include the personal desire for change (35 per cent), organisational circumstances (34 per cent) and their personal ambition to work at a management level (23 per cent).
“Ensuring that current and potential employees are comfortable with workplace conditions and career opportunities is key in attracting and keeping them engaged.
“Our research found that the majority of employees (94 per cent) typically focus on job content and the company culture when looking for a job. A company’s reputation is highly considered by 93 per cent of employees and jobseekers.
“Understanding these motivations is important for employers as they develop their 2016 talent attraction and retention strategies, because it means that they will be catering to what employees want.
“This is vital in a market where employee optimism about reemployment is high, and enables organisations to stay ahead in the search for talent in the coming year,” said Ms Dass.
about the Randstad Workmonitor
The Randstad Workmonitor was launched in the Netherlands in 2003 and now covers 34 markets 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 market, using Survey Sampling International.
Randstad is one of the world’s largest recruitment and HR services providers, with Asia-Pacific operations in Singapore, Malaysia, Hong Kong SAR, China, Australia and New Zealand. Randstad Singapore specialises in permanent and contract recruitment, placing high calibre mid to senior level professionals in companies across key industry sectors. Since 1993, Randstad Singapore has been shaping the world of work, and continues to help organisations recruit the best talent in accounting & finance, banking & financial services, corporate & secretarial support, engineering, human resources, IT, life science and sales & marketing.
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|Matthew de Bakker
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HP: +65 9170 8630
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