Randstad released the 12th edition of the Employer Brand Research report in Singapore, capturing the voice of the local workforce as well as showcasing how talent expectations change with the economy and labour markets.
After three unprecedented years, the changes to today's economy and labour markets have undergone transformative changes, resulting in evolving talent expectations. While Singaporean employees value employment and salaries are extremely valuable to talent, people are actively seeking companies that provide a positive experience and make them feel good at work.
singaporeans are quitting jobs to pursue a healthy work-life balance
Two in five local respondents (41%) revealed their intention to leave their jobs “to improve work-life balance”. In the same survey, 38% said that they are motivated to leave because of “low compensation and rising cost of living”.
This echoes the employee sentiment that “work-life balance” is ranked more important than “attractive salary and benefits” when looking for an ideal employer to work for in Singapore.
top 5 reasons that motivate a worker to resign
As individuals increasingly prioritise a healthy balance between their professional and personal lives, they desire companies with a nurturing work environment where this is possible. Employers will need to recognise that a well-balanced work life is not solely dependent on flexible working arrangements, but it also requires a comprehensive understanding of how work fits into people’s lives.
Employers should aim to establish a culture of trust and transparency where employees have the autonomy to make decisions regarding their work schedules and are able to communicate transparently and clearly with their colleagues and bosses. As today’s talent strives to feel fulfilled at work, the onus is on employers to support their workforce by ensuring that they have manageable workloads and reliable resources to boost their productivity.
work generations most likely to change jobs
17% of Singaporeans changed jobs this year. Among all respondents, it was observed that Millennials in the age range of 25 to 34 exhibited the strongest inclination towards job-switching. On the other hand, Generation Z workers aged 18 to 24 expressed the least desire to change jobs.
non-monetary benefits contribute to the total employee experience
The survey also revealed that 79% of respondents find non-monetary benefits critical when choosing an employer. These benefits are defined as initiatives that do not involve direct financial compensation. Instead, they encompass intangible benefits that improve employees' job satisfaction and work-life balance.
Amongst the non-monetary benefits, respondents stated that having good workplace relationships with their manager and colleagues were the most important factors.
top 5 non-monetary benefits
While having a good salary is still a crucial factor for talent, today’s workers find it even more important to work in a nurturing and enjoyable workplace. In the new social contract between employers and employees, companies are expected to provide a more holistic work experience beyond simply matching pay expectations.
To attract top talent, companies will have to focus on creating a supportive workplace culture where people feel valued and empowered. By receiving opportunities for learning and growth, and understanding how their work visibly contributes to the business, employees are more likely to feel a true sense of purpose and belonging at work.
singaporeans want more upskilling and reskilling opportunities to develop themselves
Singaporean workers are keen to undergo upskilling and reskilling to continuously keep their skills and qualifications up-to-date, but employers are falling short of this expectation.
Data from the survey reveals that 69% of survey respondents consider upskilling and re-skilling necessary, yet only half (54%) have received opportunities to grow their careers.
Having sufficient career development opportunities is equally important to Gen Z (35%), millennials (38%) and Gen X (35%), who have left their jobs due to a limited career path.
Upskilling is a key factor in an employee’s total experience with a company and their career progression. As technology shifts at unprecedented speed, employees want to feel secure in their skills and careers. They desire employers who will invest in their growth and make learning and development accessible and intuitive within the company.
Job seekers look for employers that prioritise training as they see it as an opportunity for them to grow their careers to eventually have a more prestigious job title and earn a higher income. By taking an active interest in their employee’s career aspirations, employers can attract and retain talent more effectively as well as foster a more motivated and skilled workforce.
In January, the 2023 Randstad Employer Brand Research reached out to over 163,000 respondents across 32 markets, including 2,753 individuals based in Singapore. This independent research is the world's most comprehensive employer brand study that provides employers with a unique opportunity to discover new talent insights and measure their brand perception to improve their workforce strategies.
get a free digital report: 2023 randstad employer brand research
The Randstad Employer Brand Research surveyed more than 163,000 respondents across 32 markets, including 2,753 individuals based in Singapore. Fill in the form below to get your copy of the report to unlock new talent insights and strengthen your talent attraction strategy.
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