In the softening economy ladened with global-wide business restructuring, increasing operating costs as well as high interest rates, employees are voicing their concerns about their financial and job stability.

In a Randstad survey, 48% of respondents in Singapore said that they are worried about losing their jobs and 61% indicated that they would reject a job offer if it did not come with a formal employment contract from the organisation.

income and salary top priority 2023
income and salary top priority 2023

Randstad - the world’s largest talent agency - released the results of its 2023 Workmonitor in Singapore. The survey highlights the workforce’s latest sentiments and perceptions of the local job market.

employees want to feel secure in their jobs

Even though 64% of Singapore employees are worried about how the economic uncertainty will affect their livelihood, 80% retain strong confidence in their employers to provide them with job security.

Despite the recent restructuring and mergers, Singapore's reputation as a secure and open market boosts confidence among Singaporeans. Employers in Singapore remain committed to hiring local talent in this competitive talent-led market. However, some skilled professionals may seek job opportunities that offer better financial stability and higher salaries.

job seekers and employees value salary above everything else

As more news of business restructuring and layoffs around the world are being announced, the concern about job and income stability mounts in Singapore. In the survey, 64% said that they will not accept a new job offer if it did not offer a significant salary increment.

Instead of holding off their career decisions until the economy is stable, people are actively looking for jobs to sustain their ability to pay for essential services and pursue their desired lifestyle.

One in three Singaporean workers have quit their jobs due to low wages and 29% said that they are thinking about resigning so that they can find a better paying job to help with the rising cost of living.

reasons why singaporeans quit their jobs
reasons why singaporeans quit their jobs

Following the support received from the COVID-19 pandemic, employees are once again turning to their employers for support during a time when inflation is effectively shrinking paychecks faster than salary adjustments can kick in.

There is a stark contrast between what makes a good employer and a great employer. Companies that continue to provide competitive wages that reflect their employees' skill sets, experience, and growth potential will stand out in the market and be able to attract more talent.

people are delaying their retirement plans

The survey revealed that 71% of respondents said that their financial position is preventing them from retiring as early as they want. Based on their current situation, 42% of local respondents said that they will need to work beyond the statutory minimum retirement age (63 years old) in Singapore.

Approximately one in three Singaporean workers said that they are delaying their retirement to help with the rising cost of living.

employers expected to offer financial assistance and job placement services during business restructuring

In the unfortunate event of a retrenchment, 31% of respondents said that they want an extension of company-paid corporate benefits (medical or leave encashment) for a period of time in addition to severance pay. Another 30% said that they want access to external outplacement services.

Retrenchment should be taken seriously at all times, and not just because of the potential risk of employees sharing their negative experiences online. Rather, it is our responsibility to respect our affected employees as they navigate this complex world and to acknowledge their past work contributions.

Business reorganisation and restructuring can be managed in a more positive way when leaders demonstrate genuine empathy throughout the process.

Randstad Risesmart provides talent management and transition services, such as worklife coaching, redeployment, outplacement and retirement support to companies and talent around the world.

The 2023 Randstad Singapore Workmonitor survey was conducted in October 2022 with a total of 1,000 respondents aged between 18 and 67 years old.

download the 2023 randstad singapore workmonitor report

Secure, flexible, inclusive and financially stable employment in a place they feel they belong: that’s what workers want this year.

Hear the voice of employees around the world on what they want and expect from their employers and how willing they are to ask for it. Download the 2023 Workmonitor to keep up to speed with what’s shaping this new world of work and access unique insights into Singapore’s talent pool.

download randstad workmonitor report 2023
download randstad workmonitor report 2023

gain in-depth insights into the singapore workforce

To succeed in the dynamic and competitive job market, it's important to gain a deeper understanding of the local workforce. This can help businesses identify key trends and build sustainable talent strategies, enabling you to stay ahead in the rapidly changing business landscape.

Contact us today to gain access to the latest, unique market insights and to connect with a recruitment specialist who can assist with your hiring needs. If you're seeking a fulfilling career, apply for a job and start building your career path with us.

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