Employees in Singapore Optimistic about Job Market Outlook in 2016

January 15, 20168:07 am1243 views

Despite slower economic and employment growth, Singapore employees were confident about the job market this year, with almost 7 in 10 (67 percent) believing that 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 percent) self-assured about their job prospects.

Only nine percent of employees thought there was a high chance of losing their job during the year, while close to 7 in 10 (67 percent) are optimistic about their employers’ financial performance in 2016.

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.

See: Accounting Professionals in Singapore Can Expect Shift towards More Strategic and Analytical Roles

The year-in-review survey also revealed that 27 percent of Singapore employees have changed jobs during the year, with 39 percent 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 percent), organisational circumstances (34 percent) and their personal ambition to work at a management level (23 percent).

Ensuring that current and potential employees are comfortable with workplace conditions and career opportunities is the key in attracting and keeping talent engaged.

“Our research found that the majority of employees (94 percent) typically focus on job content and the company culture when looking for a job. A company’s reputation is highly considered by 93 percent 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,” Dass added.

Also read: More tech professionals needed in Singapore: IDA

Image credit: sg.jobsdb.com

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