Employees Pessimistic About Economic Recovery in Singapore, Hong Kong and Malaysia

January 20, 20164:18 pm350 views

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 that they expect the economic situation in their country to further deteriorate in 2017.

62 percent 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 percent.

Employees in Singapore were the least pessimistic in the region with 61 percent highlighting their concern for further economic deterioration. Nearly seven in ten (68 percent) male employees noted that they expected further economic deterioration in Singapore, much higher than 56 percent of women who share the same sentiment.

In Hong Kong, female sentiment was stronger to that in Singapore with 64 percent being pessimistic about economic recovery, compared to 61 percent of male employees. 66 percent of Millennials (aged 18 to 24) were more pessimistic around economic recovery than their older colleagues (aged 35 to 54) with 61 percent.

The most pessimistic employees in the region were those in Malaysia – 70 percent of all employees across both genders and all age groups expected further economic deterioration in 2017.

Employees expecting economic situation in country to further deteriorate in 2017

  All Men Women Age 18 to 34 Age 35 to 54
Global 49% 48% 49% 50% 48%
Singapore 61% 68% 56% 62% 62%
Hong Kong 63% 61% 64% 66% 61%
Malaysia 70% 70% 70% 70% 70%

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 percent employees in Malaysia stated that they expect their employer’s financial performance to increase in 2017. This sentiment was the highest compared to Singapore and Hong Kong, as well as the global average.

Employees expecting employer to perform better financially in 2017

  All Men Women Age 18 to 34 Age 35 to 54
Global 69% 70% 68% 75% 66%
Singapore 56% 56% 55% 65% 51%
Hong Kong 59% 59% 59% 60% 59%
Malaysia 70% 71% 69% 71% 70%

Managing Director for Randstad Singapore, Hong Kong and Malaysia, Michael Smith noted, “Retrenchments and hiring freeze, as well as news of major global issues, such as Brexit and the U.S. elections, have kept employees from 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 Smith.

 

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