Despite the global economic slowdown this year, 67 per cent of Singapore employees are confident that their employers will perform better financially next year than in 2015, according to the Randstad Q4 Workmonitor released.
As a sign of their optimism, seven in 10 (69 per cent) employees expect a bonus and more than six in 10 (62 per cent) anticipate a pay rise next year, while almost seven in 10 (66 per cent) remain committed to staying with their current employer.
Referencing a recent quarterly survey by the Monetary Authority of Singapore (MAS), Country Manager for Randstad Singapore, Jaya Dass, said that this employee confidence stems from the fact that major industries in Singapore like finance and insurance, retail, engineering and construction are expected to pick up pace next year.
“With construction and engineering projects like the Thomson-East Coast Line maintaining momentum over the next few years and the banking and finance industry potentially managing more mergers and acquisitions, there is no doubt that there will be continued demand for skilled talent in 2016.
“This fuels the local workforce’s confidence about their employers’ economic performance next year despite the slower pace of growth this year,” said Dass.
She added that this optimism is also a call for employers to rethink their talent attraction and retention strategies for 2016.
“The current skills shortage means that 65 per cent of employees expect it to be increasingly difficult for their employers to find the right talent in the future, which is up from 63 per cent who say this is the state of play today.
“While our survey results show that the majority of employees are not looking for another job, it is imperative that employers introduce and implement strong retention strategies to ensure their top talent stay with them. This can include effective succession planning, providing upskilling opportunities and ensuring that employees are given competitive financial incentives and a healthy work-life balance.
“Keeping employees engaged and motivated to stay with the company can help employers ride any potential challenges next year, particularly as digitalisation changes today’s world of work.
“At the same time, it is also important for employees to manage their own expectations about Singapore’s economic growth and its impact on the labour market. Regardless of economic performance, employees should constantly look to update their skills in a bid to remain relevant in the workforce” said Ms Dass.
The survey of more than 400 Singapore employees also found that while three-quarters (73 per cent) feel equipped to deal with the digitalisation in their roles, 80 per cent are calling for their employers to invest more in developing their digital skills.
Technology has had a huge impact in the labour market, and is changing the types of skills that employers now seek. For example, there is now an increased demand for workers with expertise in developing online and mobile application platforms, regardless of their industry.
“Employers that invest in the development of their employees’ digital skills will demonstrate their willingness to help their staff upskill and progress – one of the key factors in keeping employees engaged in today’s digital age,” concluded Dass.
