According to a global survey conducted by human resource solutions agency Randstad with more than 200,000 respondents across 32 countries, 39% respondents in Singapore (n=2,502) plan to change employers in 2019.
Out of this group, 40% cited ‘limited career path’ as a key reason for their desire to switch jobs.
In 2018, 80% of employees in Singapore stayed in their current jobs.
This finding is part of Randstad’s annual Employer Brand Research, which “explores the factors that influence and motivate the search for new career opportunities by employees and job seekers”.
In Singapore, Gen X (35-54) made up the largest percentage of respondents at 52%, millennials (25-34) came in second at 28%, followed by Gen Z (18-24) at 11% and boomers (55-64) at 9%.
Another interesting tidbit is that 18% respondents in Singapore shared that they are “willing to give up at least one-tenth of their salary for better job security”.
Here’s a quick breakdown of the other findings.
Younger Workers Want A ‘Pleasant Work Atmosphere’, Good Training
When asked about their ideal employers, almost half of Gen Z respondents shared that they are looking for a pleasant work atmosphere, while a third of millennial respondents are looking for a place that provides good training.
38% of Gen X respondents value flexible work arrangements, while nearly half of boomer respondents find strong management an important factor in an ideal employer.
Why Employees Leave
Among Gen Z, millennial, and Gen X respondents, a limited career path emerged as the top reason as to why they leave, while boomer respondents view a lack of recognition and rewards as the top reason.
Low compensation also appeared to be a significant deal breaker for millennial and Gen X employees.
Gen Z respondents, on the other hand, viewed insufficient challenges as a reason to leave.
Why Employees Stay
On the flipside, the reasons for employees staying put at their current jobs are pretty similar.
Across all age groups, attractive salary and benefits alongside good work-life balance emerged as the top 2 reasons why employees choose to stay.
Job security came in third for millennial, Gen X, and boomer employees, while Gen Z employees favour a pleasant work atmosphere.
Singapore Employees Want To Work At MNCs
Multinational corporations (MNCs) emerged as the top type of firm that Singapore employees want to work at, with 43% picking it as their top choice.
In spite of having the impression that MNCs don’t offer good work-life balance vis-a-vis other types of firms, factors like attractive salary and benefits, career progression, and job security make up for that.
Interestingly enough, 17% expressed that they have no strong preference for the type of firm they work at.
There also seem to be quite a few who want to be their own boss, with 9% stating that they want to work at their own business.
The results for this poll coincide with the list of top 10 employers of 2019, with Singapore Airlines and Changi Airport Group clinching the top 2 positions.
With 2 out of 5 employees looking out for new job opportunities this year, employers might need to do more to retain talent, or, maximise whoever’s remaining after.
- Download the full report from Randstad here.
Featured Image Credit: Unscrambled