SINGAPORE: A recent study shows that the appetite for job switching in Singapore had returned to the level of what it was before the Covid-19 pandemic struck, as workers are now seeking companies that offer better work-life balance.
The 2023 Employer Brand Research Singapore report from global talent company Randstad shows that 41 per cent of respondents in a survey from January of this year are planning on quitting their jobs due to a desire to improve work-life balance, which is defined as having enough time to enjoy leisure activities with friends and family.
“A growing number of people are looking for employers who can support their work-life balance by offering flexibility, manageable workloads, and reliable resources to boost their productivity at work,” the Randstad report noted.
When asked what they’re looking for in an employer, ‘good work-life balance’ now tops the list, whereas in 2021 and 2022, ‘attractive salary and benefits’ took the pole position.
Good salary and benefits are now number 2 on the list, followed by (3) long-term job security, (4) career progression opportunities, and (5) financially healthy.
Moreover, nearly one-third (30 per cent) of those surveyed said that they are planning on switching jobs as early as this year, with millennials (ages 25 to 34) more prone to do so when compared to those from Gen X (ages 35 to 54) or Gen Z (ages 18 to 24).
Randstad also noted that 47 per cent of respondents fear losing their jobs.
“The fear of job loss motivates people to search for an employer that offers better job security or an opportunity to upskill to stay employable. Since 2022, the fear of job loss has decreased by 4 per cent, illustrating a clear shift in employee priorities,” the report reads.
More than 163,000 respondents across 32 markets participated in the Randstad survey, held in January of this year, which includes 2,753 people based in Singapore. /TISG