SINGAPORE: A new study shows that job security is an issue for many Singaporeans. Forty-eight per cent of the Singaporeans who participated in Randstad’s 2023 Workmonitor on Income & Job Security said they have this concern.
Additionally, 64 per cent said that they are worried about the impact of economic uncertainty on their job security, while 61 per cent say they’d turn down a job offer that came without a formal employment contract from the potential employer.
Jaya Dass, Randstad’s Managing Director of Permanent Recruitment for Asia Pacific, noted that Singapore had kept its reputation as a secure and open market despite recent business restructures and mergers.
Ms Dass noted that employers in Singapore have stayed committed to people’s employment, adding that “despite the current economic conditions, some talented professionals may still feel motivated to seek companies that can offer greater financial stability and higher salaries.”
The survey also shows that India has the highest percentage of workers who worry about job security, with 70 per cent of respondents saying they worry about losing their job. Malaysia comes in second at 60 per cent, and Hong Kong comes third at 53 per cent.
On the opposite end are Australians and New Zealanders, where only 27 and 24 per cent of workers have such a worry.
“As more news of business restructuring and layoffs around the world are being announced, concerns about job and income stability mount in Singapore.
Instead of holding off their career decisions until the economy is stable, people are actively looking for jobs to sustain their ability to pay for essential services and pursue their desired lifestyle,” the report reads.
It’s not all bad sentiments coming from Singaporean workers toward their employers, however, as four out of five, or 80 per cent, say they’re keeping strong confidence in their employers to give them job security.
The report also touched on retirement, showing that 42 per cent of the Singaporean respondents say they believe they’ll have to work beyond the minimum retirement age of 63 years old, as opposed to 39 per cent in Malaysia and 34 per cent in Hong Kong. /TISG