Recent studies by specialist recruiters Michael Page reveals significant shifts in Singapore’s job market, with 2 in 5 individuals actively seeking new employment and 9 in 10 people who started a new job in the past year remaining open to fresh opportunities.
According to the Michael Page Singapore Talent Trends 2023 report titled “The Invisible Revolution”, in the wake of an increasingly fluid and dynamic work environment, the employment landscape continues to evolve at an unprecedented pace, particularly since the onset of the COVID-19 pandemic. It was found that 1 in 2 Singaporeans have switched roles since the pandemic began, demonstrating both the resilience and adaptability of our nation’s workforce.
Further illustrating this trend, Nilay Khandelwal, Managing Director of Michael Page Singapore says, “Despite 50% of respondents expressing job satisfaction and 69% satisfied with their salary, an astounding 92% are open to new opportunities. This paradox indicates a fundamental reset of people’s relationship with their jobs and the value they attach to them.”
The study suggests that companies must rethink their hiring models. With even ‘happy’ staff now open to being tempted away with the promise of better pay, flexibility, and conditions, employment strategies will need to be continuous, rather than on-demand, to keep up.
The report emphasizes the importance of a clearly articulated employee value proposition (EVP). This should go beyond pay and flexibility and get to the nub of the issue with attracting and retaining talent.
Interestingly, the survey also unveiled that 59% of Singaporean employees are more likely to start a job search when they perceive the economic environment as worsening. This finding underscores the importance of economic stability in job satisfaction and employee retention.
These figures reflect a transformative shift in the Singaporean workforce, driven by a blend of personal ambition, economic uncertainty, and the evolving job market. Employers need to be cognizant of these changing dynamics and strive to create workplace environments that foster career growth, job satisfaction, and financial stability for their employees.
Nicholas Kirk, CEO at PageGroup, said, “The trends in Singapore mirror the sentiment of the global talent market – every region has seen a transformative change across all age groups, markets, and industries.
“These are not fleeting trends or reactionary responses to a period of turbulence. Rather, they are reshaping the workplace in a way that will subtly yet fundamentally change the way businesses attract and retain their talent.”
While these revelations may be surprising to some, our study emphasises a long-term transformation of the employment market as people re-evaluate the role of work in their lives. This holds great significance for employers in Singapore, necessitating a re-examination of retention expectations and adopting flexible resourcing solutions in addition to traditional permanent rolesHashtag: #MichaelPage #TalentTrends2023 #InvisibleRevolution
