DigitalCFO Newsroom | 8 June 2022
The Great Resignation has been happening in Singapore for the past two years and will only intensify in 2022.
Sparked by the global pandemic, the Great Resignation has been happening in Singapore for the past two years and will only intensify in 2022. There has been a wave of resignations in Singapore with almost half (47%) of employees who have been at their current jobs for not more than two years and a significant 73% of employees looking for new career prospects over the next six months.
Professional recruitment services firm, Michael Page Singapore, launched the ‘Talent Trends 2022 Report’, titled ‘The Great X’ that features insights and market sentiment drawn from a survey of 1,400 employers and employees in Singapore.
While salaries, bonuses, and rewards are still top motivators for candidates, the survey shows a big swing towards non-monetary benefits. A significant 65% of respondents in Singapore are willing to forgo pay rise and/or promotion for better work-life balance, overall well-being, and happiness.
Nilay Khandelwal, Managing Director of Michael Page Singapore, says, “With its stable geopolitical environment and continued ease of doing business, Singapore continues to be an attractive global investment hub. The country’s importance as a gateway to Asia continues to flourish as companies look at Singapore as a starting point to enter Asia or a base to expand their operations. With the high vaccination rate and the recent announcement of border restrictions easing, we anticipate an optimistic outlook, even as the pandemic evolves.”
As economies improve, companies cannot underestimate the psychological effect that merging “work” and “personal” life has had over the past two years. 62% of respondents want a hybrid work arrangement between working from home and the office.
In addition, 59% of Singaporeans have asked or will consider asking about a company’s DE&I policy at interviews and 32% say the lack of clear DE&I commitment would stop them from actively pursuing a job opportunity.
The pandemic has also shifted priorities, with 69% of candidates stating that they believe mental health and well-being should play a part in employee performance, measurement and appraisals. Companies must create positive workplace cultures in which employees at all levels feel appreciated, or risk losing high performing talent to their competitors.
A significant number of employees has been found to not feel supported by their employers. 52% of respondents say that their workload has increased compared to before COVID-19. 82% believe that their company does not take active steps to ensure work-life balance. Companies need to change things and help employees work more efficiently.