Acquisition and Retention in the War for Talent
Singaporean employees restless and considering job change, amidst tight labour market
Latest findings from Kelly Global Workforce Index™ showed that employees are aware of better bargaining position when considering a new job opportunity
Singapore, 3 May 2012 – Many employees in Singapore are actively evaluating the external job market even when they are happy in their current positions. According to the latest survey results from global workforce solutions leader, Kelly Services®, this could be due to the tight labour market conditions and that many employees (65 percent) are well aware that they are in a good bargaining position, should they be negotiating for a better position of employment.
More than half (57 percent) of those surveyed say they definitely intend to look for a new job with another employer within the next year.
While slightly more than half (58 percent) of those surveyed are generally happy with their jobs, fewer than half of all respondents (41 percent) say that their current employment provides them with a sense of ‘meaning’. Less than half of the respondents say they feel valued by their employers, and more than one-third are frequently thinking about quitting.
“The economic uncertainty employees have experienced may have resulted in them feeling restless regarding future career goals. This is further amplified by lack of meaningful work and ongoing opportunities for growth in their current employment. The tight labour market may have prompted many employees to consider other career options, unless employers can motivate and engage them meaningfully,” said Mr Dhirendra Shantilal, Senior Vice President, APAC of Kelly Services.
The findings are part of the latest survey results from the Kelly Global Workforce Index (KGWI), an annual survey conducted by Kelly Services. Almost 170,000 people in 30 countries participated in the survey, including almost 6,000 in Singapore.
The survey examines the factors employees use to evaluate potential employers, the people who influence their career choices, and the use of social media in making job decisions.
Results of the survey in Singapore show
Among the main workforce generations, Gen X (aged 31-48) are the most likely to switch employers, with 64 percent planning to look for another position in the next year, compared with 56 percent of Baby Boomers (49-66) and 54 percent of Gen Y (19-30).
The ability to ‘excel or develop’ was identified by 83 percent of respondents as the key to providing a sense of meaning.
While more than half (52 percent) of respondents feel inspired by their current manager to produce their best work, only 41 percent of those surveyed feel valued by their current employers.
When considering one position over another, survey respondents cited personal fulfillment and personal growth/advancement as two most important considerations. Both of these attributes exceeded compensation and benefits.
More than half (51 percent) use social media networks when making career or employment decisions.
“Employees today value meaningful engagement at the workplace more than before. To many, it is no longer a job that just pays the bills. They definitely are looking to build a meaningful career for themselves and would not hesitate to look for it, wherever the opportunity allows them,” Mr Shantilal concludes.