PR Newswire
08 Jun 2022, 06:30 GMT+10
SINGAPORE, June 8, 2022 /PRNewswire/ -- 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.
SOURCE Michael Page
Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationWASHINGTON, D.C.: U.S. Interior Secretary Doug Burgum has announced plans to open more land for oil and gas drilling in Alaska and...
WASHINGTON, D.C.: Ten Democratic lawmakers in the U.S. House of Representatives have asked the Pentagon to reduce military training...
TORONTO, Canada: An initial investigation into last month's dramatic Delta Air Lines crash-landing in Toronto has revealed that the...
NEW YORK CITY, New York: New York State's highest court has struck down a law this week that would have allowed over 800,000 legal...
The death toll in Gaza on the weekend has passed 50,000, local health authorities have reported. What started the carnage was the Hamas-led...
WASHINGTON, D.C.: The U.S. Department of Agriculture (USDA) has announced plans to invest up to US$100 million in research to develop...
NEW YORK CITY, New York: StubHub is getting ready to hit the trading floor. The popular ticketing platform has officially filed to...
NEW YORK, New York - The rally in U.S. stocks petered out Tuesday, however tech stocks made a modest gains, while the industrials edged...
CALGARY, Canada: Canada's carbon pricing policy, long a central pillar of its climate strategy, is facing mounting pressure as political...
NEW BRUNSWICK, New Jersey: Johnson & Johnson is ramping up its U.S. investments even as global trade tensions resurface with plans...
WASHINGTON, D.C./DUBAI: The United Arab Emirates is significantly expanding its financial footprint in the U.S. with a new investment...
NEW YORK, New York - Investors bought up stocks on U.S. markets Monday after President Donald Trump indicated he may pull back on some...