5 Work Trends That Are Influencing Employees’ Job Expectations In Singapore

Singapore has experienced a relatively tight labour market since the reopening of the economy post-COVID-19, with a low overall unemployment rate of 1.8%. Coupled with the new working norms and economic uncertainty, these have added new dimensions to workers priorities and expectations.

Understanding these expectations would better enable companies to improve the ways they attract and retain their staff.

We picked out 5 work trends from the latest Randstad report that are influencing workers in Singapore. The survey, conducted in October 2022 with at least 500 people aged 18 to 67, tracks the gap between reality and the wishes of the global workforce.

#1 Work-Life Balance Is A Key Determinant Of Accepting Or Staying In A Job

Workers in Singapore prioritise having a good work-life balance in their jobs, so much so that more than half (51%) would not accept a job if it didn’t provide flexibility around working hours.

Similarly, it is the biggest reason (55%) why people would quit their jobs if it prevented them from enjoying their lives. The other reasons for employees to quit their jobs are a lack of advancement opportunities (38%), or a toxic work environment (36%). These sentiments are slightly higher than the global averages and are particularly strong among those aged 18–34.

While most companies return to the pre-Covid standard of working in offices, it’s evident that employees still wish to retain some flexibility over their working hours. In turn, employers may consider offering at least one or two days of work-from-home (WFH) arrangements or providing other job flexibility to better retain employees.

Read Also: Quiet Quitting & The Great Retrenchment: How These Work Trends Will Affect The Future Of Work

#2 Higher Financial Expectations On Employers To Help Cope With Rising Cost Of Living

Based on the survey, only one-third (30%) of employees in Singapore say their employers are helping them deal with the increased cost of living compared to the higher global average (49%).

For the remainder, more than half (56%) expect their employers to give an increase in salary outside of the usual cadence of annual pay reviews to help with the rising cost of living, from higher rents to the cost of daily necessities. This is much higher than the global average (39%). Another form of assistance that is preferred by some (43%) is a monthly cost of living boost.

While two annual pay reviews may be a stretch for most companies, they could consider monthly financial incentives based on certain performance criteria, such as attendance or other work-related targets. This might motivate employees while providing extra financial incentives and ensuring higher productivity for the firm.

#3 Singapore Workers Are Less Worried About Job Security Than Their Global Peers

Unlike the global workforce, workers in Singapore seem to be less concerned over job security, as only a quarter (24%) are worried about losing their job compared to the higher global average (37%). Perhaps it’s a testament to our government and the economy that only a third (35%) are worried about the impact of economic uncertainty on their job security compared to the higher global workforce average (52%).

Consequently, fewer employees (22%) in Singapore are looking to take on a second job (or hustle) or plan to work longer hours at their current jobs to help cope with the rising cost of living.

The tight labour market in Singapore is a boon for local workers, who exhibit lower job security concerns than their global counterparts. Another reason could be a higher level of confidence in their transferrable skills, as most people aged 18–34 believe they can find a new job quickly if they lose their current one.

#4 More Are Planning To Delay Their Retirement Amid The Rising Cost Of Living

Concern over the rising cost of living has certainly affected workers’ retirement planning. While more than half (58%) of workers in Singapore believe that they can retire before 65, more are planning to delay their retirement to help with the rising cost of living (32% vs. 18% of the global workforce). On the other hand, less than half (43%) are delaying their retirement because they feel they need work in their lives, compared to a lower global average (32%).

The findings are in line with the government’s initiatives to allow older workers to stay longer in the workforce by extending the retirement and reemployment ages to 63 and 68, respectively. Employers could engage older workers who wish to continue working by exploring job redesign to enable meaningful contributions at a reduced workload.

#5 Strong Desire To Have A Sense Of Belonging At Workplace

There is a strong desire among workers, especially among the 18–34 age group, to have a sense of belonging at the workplace or be part of the team. So much so that it is an important career factor, as the majority of workers (61%) mentioned that they would quit their jobs if they felt they didn’t belong there.

Furthermore, the same group of employees also feels it is important that the company’s values and purposes align with their own. In fact, (46%) would reject a job offer if the company’s values on social and environmental issues differed from theirs.

Amid the rise of the WFH environment, it’s common to lose one’s sense of identity at the workplace as face-to-face interactions among colleagues become limited. It’s important for companies to engage employees to build cohesiveness and camaraderie. These could take the form of team outings or family-day events that could foster a strong bond among workers.

Read Also: 6 Things Businesses Need To Know About Singapore’s Economy Outlook For 2023

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