3 reasons Singaporeans are job hopping in 2017
The holidays are over – and that pit in your stomach that you thought had gone away has resurfaced. It appears you’re not alone.
According to the results of the latest Monster Singapore poll conducted between December and January, 85% of respondents aren’t happy in their current jobs. Only 7% said they love their current job while 8% remained undecided.
The sudden jostle for new jobs doesn’t come as a surprise in a competitive market where costs and workloads are constantly increasing even as roles are becoming redundant.
Money talks
Singapore continues to hold the title of the world’s most expensive city to live in. Rising transportation, housing and utilities costs have led to a sharp increase in living costs and as a result many people view jobs solely as a way to make ends meet. Now more than ever, money is a huge consideration for people thinking of switching jobs—no matter how much they love their company.
It goes beyond money too. In order to attract the right talent, companies are realising they need to sweeten the deal with perks and benefits. This could be anything from a huge sign-on bonus, a flexible work schedule or even free parking.
Slowing economy doesn’t deter
A slowing economy contributed to an increase in unemployment figures in the island nation last year. Layoffs also reached a peak in 2016, making it comparable to the 2009 financial crisis. All of this impacted morale considerably, but things are beginning to perk up—while global companies continue to be cautious, local firms are on a hiring spree.
According to the latest Monster Employment Index, a monthly guage of online job posting activity, Singapore saw a 1% growth year-on-year in December 2016, with IT, Telecom and BPO jobs registering the most-notable growth. Sanjay Modi, MD of Monster attributed this improvement to Singapore’s private sector and higher foreign demand for local goods and services.
Growth and advancement
Millennials are more eager to grow than their stability-seeking older counterparts. Even if you really love your company and job, staying may not be the best option if career advancement is limited or you don’t feel like you’re learning anything new.
So if you feel like you’re plateauing and have made the decision to quit—take the next step and do not look back, lah!
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