Here's why over 75% of Singaporeans plan a career switch
Not so long ago, Singaporeans thought of their careers as their ‘iron rice bowl’ – a job with guaranteed security, steady income and benefits. Back then, there was no reason to switch jobs, so people would stay with their first company until retirement. However, in this modern day and age, jumping from job to job is the new norm – in fact, it’s considered essential for those who want to climb the career ladder.
Monster.com in Singapore wanted to explore this phenomenon in depth to determine - just how many of people are not just looking to switch jobs, but to also switch industries. To this end, we recently launched #IMadeTheSwitch, a campaign that seeks to understand the motivations behind why people want to make such a career change despite all the challenges. We asked the questions, and here are the results:
- Switching careers can be beneficial to your long-term career goals
Despite being afraid that they may not have the adequate skills and resources to make a career switch, many people do so because they want to widen their skill set (56%), there’s a lack of career advancement opportunities (20%) or they simply don’t find their job challenging enough (9%). Making the switch would mean learning a new skill set, creating new advancement opportunities and, ultimately, becoming more employable.
- Their current industry isn’t cut out for them
For many people, the industry they initially entered isn’t what they expected it to be. After all, what you learn in school and what happens in the real working world is usually very different. It’s for this reason that over 56% of people want to continue to explore their options by leaving their industry.
Another factor here is a financial one as the main motivators for people to work are to contribute to their household income (37%) and for personal fulfillment (33%). But sometimes, the money you stand to earn from an industry just might not be enough to support your family or your lifestyle, and there’s a need to change industries in order to earn more. On the personal fulfillment side, some people begin a job and then discover that they don’t find the actual work as fulfilling as they expected they would, and decide to leave to pursue something they enjoy more.
- You’ve hit a wall
After joining an industry and working hard to be promoted, it’s possible that some people may find themselves in a position where they cannot be promoted any higher. Finding out that an industry isn’t cut out for you is one thing, but having no more opportunity for growth is another concern. Twenty percent of respondents looking to switch industries said lack of growth and career advancement opportunities in their current field were the reason why. When people find themselves stuck, it’s not surprising that a career switch would be on their minds, especially since personal fulfillment is very important to Singaporeans.
- It’s a strategic decision
A recent Monster poll found that 35% of Singaporeans are worried that machines will take their job. In fact, the job market is ever changing and there are many factors that might change jobs in the future. Sometimes, it’s a strategic decision to switch not just your job, but your industries, especially if your current industry is shrinking and there may not be a future for it. With automation and technology changing the landscape everyday, those working in affected industries will likely be feeling the heat. Jobs of the future are constantly emerging, though, and opportunities in other fields are plentiful – so when it makes sense to make the switch, many people are willing to do it.