Singapore Talent Insights Report 2023

What’s going on with Singaporean employees and the jobs market in 2023? We surveyed 1,000 employees at the start of the year to find out.

Our findings paint a valuable picture of the year ahead when it comes to hiring, retention, and the overall employee sentiment. We’ll unpack;

Employee intentions to switch roles
Sentiments around job security in the current economic market
How employees are future-proofing their careers
The latest insights around recruitment and retention
Much more

Key findings:

WEAVING SAFETY NETS

84% of Singaporean employees are taking action to future-proof their careers.

UNSTEADY GROUND

Only half of Singaporean employees feel secure in their roles.

ROLE REGRETS

30% of new employees are already looking for another role.

THE YEAR OF THE LATERAL MOVE?

Internal development has jumped in popularity since 2021.

For any employer, leader, manager, or HR professional – this might be the most essential reading you can do to prepare for hiring in 2023. Download the free report now.

Our Talent Insights Report offers a comprehensive analysis of the evolving dynamics within Singapore’s talent landscape. Amidst economic uncertainties and shifting workforce priorities, understanding these trends is crucial for any employer, leader, HR professional, or stakeholder aiming to navigate the complexities of recruitment and retention successfully.

A year of adaptation and resilience

Singapore stands at a crossroads in 2023, grappling with the threat of a global recession, an economic downturn, the rising cost of living and the echoes of the pandemic. Against this backdrop, the report introduces the current state of the talent market, highlighting the need for timely insights to navigate the year ahead in recruitment and retention.

A paradigm shift in the talent landscape

Ready for a change: 30% of new employees are already looking for another role. It’s possible that many employees who made a move during the period of the Great Resignation are thinking twice.

There’s a lot of job insecurity: Only half (51%) of Singaporean employees feel secure in their roles. The other 25% feel insecure and another 25% feel unsure.

Career cushioning: 84% of Singaporean employees are ‘career cushioning’ — weaving their safety nets. Only 16% of respondents said that they were not taking any actions to future-proof their careers.

Ambitions for internal development have grown: 39% of employees would like their next role to be a promotion or lateral move, compared to 27% in 2021. However, 49% would still like their next career move to be outside their current organisation.

The state of movement: navigating the currents

This section delves into the motivations driving employees’ career decisions today. Unlike previous years, where personal dissatisfaction led the charge for change, current trends indicate a strategic shift towards securing promotions and internal growth opportunities, underscoring the nuanced impacts of economic conditions on career aspirations.

Insecurity and anxiousness: the workforce sentiment

Despite a low resident unemployment rate signalling an employee-friendly market, Singaporean employees are not feeling secure in their roles.The report explores this sentiment, examining the underlying factors that contribute to a sense of anxiety around business growth and unease around business contraction.

Recruitment and retention: today’s challenges and strategies

Understanding the expectations and desires of employees is more vital than ever. This section highlights the evolving demands for competitive compensation, flexible working options and improved recognition as key factors influencing both recruitment and retention strategies in today’s market.

The road ahead: insights for employers

The conclusion brings it all together, offering actionable insights for employers. It underscores the importance of retaining staff by offering competitive salaries, creating a great company culture, and leveraging flexible working arrangements.

Why this report is indispensable for your 2023 strategy:

Comprehensive analysis: Dive deep into the factors shaping the Singapore talent market, from economic pressures to changing employee priorities.
Strategic insights: Gain valuable insights into employee motivations, the importance of job security, and the rising trend of ‘career cushioning.’
Future-proofing: Equip yourself with knowledge to navigate the complexities of recruitment and retention in a rapidly changing landscape.

Empower your talent strategy:

As Singapore navigates these challenging times, the insights from the Talent Insights Report 2023 are more than just observations—they are a strategic tool for any business looking to thrive. Understanding these key trends and adapting your strategies accordingly will be crucial in securing a competitive advantage in the talent market.

Stay ahead of the curve—download the full report now and transform your approach to talent management in 2023 and beyond.