Nearly three in four youths in Singapore are concerned about being retrenched at least once in their career, a new survey has found.
The TODAY Youth Survey 2023, which polled 1,000 respondents aged between 18 and 35, found that 74% of respondents agreed it was possible they could face retrenchment at least once in their lifetime. The survey also found that 78% of respondents believed that not learning new skills would make them more vulnerable to retrenchment.
To avoid getting retrenched, 85% of respondents said it was up to them to keep their skills relevant for the job market. However, 58% of respondents also believed it was their employer’s responsibility to help them stay relevant.
The survey findings come as a new survey from ADP found that Singaporeans have low confidence in their skills. According to the report, only 64% of Singaporeans believe they have the skills to advance their careers.
Yvonne Teo, Vice President of HR, APAC, ADP, said the data does not mean Singaporeans are unskilled. “Instead, the low confidence level may be due to a perceived lack of talent investment from their employers,” Teo said in a statement.
To address the low confidence among Singaporeans, Teo said it is important for employers to build a culture where employees feel supported when advancing their careers.
“This will look like an environment where open communication is encouraged, where regular feedback on employees’ performance is provided, where achievements are recognised, and where relevant development and mentorship programmes are provided,” Teo said.
Employers should also put emphasis on diversity and foster an inclusive culture with various business resource groups (BRGs).
“These BRGs in companies offer exposure to projects and initiatives to broaden one’s skillsets with likeminded employees,” Teo said. “This can enhance confidence by ensuring that all employees feel their contributions are recognised regardless of background.”
