A recent Randstad survey has revealed that 48% of Singapore’s workforce are worried about losing their jobs amid a softening economy and global business restructuring.
The 2023 Workmonitor study revealed 61% would not accept a job without a legal employment contract.
Despite economic uncertainty affecting 64% of respondents’ livelihoods, 80% remained confident in their employers’ ability to provide security.
Jaya Dass, Managing Director of Permanent Recruitment at Randstad Asia-Pacific, attributes Singaporeans’ confidence to the nation’s secure and open market.
With business transformation ongoing, employers focus on employee retention in the talent-driven market.
Job seekers prioritise salary, with 64% unwilling to accept a new job without significant pay increase.
The survey also highlights delayed retirement plans, as 71% report financial constraints and 42% expect to work beyond the statutory minimum retirement age.
In the event of retrenchment, employees seek extended benefits and outplacement services.
Randstad, the world’s largest talent agency, provides comprehensive recruitment solutions, workforce management services, and talent mobility support to companies and job seekers globally.
