Why employees will job hop even during economy slowdown
Despite the economic slowdown, almost two thirds of employees in Singapore plan to change their jobs this year.
A survey of 700 employees and bosses in December by the global recruitment firm Ambition showed that job-hoppers constitute a whopping 57.9 per cent.
It is ironic that these people are seeking new jobs not because of dissatisfaction with their pay but due to the training they had received. The government has pumped a lot of money into training. The survey revealed that such training gives them the motivation to climb up the career ladder.
Next to pay, the survey found that career and personal development is the second most important factor to attract and retain workers. Three in five of the employees surveyed complained that they had not been provided enough training to further their careers. Interestingly, the most unhappy are managers.
Says Paul Endacott, Ambition's managing director in Singapore: "The job-hopping flow becomes active in the first quarter as bonuses are being paid out. We anticipate a high recruitment movement level through the first quarter and into the second quarter."
Even as hirings are tipped to dip as the economy shifts to lower gear, the labour market has stayed tight.
The latest jobless rate has fallen to a 14-year low of 2.0 per cent.
It is natural for employees to be ambitious and look for better jobs and opportunities. On the other hand, employers may need to seek measures to keep worthy workers happy, provide them with training and better map out their future career plans.