Global job aggregator, Indeed, has conducted a survey in December 2021 which indicated that one out of four Singaporeans are planning to switch jobs in 2022. This comes at no surprise given how Covid has not only changed the way we work but it has also changed the expectations people have with their jobs. Now the question is, what may have caused such a phenomenon? Many deem it as the “great resignation” or the “great reshuffle” of 2022.

Out of the 1000 job seekers surveyed, close to half cited Covid as the main factor affecting their decision in switching careers. The survey also revealed that due to the pandemic, 49% of the employees surveyed mentioned that they did not like their jobs, 46% quoting higher stress levels, 44% cited an increase in workload, 33% feeling burnt out, and another 20% saying they feel isolated. These were revealed as the main reasons that employees are switching careers.

Besides the survey, businesses are also forced to restructure due to the recent changes in labour laws.
During the 2022 Singapore budget, it was revealed that the minimum salary requirement to hire EP holders will increase from $4,500 to $5,000 a month and from $5,000 to $5,500 for financial sectors. S Pass holders were also given an increase in their minimum qualifying salary from $2,500 to $3,000 and from $3,000 to $3,500 for financial sectors.

It was mentioned that there will be further increases to the minimum salary requirements for S Pass holders in 2023 and 2025, the exact amount has yet to be determined.

The current percentage of foreign workers working for construction and process sectors will have their hiring quota decreased from 87.5% to 83.3%. The tightening of Singapore’s labour laws will force companies to adapt and find ways to either make up for the rise in costs or the lack in foreign manpower.

Some companies are even hiring foreigners to work remotely from their own countries. This is through leveraging technology to effectively communicate and execute work processes. However, this is only possible for skilled positions like IT where many firms are outsourcing it to foreigners in India, Indonesia, and Philippines to assist remotely.

To better understand and avoid losing valuable talent in an already competitive market, the survey indicated that employees mention a higher compensation package, greater work flexibility, and career progression being the main reasons for them to remain in their current jobs. From the poll, an additional 41% of the employees indicated that being appreciated by their bosses also contributed to their reasons for staying in their current jobs. Another 33% mentioned having an effective healthcare package and 30% cited mental health initiatives being importants reasons as well.

Adapting to all these changes is challenging and most businesses may not have the necessary resources to implement initiatives to counter these changes. Even with sufficient resources, many still lack the experience and tools to adapt. Changes to processes and the way a business operates can be highly disruptive and detrimental if not done conducively. The most efficient and effective method for any business to approach these is to outsource it to companies that are better geared at handling these issues.

When it comes to hiring and human resource processes, Talent Spot is the leading recruitment firm in Singapore. With years of experience in the industry, Talent Spot has a vast database of not only local job seekers but foreign talents as well. With over 500 employees across the Asia Pacific Region, our recruitment firm in Singapore is well positioned to help any business find the talent they need in the shortest amount of time while still being cost efficient. Our consultants are trained to meet the niche requirements of businesses in different industries. Our solution is highly personalised to accommodate your business requirements. Our HR solution encompasses a wide range of processes from recruitment, payroll, technology, training, policies, and even restructuring the way people work. We are also well versed when it comes to the tax, recruitment, and work policies for countries in the Asia Pacific Region.

Speak to our industry experts today and let us help your business grow and adapt to any changes in the future.