A new Ministry of Manpower (MOM) poll shows that the percentage of Singaporean employees who have changed jobs in the last two years is at 14.7%, the lowest level in six years. Since 2017, this rate has not been recorded, indicating a shift in favour of employment security in the face of a deteriorating economy.
People of all ages and in all fields had fewer job opportunities as they looked at fewer careers. This was especially true for people aged 25 to 29. It’s interesting that the number of workers with less than a year’s experience went down from 17.9% in 2022 to 16.4% in 2023. This could mean that fewer workers are moving jobs. People who worked in administrative and support services, information and communications, and other fields changed jobs more often.
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Long-term employment increased along with the decrease in job mobility; 50% of workers have been in their current positions for at least five years. The survey also showed that workers over 50 were more likely to have spent ten years or more with the same company. MOM credited a number of things for this rise, including reskilling programs, training, and laws like the Retirement and Re-employment Act that help older workers who want to continue working.
Aslam Sardar, CEO of the Institute for Human Resource Professionals (IHRP), asked HR managers to put employee retention and productivity first in light of the changing nature of the labour market. In order to ensure long-term prosperity, he emphasized the significance of making investments in employees’ education and training.
The results of MOM also showed a drop in the number of hours worked in training; in 2023, 43.5% of employees participated, compared to 49.1% in 2022. According to the MOM research, Singapore’s job market is still competitive among industrialized nations despite economic concerns. The Straits Times noted that initiatives to encourage flexible work arrangements and reduce the wage gap have yielded encouraging results.
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