In Singapore, more workers are considering to quit their current companies in search of improved work-life balance, more financial remuneration, and career advancement chances.
This is the inference drawn from a study conducted this week among more than 1,000 professionals between the ages of 18 and 77 by the networking site LinkedIn. According to the report, 15% more people than the previous year—86% of those surveyed—were looking to quit their current companies. The push factors behind this were respondents’ desires for improved work-life balance and higher income in an uncertain economic climate, which suggested that respondents were more inclined to take charge of their professions and make up lost time by concentrating on productivity and professional advancement.
The results of the study indicate that Gen Z workers, or those between the ages of 18 and 26, and millennials, or those between the ages of 27 and 32, are the two age groups most in need of new jobs. Roughly 70% of participants indicated that they would most likely change industries or employment roles as their next career move.
Top motivations for doing this include seeking a position or sector with greater growth potential, expanding their expertise and making themselves more marketable, and discovering new hobbies.
50% of respondents to the most recent survey expressed optimism about their future prospects in the event of their resignation, despite the fact that hiring was down and the job market was cooler—a larger percentage than in 2023.
Lastly, data from Singapore’s Ministry of Manpower indicates that from a peak of 126,000 in March 2022 to 78,400 in September 2023, there were fewer job opportunities for a sixth consecutive quarter. The Straits Times published this information.
