Only half of workers have job security amidst anxiety on economy: study

This is amidst fear of companies lowering headcount and losing customers.

Amidst the growing fear of dampened economic growth, 51% of Singaporean employees have job security, an Employment Hero study showed.

This is the lowest percentage compared to its neighbours and other markets such as Malaysia (60%), the United Kingdom (69%), Australia (71%), and New Zealand (71%).

More than three in 10 (32%) of employees feel their company will either reduce headcount, lose customers or scale back operations.

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The lack of job security is also attributed to 49% of Singaporean employees who are looking outside of their businesses for their next opportunity. Of the 49% who are looking externally for a job, 20% are looking to transfer now, with the remaining considering shifting jobs within the next six months. 

Three in 10 (30%) Singaporeans who recently started a new job already looking for their next opportunity. This decrease in talent could stem from the fast-growing dislike of their roles, with 34% of job seekers stating this as their reason for leaving their current employer, compared to 5% in 2021. Poor company culture was the second most-cited reason for job seeking (33%). 

The global survey included the responses of more than 1,000 Singaporean workers.