SINGAPORE'S EMPLOYEE LOYALTY LOWER THAN GLOBAL AVERAGE
In a recent study conducted by the global management consultancy Hay Group, it was found that employee loyalty to their company is at a 5 year low in Singapore.
These results are true for just about every major region, with about 52 per cent of employees in Singapore intending to leave their current employers within the next five years and about one in three plan to do so within two years.
The study found that these numbers were higher than global averages at 44 per cent and 21 per cent, respectively.
It was suggested that an overwhelming focus by business leaders on short-term results and not long-term sustainability was possibly a cause for the low loyalty.
Although the study did not examine other demographic details and recruitment experts agree it would be more useful to break down the results by industry, the general trend is quite true.
Chris Consulting's Managing Director Christoper Leong suggested the trend was due to a “very tight” labour market in Singapore, while other experts suggested that young people these days want a bit more variety and to try new things so company loyalty is no longer a priority.
It seems that employees these days are more open to change and believe that there are more opportunities elsewhere.
As advice to Employers on how to keep employees for a longer period of time, Mr Terry O'Connor, Chief Executive Officer of Courts Asia suggested that companies should move workers through different departments as this allows exposure to different opportunities while maintaining company loyalty.
However Mr Chan Chong Beng, President of the Association of Small and Medium Enterprises, said: "You cannot apply the same set of HR policy to everybody"
The related article was reported on TODAY [Here]
Are you also working in a job that you think you will be leaving soon?
Is it because the mind-set of younger Singaporeans is that they want to build experience to land a higher pay job? Perhaps it is simply a case of “the grass is greener on the other side” where we thought we should be able to earn more when in reality, most companies are paying the same.
Were wages depressed too quickly that we still expect a high pay structure when companiesactually just want to hire workers willing to work at low pay?