The Big Stay: 81% stop or hesitate to move jobs due to job security

• 59% of professionals put job security over pay and work-life balance, when considering a new role
• 70% of professionals believe that companies make decisions on redundancies due to salary costs and the team size
• 96% of companies say that questions around job security or company stability come up during the interview process, with 39% seeing this question come up more frequently
• 78% of companies have seen an increase in job offer declines this year 

Four in five Singapore professionals (81%) admit that fears around job security are preventing them from moving jobs. 

Most Singapore professionals (81%) have stated that job security is a concern (on varying levels) when considering a new role. Among them, 43% admit to being significantly concerned, with the fear stopping 15% of them from applying for a new role in its entirety.

More professionals are now valuing job security, with 38% of professionals stating that they would now prioritise job security over higher compensation and better work-life balance, even when they did not feel so in the past. Employers surveyed also shared that they are seeing 39% more job candidates express concerns about job security or company stability during the hiring process.

The findings come from a recent poll from global talent solutions partner Robert Walters – which unveils a growing trend of professionals who are choosing to remain with their current employer, a phenomenon which the recruitment firm calls ‘The Big Stay.’

Kirsty Poltock, Country Manager of Robert Walters Singapore comments:

“Three years ago, we saw evidence of The Great Resignation worldwide – where professionals were taking new job opportunities at a record high, which was also matched with high new starter salaries. However Singapore’s professionals stood out against the trend back then, as we took stock of the situation for South-east Asia. 64% of Singapore’s professionals, the highest in the region, were uncomfortable leaving their job without a new one lined up.”

“As we see a growing number of announcements on company restructuring and retrenchments in markets, including Singapore, the deepening of ‘The Big Stay’ is testament to the volatility of the economy – which has had a dent on business and employer confidence.”

“While we are not seeing companies here pause hiring significantly, employees are choosing to stay put, and in the process sacrificing better pay, progression, and skills development that they could gain elsewhere, in the belief that they may be more ‘secure.’

“Economic growth is underpinned by labour movement – organisations need fresh perspectives in order to remain competitive, and employees need movement in order to not remain stagnant or pigeonhole themselves. Statistically professionals who move jobs more often whilst investing in new responsibilities and exposure are more likely to earn more over their working life than someone who has chosen to stay put. A prolonged trend of ‘The Big Stay’ will be counterproductive for Singapore’s economy.”

Shift in Priorities 

An overwhelming 85% of professionals here state that they would prioritise job security over better pay and worklife balance – with 38% admitting that this was not something that crossed their mind before, but does now. 

Almost all (96%) employers stated that prospective employees now bring up the topic of ‘job security’ during the hiring process - with 39% stating that this has been a more recent occurrence. 

When asked further on factors that have the biggest impact in helping to decide whether to move jobs,  primary considerations include inflation (34%), unemployment rates (21%) and GDP growth (10%). 

We clearly see professionals here going from cautious, to even more cautious. The economic environment has an impact on their career growth and decisions as well.

Companies Struggle to Attract

78% of hiring managers stated that they have noticed an increase in prospective employees declining job offers – while 39% stated that this is down to salary or culture fit, others shared that the candidates would cite concerns around job security (36%) or company stability (3%). 

As a result, 87% of companies have stated that they have made changes to their recruitment strategies in order to address concerns prospective employees may have over job security – these include being open about industry challenges (50%) and sharing the company’s growth plans (25%). 

When it comes to sharing financial health and long-term company plans with candidates during the hiring process, most organisations claim that they are very transparent (9%) or somewhat transparent (73%). 

Kirsty adds: “Transparency builds trust, and companies who are fully transparent about their financial position or industry barriers can help to ensure that the ‘right fit’ accepts the job and is ‘up for the challenge.’” 

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