CFA Society Singapore
SINGAPORE (July 12): Singaporean workers have the highest expected turnover rate in Asia Pacific, according to a study by enterprise cloud applications provider Workday and global market intelligence firm IDC.
Some 46% of Singaporean employees say they intend to leave their current jobs within 12 months, followed by Malaysia (38%) and Australia (35%).
Japanese workers are most likely in the region to stay in their current roles, with only 23% saying they plan to leave their current jobs within a year.
The main ‘pull factors’ for switching jobs in Singapore include better pay/rewards (26%), better career prospects (15%), and better work-life balance (13%).
On the flipside, the main ‘push factors’ are lack of career prospects (16%), being underpaid (15%), and not enjoying the work that they do (13%).
At the same time, Singapore employees also top Asia Pacific countries in confidence that their skill-sets will allow them to thrive in the digital economy.
Some 68% of Singaporean workers say they are confident they possess they skills to do well amid increasing digitalisation in the workplace, followed by Australia and Malaysia (tied at 63%).
More than eight in 10 Singaporean employees also see better career prospects because of the digital economy.
However, the survey found that around half of workers here see digitalisation as a threat to their jobs.
“Our research shows that Singapore’s efforts to prepare the country’s workforce for rising digitalisation, including the Smart Nation initiative are paying off. Singapore is clearly leading others in the region in digital preparedness,” says Jasie Fon, managing director of Workday Southeast Asia.
“While there is clear recognition among workers of the benefits of digitalisation, we also see that there is room for Singapore employers to be more proactive in engaging their employees for increased productivity,” Fon adds.
The study was based on a survey with over 1,400 employees in eight countries across the region: Singapore, Australia, Hong Kong, Japan, New Zealand, Malaysia and Thailand.