A recent poll by global talent solutions firm Robert Walters reveals that a significant number of Singapore professionals are opting to stay with their current employers due to concerns over job security. Dubbed ‘The Big Stay,’ this trend sees 81% of professionals expressing varying levels of concern about job security when considering new roles. Of these, 43% are significantly worried, and 15% are completely deterred from applying for new positions.
The survey highlights a shift in priorities, with 38% of professionals now valuing job security over higher pay and better work-life balance, a sentiment not previously held by many. Employers report a 39% increase in job candidates expressing concerns about job security during the hiring process.
Kirsty Poltock, Country Manager of Robert Walters Singapore, notes, “Three years ago, during The Great Resignation, professionals were eager to explore new opportunities. However, Singapore’s professionals were hesitant to leave jobs without securing new ones. Now, with economic volatility and restructuring announcements, ‘The Big Stay’ reflects a cautious approach.”
The poll also indicates that 85% of professionals prioritise job security over other benefits, with inflation, unemployment rates, and GDP growth being key factors influencing job change decisions. Employers are adapting by being more transparent about industry challenges and company growth plans, with 87% modifying recruitment strategies to address job security concerns.
Poltock adds, “Transparency builds trust, and companies that are open about financial positions and industry barriers can better attract the right candidates.” The trend of ‘The Big Stay’ poses challenges for economic growth, as labour movement is crucial for competitiveness and career development.
