Only 62% of millennials in Singapore feel they will be able secure a job in the next six months, according to Randstad’s Q1 2016 Workmonitor Report. This represents a 5% decrease since the end of 2015—and the drop was most pronounced amongst 18 to 24 year-olds who, despite having a higher than average confidence, saw a 10% drop in their confidence from 76% in 2015 to 66% at the beginning of 2016.
The news comes amidst softer economic conditions, and the news of cost-cutting and restructuring exercises amongst companies in the country which have newcomers into the job market understandably worried. For those already in a job, the concern of losing their job has almost doubled since 2015—from 7% to 13% in Q1 2016—and with the decrease in confidence, a focus on getting promoted has increased from 54% to 57% in the same period.
Jaya Dass, Country Director, Randstad Singapore noted, “With the slew of guarded reports about Singapore’s economic standing and job market, it’s no surprise that employees are increasingly worried. Despite this, we have observed that some organisations in Singapore are still hiring, whilst others are adopting a ‘wait and see’ approach.”
Paul Arkwright
Publisher
