Shifting Perspectives: Over 80% of Singaporeans Contemplate Job Change in 2024 Despite Cooling Labour Market

Reports indicate that over four in five Singaporeans are contemplating a job change in 2024, expressing confidence in securing new employment despite a cooling labour market. A recent LinkedIn survey conducted among 1,057 professionals, as reported by The Straits Times, revealed that 86% are actively considering a career move this year, marking a notable increase of 15 percentage points from 2023. Notably, Gen Z individuals (95%) and Millennials (88%) exhibit a higher inclination towards seeking new opportunities.

Key drivers for this inclination include a desire for higher wages (46%) and an improved work-life balance (35%). The survey underscores a shift in professional attitudes, as individuals are increasingly taking charge of their careers, prioritizing productivity and career growth over job loyalty.

The top reasons cited by Singaporeans for pursuing new job opportunities include seeking positions in different industries (71%), exploring other interests (42%), anticipating better growth prospects (40%), and enhancing experience to become more attractive candidates (40%).

Despite the cooling labour market in Singapore, with fewer employers willing to hire in January, survey respondents exhibit strong confidence in their hiring prospects. Half of the respondents express confidence in their ability to secure new employment, as reported by The Straits Times. This optimism persists despite the findings of the Employment Outlook Survey from ManpowerGroup, which notes a 29% net employment outlook for January, reflecting a -4% decline year-over-year but remaining above the 26% global average.

While Singapore reported a decline in the overall employment rate in 2023, the Ministry of Manpower emphasises the resilience of the labour market. The evolving job market dynamics underscore a proactive approach among professionals in navigating their career paths amid economic shifts.