Great Resignation Trend Misses Singapore
Singapore remains relatively unscathed by the Great Resignation – at least for now. Work-tech startup EngageRocket has sounded the alarm in its latest report, “Turning the Great Resignation into Better Retention in Singapore.” The report found that while Singapore workers are generally satisfied with their jobs, the level of engagement is low and has been on the decline since 2020.
Over the last two years, the Great Resignation has significantly reshaped the jobs landscapes in the US, UK, Ireland, and Canada, where a study found that nearly 4 in 10 workers are planning to change jobs within the next 12 months. In Australia, 24% of workers have been actively seeking new employment since the second quarter of 2021.
In Singapore, EngageRocket points to 2020 studies that show employee engagement levels are low, despite it being a significant predictor of employees’ intent to stay in the organization. According to ADP, Singapore employee engagement levels (11%) are lower than the global average (14%).
When EngageRocket surveyed 7,000 employees in the city-state, they found that the number of detractors (unlikely to recommend a company to friends and family) increased by 17% between 2020 and 2021. EngageRocket recommends leaders take a step back and consider four strategies:
- Find out employees’ sentiment and intentions to leave before they actually do
- Strategize and intervene to increase employee retention
- Conduct an analysis to find out drivers of retention/attrition
- Empower managers to take relevant follow-up actions based on the drivers
Regular pulse surveys and continuous listening can help businesses stay on top of employees’ sentiment and identify potential issues early. Businesses should also consider implementing a retention strategy that goes beyond just asking employees about their intention to leave. Two-way communication is key to exploring potential reasons that may have influenced their decision, without compromising employee confidentiality.
Data-driven analysis can provide valuable insights into the factors that are driving attrition. This, in turn, can help businesses formulate targeted interventions to address these issues. Employee feedback should be collected and analyzed regularly to ensure that the intervention strategies remain relevant and effective.
Finally, businesses need to empower their managers to take follow-up actions based on the data. This includes equipping them with the knowledge and tools to address employees’ concerns and supporting them in taking timely and relevant action. According to EngageRocket, if it's discovered that growth has an impact on employees' desire to remain, managers may help them set aside time on their calendars for self-development or training.
Image credit: iStockphoto/Sushiman
