ManpowerGroup's Inaugural Global Talent Barometer Singapore Report: 41% Think of Changing Jobs, with 3 In 4 Confident of Securing New Roles
SINGAPORE (12 NOVEMBER 2024) – ManpowerGroup today released its Global Talent Barometer, a robust new tool offering unparalleled insights into workforce sentiment across 16 countries.
The overall Global Talent Barometer score in Singapore of 66% was derived from three key indices: Well-Being (63%), Job Satisfaction (64%), and Confidence (73%). The report, which gathered data from 530 workers in Singapore between April 15 and May 10, 2024, reveals a complex landscape of employee well-being, job satisfaction, and confidence in the rapidly evolving world of work.
In Singapore, the workforce exhibits a unique duality, showing one of the highest likelihoods of changing jobs in the next six months (41% low job satisfaction) while simultaneously expressing the strongest confidence in their current skills to secure new roles (72%).
“This dual nature presents a unique challenge and opportunity for businesses underscores the need for employers to foster positive work environments and continuous learning opportunities to retain top talent,” comments Ms. Linda Teo, Country Manager of ManpowerGroup Singapore. “By understanding and addressing the root causes of dissatisfaction and bridging the gap, organizations can both retain top talent and attract new talent to drive innovation in an increasingly competitive market.”`
KEY SINGAPORE FINDINGS
Well-Being
Nearly half (48%) of all employees grapple with daily stress, highlighting a critical well-being challenge for employers.
People experiencing less daily stress are twice as likely to remain in their current roles, emphasizing the importance of stress management in talent retention strategies.
Employees feel a sense of meaning and purpose in their work (75%), yet there’s room for improvement in company culture alignment, with 69% of employees feeling connected to their company’s vision and values.
Job Satisfaction
A significant retention risk looms, with 41% of all workers – and a staggering 53% of young professionals – considering a job change within six months, despite 64% expressing job satisfaction.
While 69% trust their manager has their best interests in mind for career development, only 52% report they are unlikely to voluntarily leave in the next six months, indicating a potential disconnect between employees and leadership.
Despite reporting higher well-being and work-life balance, 43% of hybrid workers are considering job changes, challenging conventional wisdom about flexible work arrangements.
Confidence
People feel capable in their roles, with 73% expressing confidence in their skills. However, almost a quarter (21%) see a ceiling in their current workplace, citing insufficient opportunities for career goal achievement. This ceiling is most prominent among white collar workers, with 32% reporting a lack of opportunity within their organizations.
Though 67% believe their organization offers chances to gain new skills, less than half say they’ve received skills training (44%) and mentoring (41%) in the past six months.
One in four Gen X workers (26%) feel they lack opportunities to reach their career goals at their current organization.
“Today’s employees seek more than just a stable paycheck; they yearn for meaningful work, personal growth, and a supportive work environment where they can contribute their talents,” Ms. Teo says. “Today’s workforce demands more. They want balance, growth, and a more human workplace. It’s up to us to listen and respond.”
GLOBAL HIGHLIGHTS
Mexico stands out with 89% of workers finding high levels of meaning and purpose in their work, while The Netherlands leads in overall workforce well-being at 73%.
Nordic countries Norway and Sweden demonstrate strong job security, with 80% and 71% of workers respectively feeling secure in their positions for the next six months. However, these nations also face challenges, with fewer perceived opportunities for development and promotion (48% in Norway and 53% in Sweden), and lower trust in managers (57% in Norway and 57% in Sweden).
France records one of the lowest Well-Being Index scores at 61%, suggesting significant challenges in work-life balance and job satisfaction.
The United States displays robust overall sentiment, achieving a Confidence Index of 79%, with 73% of workers feeling secure in their jobs over the next six months.
The Global Talent Barometer introduces new metrics, including the Well-Being Index, Job Satisfaction Index, and Confidence Index, providing a holistic view of workforce sentiment globally. These innovative indices offer employers unprecedented tools to measure and understand employee sentiment, enabling more effective strategies for talent management and workplace improvement.
To view the complete results of the 2024 Barometer, visit: https://www.manpowergroup.com.sg/global-talent-barometer-singapore
ABOUT THE GLOBAL TALENT BAROMETER
The ManpowerGroup Global Talent Barometer measures worker well-being, job satisfaction, and confidence. around the world. The Talent Barometer leverages independent survey best-practices and statistically significant samples to create a powerful tool to better understand what workers want globally. The research aims to improve the future of work through deeper understanding of key drivers of workforce sentiment today.
METHODOLOGY
Survey responses were collected from 12,062 workers across 16 countries from April 15 to May 10, 2024. All the data is weighted to match the worker population in each country by gender, age and region, and all countries are weighted to be equal.
COUNTRIES SURVEYED
Australia, Canada, France, Germany, Italy, Japan, Mexico, The Netherlands, Norway, Poland, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States of America.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including statements regarding labor demand in certain regions, countries and industries, as well as economic uncertainty. Actual events or results may differ materially from those contained in the forward-looking statements, due to risks, uncertainties and assumptions. These factors include those found in the Company's reports filed with the U.S. Securities and Exchange Commission (SEC), including the information under the heading “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2023, whose information is incorporated herein by reference. ManpowerGroup disclaims any obligation to update any forward-looking or other statements in this release, except as required by law.
ABOUT MANPOWERGROUP SINGAPORE
Established in 1995 in Singapore, ManpowerGroup works with a range of manufacturing, resources, mining, transport and logistics, government, blue chip investment and retail banks, IT vendors and outsourcers, telecoms service providers and infrastructure, utilities and engineering services companies. In Singapore, the ManpowerGroup suite of solutions is offered through Manpower®, and Talent Solutions. More information on ManpowerGroup Singapore is available at: www.manpowergroup.com.sg
ABOUT MANPOWERGROUP
ManpowerGroup® (NYSE: MAN), the leading global workforce solutions company, helps organizations transform in a fast-changing world of work by sourcing, assessing, developing, and managing the talent that enables them to win. We develop innovative solutions for hundreds of thousands of organizations every year, providing them with skilled talent while finding meaningful, sustainable employment for millions of people across a wide range of industries and skills. Our expert family of brands – Manpower, Experis, and Talent Solutions – creates substantially more value for candidates and clients across more than 75 countries and territories and has done so for more than 75 years. We are recognized consistently for our diversity – as a best place to work for Women, Inclusion, Equality, and Disability, and in 2024 ManpowerGroup was named one of the World's Most Ethical Companies for the 15th time – all confirming our position as the brand of choice for in-demand talent.