SINGAPORE - Employee confidence has plummeted amidst news of cost-cutting and restructuring exercises here, human resources firm Randstad revealed in its Q1 2016 Workmonitor Report.
According to the report, millennials, aged between 18 and 24, marked the largest drop in confidence of the lot. In 2016, 66 per cent felt they would be able to secure a new job within six months, a drop from 76 per cent in 2015.
Millennials were also more worried about job security. The number of respondents who felt they had a strong chance of losing their job nearly doubled, from 7 per cent in 2015 to 13 per cent in Q1 2016.
Randstad added that the decrease in confidence has spurred the focus on career advancement through promotions, bringing the figure from 54 per cent to 57 per cent.
General satisfaction has also risen slightly, with 63 per cent of employees stating that they were happy with their current roles, compared to 60 per cent in 2015.
Additionally, seven in 10 Singapore employees were willing to move overseas for the right job. This was higher than the global average of 55 per cent and could also be driven by the growing uncertainty around the Singapore job market.
Ms 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."
Ms Dass added that despite a spike in anxiety, some organisations are still hiring, while others have adopted a 'wait and see' approach.