More than half believe their employers should help them stay relevant
Nearly three in four youths in Singapore are concerned about being retrenched at least once in their career, with a majority believing it is up to them to remain relevant in the job market.
This is according to the latest TODAY Youth Survey 2023, which polled 1,000 respondents aged between 18 and 35 in Singapore.
Its findings revealed that 74% agreed it was possible they could face retrenchment at least once in their lifetime, with 78% believing that not learning new skills would make them more vulnerable to this.
Retrenchments across Singapore recently declined in the second quarter to 3,200, with reorganisation or restructuring (69.9%) being the main reason for retrenchments, according to the Ministry of Manpower.
To avoid getting retrenched, 85% of the TODAY Youth survey respondents said it is up to them to keep their skills relevant for the job market.
Another 58%, however, believe it is their employer's responsibility to help them stay relevant.
Low confidence on skills
These findings come as a new survey from ADP found that Singaporeans have low confidence on their skills.
According to the report, only 64% of Singaporeans believe they have the skills to advance their career. This is behind than the confidence rate in other markets, such as India (81%), China (81%), and Australia (66%)
Yvonne Teo, Vice President of HR, APAC, ADP, said the data does not mean Singaporeans are unskilled.
"Instead, the low confidence level may be due to a perceived lack of talent investment from their employers," Teo said in a statement.
According to the survey, only 56% of the respondents believe their organisation invest in skills for them to advance in their career.
To address the low confidence among Singaporeans, Teo said it important for employers to build a culture where employees feel supported when advancing their career.
"This will look like an environment where open communication is encouraged; where regular feedback on employees' performance is provided; where achievements are recognised; and where relevant development and mentorship programmes are provided," Teo said.
Employers should also put emphasis on diversity and foster an inclusive culture with various Business Resource Groups (BRGs).
"These BRGs in companies offer exposure to projects and initiatives to broaden one's skillsets with likeminded employees," Teo said. "This can enhance confidence by ensuring that all employees feel their contributions are recognised regardless of background."
