The Randstad Workmonitor's 2019 Q3 Survey conducted from July 18, 2019 to August 5, 2019 with 400 interviews per market reveals some latest work trends in Singapore, Malaysia and other few countries.
In Singapore, 74 percent would relocate for a substantially higher salary, while 58 percent would rather switch careers than relocate to another market for work. However, 72 percent of respondents in Singapore want to work in a job that allows them to travel internationally. A similar trend follows in Malaysia, as 90 percent of respondents there would settle and work abroad for better career opportunities and work-life balance and 80 percent would want to work in a role that allows them to travel.
As per the report, Australia is the most preferred foreign market to work in for both Singaporeans and Malaysians. For Singaporeans, the other two most attractive foreign markets are Japan and the US, while for Malaysians, Singapore and Japan are preferred locations.
Workforce willing to move for higher pay and healthier life
In Malaysia, 90 percent of respondents are open to the idea of relocating if they can have both a meaningful career and good work-life balance. 85 percent would move for a substantially higher salary and 71 percent will do so if it means that they can keep their jobs with their current employers.
Further, 79 percent of respondents in Singapore are open to the idea of moving overseas if they can have both a meaningful career and good work-life balance. 74 percent would relocate for work for a substantially higher salary and 66 percent will do so if it means that they can keep their jobs with their current employers.
Managing Director of Randstad Singapore and Malaysia, Ms. Jaya Dass said, "Many multinationals and large local firms are establishing or expanding their regional teams to drive global innovation and increase their global market share from Singapore.”
“Employees in regional roles tend to get more opportunities to travel to other markets to spearhead pilots or facilitate operations and campaigns. These jobs are also particularly attractive to the local talent as they get to manage a larger team, connect with and learn from their global counterparts as well as gain new exposure and experiences," he added.
Australia, Japan and the US and for Malaysians even Singapore seems like attractive markets to relocate because of the opportunities they present. Companies based in these markets are known to spearhead global initiatives, use more advanced technologies and have a relatively high-skilled workforce. The opportunity to be a part of a larger team and have more access to resources are considered appealing to the local workforce.
But with local workers, especially from the younger generation, may be drawn to other economies there is also a risk of ‘brain drain’. Therefore Dass suggests, “It is critical for companies to keep up with the labour market changes and invest in their businesses and people as we make the fundamental shift to become a highly-innovative economy, which is prompted by the fourth industrial revolution.”
It is no news that if companies invest in creating a wholesome and positive employee experience, employees will be less likely to explore other options. Taking insights from the report, companies should hence focus on creating opportunities for their workforce that allows them to explore more regions and markets. Besides redesigning work policies and transforming cultures, HR leaders have to work with business heads to create more attractive, relevant and challenging jobs. To retain highly skilled workforce, HR and business heads must involve them in projects that give them international exposure and allows them to grow and learn more.