Gen Zs in Singapore plan to relocate for work
This contrasts with only three in 10 workers from all age groups, revealed ADP Research Institute’s People at Work 2022: A Global Workforce View report.
These findings suggest that younger workers in Singapore, who began their careers in the middle of a pandemic marked by disruptions, reduced opportunities, and uncertainty about their future, may consider relocation the gateway to greener pastures and a fresh start for their careers. In comparison, older workers with established careers and families are less likely to want major changes in their lives.
Considering the labour crunch that Singapore is currently facing, it is paramount for companies to consider how to best engage and retain their young employees to combat a potential brain drain, said ADP.
Yvonne Teo, Vice-President of Human Resources, Asia Pacific, ADP, advised companies to consider how to retain talent by providing opportunities for growth and career advancement. For employees thinking of relocation, companies can consider exchange programmes in overseas offices, stretch assignments, and department rotation. This not only benefits the company from a retention standpoint but also encourages new and different ideas from the cross-culture young talent posted overseas.
At the same time, it also has the added benefit of allowing employees to experience working overseas first-hand by gaining the exposure and life experience they may be seeking without looking outside their company.
For such systems to work, consideration for companies would be making sure that human capital management (HCM) and payroll systems stay robust across regional markets, differing tax policies, and currencies, Teo said.