More employees in Singapore chose to change jobs in 2022
The rate of job switching in Singapore reached a six-year high in 2022, according to the Ministry of Manpower’s Labour Force in Singapore report. Largely attributed to a surge in job opportunities and an ongoing economic recovery, 16.8% of employed residents switched jobs in the past two years, compared to 15.3% in 2021.
The report, based on a survey from April to July 2022, showed that job changes were more common among younger employees under 30. MOM explained that these employees are more likely to switch jobs as they consider their options early in their careers, but the increase in manpower demand in 2022 may have encouraged more employees to seek new opportunities or resume job-switching plans that were postponed during the pandemic.
Amid the economic recovery, involuntary unemployment dropped to 0.8%, lower than the level of 1.1% before the pandemic in 2019. However, the tight labour market prompted dissatisfied employees to seek new positions, said MOM. Employed residents left their previous jobs for a variety of reasons, including low pay, issues with colleagues or bosses, and disinterest in their jobs.
Although more employees changed jobs in the past year, fewer joined the labour force, keeping the share of employees with a job tenure of less than a year unchanged at 18%. In contrast, the percentage of employees who have been in their job for at least 10 years reached a 10-year high of 31.1%, up from 29.3% in 2021, reported The Business Times.