Skills development key to maintaining employee job security
This is higher than the 26% of Millennials (26 to 41 years old) and the 20% of Generation Z (18 to 25 years old) who said they are afraid of losing their jobs, according to Randstad Singapore’s 2022 Employer Brand Research report.
As more and more companies digitise their processes, many Generation X employees fear that they may lose their job stability if they cannot keep up with digital transformation. Furthermore, they may also face a more difficult time finding a new job if they were to be made redundant due to age discrimination.
Jaya Dass, Managing Director for Permanent Recruitment in Asia Pacific, Randstad, said, “Companies need to be constantly investing in the skills development of their workforce to maintain a level of security for their employees. When people recognise how their work contributions have a positive impact on the company, they are more likely to be more engaged and productive in the way they interact and work.”
When asked about their top employee value proposition (EVP) factors, salary and benefits, and work-life balance were ranked first and second, respectively, in terms of what all respondents look for in their ideal employer. However, the survey recorded distinctive differences after these factors.
READ: Business and workforce transformation in Singapore
Millennials prioritised learning and development, with 56% of them citing career progression as the next most important factor. About 55% of Generation Z said a pleasant work environment was important as they kickstart their careers and look forward to connecting and working with people who share the same passion and values. Meanwhile, 52% of Generation X said job security was next in importance.
Employers need to understand the differences between each generation to curate highly targeted workforce strategies that can effectively engage with the different age groups, the survey said.