Saturday, April 1, 2023

Work-Life Balance Is Most Important EVP Factor for Singapore

Work-Life Balance Is Most Important EVP Factor for Singapore

Randstad, a leading human resources solutions agency released the results of its annual Employer Brand Research in Singapore. Commissioned by Randstad and independently conducted by Kantar TNS, the Randstad Employer Brand Research explores EVP factors that influence employees and job seekers in their search for a new career. “Work-Life Balance” ranked the most important EVP factor Singaporeans look for in an ideal employer for the first time in 10 years. 74% of locally-based respondents ranked “work-life balance” and “attractive salary & benefits” as the most important employee value proposition (EVP) they look for in an ideal employer. This is the first time in Randstad Singapore’s 10-year employer brand research history that “work-life balance” is being ranked as the most important EVP factor that Singaporeans seek.

Jaya Dass, Managing Director for Randstad Malaysia and Singapore said, “Living in a small city-state when travel borders are closed may result in cabin fever for many Singaporeans. In 2020, more respondents have also reportedly worked longer hours instead of having their working hours or salary reduced. As we continue to work from home amid the pandemic, the line between work and life is blurred as many people still continue to work or reply to non-urgent work messages after hours. While it may take a mindset shift to consciously practice work-life harmony during such times, having HR provisions that define the parameters of remote work could help some employees understand their roles and set guidelines in their lives to strike a better balance.”

More than one in four (78 percent) of female respondents ranked “work-life balance” as their top priority when looking for an ideal employer. In comparison, 69 percent of male respondents said the same. Besides work-life balance, female respondents also tend to rate work environment-related EVP factors much higher than men. Dass added, “Even though we live in modern society, many females in Singapore automatically assume the role of motherhood, especially in young families. There have been new HR trends where it has been suggested that organizations work on offering equal benefits to both parents to enable the sharing of childcare responsibilities. Companies that are more experimental could offer more unique benefit packages such as remote work, flexible hours, childcare services, and wellness packages to attract more female workers. Alternatively, employers looking to drive diversity and inclusion in their organization should promote different employee benefits when engaging female and male candidates.”

Prior to the COVID-19 pandemic, 21 percent of respondents switched employers. Between July and December of 2020, only 13 percent of Singaporeans switched employers. The study found that 23 percent of respondents have plans to switch employers in 2021. Of the four generations, 35 percent of millennials (25 to 34 years old) intend to switch employers this year, followed by gen-Zers (18 to 24 years old) at 28 percent.

Dass explains, “Since Q4 of 2021, the job market showed positive signs of improvement. Many employees and job seekers are encouraged to seek new employment, particularly those who are working on a contract or project basis. However, many employers are looking beyond basic skills and experience requirements even at the candidate screening stage. Job applicants who have demonstrated proactiveness in upskilling themselves during COVID-19 or have taken on additional work responsibilities to tide the company through last year will be more attractive to hiring managers as their actions indicate good growth potential.” The research also revealed that 36 percent of respondents who are afraid of losing their jobs plan to switch employers in 2021.