http://csr-asia.com/weekly_detail.php?id=11687
CSR Asia, 13 May 2009
The state of work in
Singapore
by Stephen Frost
Work has been in the news in Singapore this week, with the release
of a survey exposing some revealing trends. They survey covered
numerous sectors, but one of the findings reported initially was
that half of the finance professionals in the city-state would
leave their jobs if the opportunity arose. And of those, 21 per
cent said that they wanted a better work-life balance (35 per cent
said they would jump ship if offered better pay).
Recruitment firm Robert Half, which conducted the survey, said that
half of
finance professionals in Singapore expressed dissatisfaction with
their employment, even as concerns over job security and waning
career prospects intensify in the downturn. The firm
surveyed more than 3,500 finance professionals across 14 countries
last October. The survey found that only 53 per cent of the 200
Singapore respondents were satisfied with their jobs - the second
lowest globally after Japan, where 47 per cent of its
financial workforce said they were satisfied with their jobs.
Tim Hird, managing director of Robert Half Singapore, said the
survey results show that “job satisfaction and company loyalty will
continue to be tested as companies tackle the challenges posed by
the economic downturn, including those related to their human
capital”.
Hird has it right when he says that to attract and retain staff,
companies should include training and career advancement
opportunities, having leaders and mentors, and other non-monetary
incentives that go towards personal development and a healthy
work-life balance.
The implications of this survey for a country aiming to retain its
position as a financial hub are significant. If half of all
finance professionals are dissatisfied with their jobs, it will be
tough for Singapore to attract the best people and keep them. This
is particularly pertinent for a country that is spending a great
deal of money to attract high-paid foreign professionals (many of
them who will be employed in the finance
sector).
Other findings in the Robert Half survey point to some disturbing
trends in the workplace more generally.
The first is that employees here are turning up for
work despite being sick. According to the survey, 61 per cent of
Singaporean respondents still go to work when they are sick because
they are scared of falling behind on their work; the highest rates
of 6,000 polled across 20 countries including the United States and
Japan
52 per cent of Singaporeans fear that too many sick days could go
against them, while 50 per cent did not want to be perceived by
superiors and peers as not working, the highest rates among those
surveyed.
Levels of stress are not surprisingly high; globally, Singapore
ranks only second to Japan, with 69 per cent and 71 per cent of
respondents, respectively, who expect workplace stress levels to
rise this year. The main reasons cited for the
expected increase in stress levels are worries about job security
and excessive workloads due to
under-staffing.
The survey also showed that the main impact of rising stress levels
are lower staff morale (64 per cent) and lower quality of work or
service (37 per cent). 32 per cent believed that decreased
productivity due to stress-related issues would be the most
significant cost to the company, followed by increased employee
turnover (24 per cent) and a drop in the quality of work or service
(19 per cent).
Singapore ranked highest globally again when it comes
to employees checking company emails outside working hours, with 26
per cent spending on average 30 to 44 minutes a day doing
this.
The survey demonstrates, yet again, a point CSR Asia has been
making for many years; the competitiveness of firms is dependent on
the way employees are treated (beyond a decent salary). But in the
Singapore context, the issue is even more important. If the city is
to maintain its reputation as a financial hub, it needs a stable,
professional workforce that is at the very least reasonably
satisfied with workplace conditions. That Singapore ranks
so highly on many levels of dissatisfaction in the workplace should
serve as a warning for the government that its national
competitiveness is at risk. If the government wants to attract the
best people from abroad (as it is currently doing), then it might
want to consider what role employers could play to assist
that.
It doesn’t make sense for the Singapore government on the one hand
to promote the country as an attractive destination for highly-paid
professionals when on the other hand companies seem to be doing so
poorly when it comes to workplace conditions and employee
relations. Perhaps it is time for the government to play an active
role in encouraging companies to improve their social
responsibility as part of improving Singapore’s national
competitiveness. ■
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4. Ng Eng Hen: S'pore's maritime security challenges need
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5. Singapore ETF stuck in the doldrums
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7. Jim Rogers: U.S. About to Have a Currency Crisis
8. Beijing wizardry does the trick
9. Las Vegas Sands to Cut More Jobs in Macau, Hong Kong
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11. Teo Chee Hean officiates at the opening of the International
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12. Spore is 3rd choice for the rich
Latest videos added:
1. Peter Schiff Vlog Report - 12 Mar 09
2. Khaw Boon Wan : "Be realistic about the situation"
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