SG millennials less confident about job market

Employee confidence has plummeted amid softer conditions and, news of cost-cutting and restructuring exercises among firms in Singapore.43145607_l

The Randstad Q1 2016 Workmonitor Report found that millennials – aged between 18 and 24 – marked the highest drop in confidence in the lot.

In 2015, 75% of them felt they would be able to secure a new job within six months.

This confidence, however, slipped to 66% in the first quarter of 2016.

There was also modest decrease in confidence among employees overall.

Sixty-seven percent of respondents felt they would secure a job within six months in 2015. This figure then dropped to 62% since the start of 2016.

Additionally, job security has been indicated as a concern among millennials.

Seven percent of them felt they have a strong chance of losing their job in 2015. It then rose to 13% in the first quarter of 2016.

The drop in confidence also spurred a focus on career advancement through promotions among millennials.

Fifty-seven percent of them were reported to place an emphasis on career advancement in the first quarter of 2016, an increase from 54% in 2015.

“With the slew of guarded reports about Singapore’s economic standing and job market, it’s no surprise that employees are increasingly worried. Despite this, we have observed that some organisations in Singapore are still hiring, whilst others are adopting a ‘wait and see’ approach,” Jaya Dass, Country Director, Randstad Singapore said.