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Singaporean employees are becoming increasing skeptical about their career progression opportunities.
According to the Global Workforce Market Sentiment survey by Berkley Group, promotion prospects in Singapore have dropped “significantly” in comparison to the previous survey.
Over six out of 10 (63%) of the 6,374 Singaporean respondents polled felt their chances of career progression within their business were either better or the same compared to last year. The figure was a drop of 17% from the second half 2013 and well below the global average of 78%.
“This sentiment perhaps highlights a level of caution from businesses as a result of the lower than predicted economic growth in Singapore,” the report stated.
Breaking the data down, the report found a gender imbalance in those respondents expecting to be promoted. While half of the males surveyed expected their chances to remain the same compared to last year, only 38% of females predicted the same.
In comparison, half of the women expected their promotion chances to be worse, while only 32% of men echoed this dip.
“This is perhaps indicative of the general perception that females are less likely to push for promotion compared to their male counterparts,” the report stated.
It linked this increasing skepticism with the fact that employee headcount in Singapore has decreased. Just over half of respondents indicated that their company had seen jobs created, a decrease of 11% on figures from the second half of 2013.
The top three fields who did report a rise in headcount were pharmaceutical/life sciences, engineering and sales, reporting 67%, 50% and 50% job creation respectively.
Respondents from the pharmaceutical/life sciences sector also identified their skills to be greatest in demand the coming year due to talent shortages.
“In terms of job security, those in the pharmaceutical / life sciences industry felt most secure in their role, with 64% of respondents from this specialism feeling less or not worried about their career compared to last year,” Wendy Cheong, managing director, Berkley Singapore, said.
“In general, though, business and employment opportunities in Singapore look to be rife.”