First report says that there were a record 176,000 jobs created in Singapore last year. This was supposedly backed by strong economic growth. Then later, the report says that there was an increase in the number of retrenchments (12,000 compared to 10,000 in 2005).
Second report quotes our PM saying that 'Singapore's job prospects have never been better as the government works to transform the country and prepare it well ahead for the next 10 to 15 years'. The report also mentioned that Singapore has attracted high quality investments and created many jobs.
Third report was about how 77% of employees in Singapore are not satisfied with their bonuses. And close to 75% of respondents were considering changing jobs within 3 months, and 47% of these prefer to start looking for a new job within one month!
okay, so what may I conclude from these reports?
- There are a huge bunch of dissatisfied employees in Singapore (conclude from third report);
- They are looking for the next better job that pays better;
- There will always be that next better-paying job, but is it better in terms other than bonus/salary?;
- They find that job because they hope it's better in the long run in terms of $$$ and other intangibles (conclude from 1st report);
In my opinion, this is a vicious cycle. It's not good in the long run. Well, according to the un-economist in me, record number of jobs created does not mean good businesses or exciting jobs (evident in the increase in retrenchments and dissatisfied employees).
So what does this show? It just shows we have a lack of good-paying jobs out there (lower than global market rate) and that employees are willing to take on any jobs given to them for that small increment in bonus or perks.
Consequences? False sense of record number of job creation equating to booming economy, a lower appreciation of professionalism and skills for the singapore employee.