The pandemic era has ushered in a massive shift in the global economy and workforce called The Great Reshuffle. It is comparable to the Great Depression of the 1930s and the Great Recession of 2008.
To further explain this ongoing trend, this news Singapore featured the results of the survey conducted earlier this year about this trend.
The 2022 study
According to the studies by a human resource company called Randstad, the two years of being in a work-from-home setup has led 41% of employees in Singapore to prefer to remain working remotely rather than accepting a better bonus.
Jaya Dass, the Managing Director of Randstad Malaysia and Singapore had said, “This change in perspective of a lot of employees can be attributed to several benefits of working from home, such as increase in personal time, maximized productivity, and saving money and time from daily commute to work.”
Out of all the respondents surveyed by Randstad, nearly 80 percent said that they have received a salary increase in 2022, and 9 percent of the respondents said that they expected a raise of pay of greater than 20 percent.
Also, at least 50 percent of the respondents said that they will get a bonus in 2022, and 43 percent of this section is expecting to receive a bonus in the next one to three months, with the exception of the 13th month bonus.
This survey of Randstad is comparable to the study that they did before the Covid-19 pandemic in 2019, in which at least 83 percent of the respondents said that they are expecting to receive a bonus that year. Among the respondents, 69 percent have expected that they will get bonus payouts in one to two months.
The Randstad study which was named 2022 Salary and Bonus Expectations Survey was conducted online between February 7 to 14 and gathered answers from 300 individuals working in Singapore.
Results and analysis
According to the results of the study conducted by the agency on March 15, the survey intended to showcase how companies are compensating their employees after a year of recovering from the economic side effects of the Covid-19 pandemic.
In the survey, at least 65 percent of the employees that are anticipating bonuses also stated that they are pleased enough to linger in their current company for the next six months.
According to Dass, the companies must be prepared to distribute part of their revenues to keep their dedicated employees in this great reshuffling phase of the global pandemic.
“Those individuals with highly valuable skills during these times with a shortage of candidates in the market possess a strong negotiating influence to ask for better salaries and most likely will search for a new company if their expectations were not met by their current organization,” she stated.
She also firmly believes that it is essential for companies to alter work guidelines and benefit programs to accommodate the shifting expectations of employees and applicants.
Dass also highlights the ongoing trend of the increase in employees who are preferring to work away from their offices.
“The organizations who are aiming to offer flexible work arrangements of their organization culture following the health crisis should also begin to implement new frameworks as early as they can to keep their employees,” she added.
The Great Reshuffle of 2021 has led to a massive shift in the economy in which millions of employees have resigned from their jobs to find a role that offers a much more flexible working environment.
The restrictions of the pandemic also gave rise to individuals who have completely changed their careers to look for jobs that involve contactless operations or the use of remote technologies such as the internet which are very in-demand today.