Work-Life Balance and Pay Lead to Job Resignations in Singapore Amid Rising Living Costs, Study Finds

SINGAPORE: A new survey reveals that nearly half of Singaporean workers are leaving their jobs in search of better work-life balance and higher pay, largely due to the growing cost of living.

The 2024 Employer Brand Research report by Randstad, which surveyed 2,602 individuals in Singapore, found that around 41% of respondents resigned to achieve improved work-life balance, while 36% cited higher pay as the main factor, motivated by rising living expenses.

David Blasco, Randstad Singapore’s country director, noted, “Our latest survey reinforces a trend in Singapore – talent prioritizes employers who support growth, inclusion, and well-being. While the cost of living rises, employees are looking beyond just salaries, valuing non-monetary factors like work-life balance, job security, and equity.”

The report also sheds light on artificial intelligence (AI) in the workplace, with 75% of respondents feeling its influence. AI’s impact is most significant among younger generations: 80% of Gen Z and 78% of Millennials reported AI’s presence in their work. Usage trends vary, as 30% of employees use AI regularly, led by younger workers, while another 30% have never used it, a common sentiment among Gen Xers and Baby Boomers.

Blasco emphasized the importance of AI literacy, stating, “The rise of AI is exciting, but employees naturally have questions about its career impact. Employers should invest in AI literacy programs to ensure talent adapts to changes.”

Demand for upskilling has also surged, with 82% of the 173,000 global respondents noting its importance, though only 61% reported receiving development opportunities. Among Gen Zers and Millennials, 64% and 68% respectively felt they had sufficient development chances, compared to just 44% of Gen Xers. Lack of growth options has a tangible impact: 44% of those without such opportunities considered leaving, versus 33% who received them.

In terms of career advancement barriers, men reported facing more obstacles than women, with 54% of men experiencing these challenges. Minority groups were also 20% more likely to perceive career progression barriers due to their identity. Randstad’s findings highlight the need for inclusive policies to bridge gender and diversity gaps in career progression and opportunity.