The Wave of Great Resignation

We are already in the post-pandemic, but employers in some regions are still feeling the effects of the Great Resignation. The pandemic has changed many employees’ perceptions of their careers, thus opening more options for them.  

Here are some insights on why employees quit their current jobs and their thoughts on delayed retirement. 

The Great Resignation, or the Great Reshuffle, started in early 2021, coinciding with the COVID-19 outbreak. Employees resigned voluntarily en masse due to wage stagnation amid the rising cost of living and lack of benefits.  

Other reasons for resigning cited by surveys are limited opportunities for career advancement, hostile work environments, rigid work arrangements, and long-lasting job dissatisfaction.  

According to TG Group’s survey, 39% of respondents in Singapore will change jobs to look for a better work-life balance, and 37% are seeking a higher salary. In addition, 19% make the switch to improve their career growth. 

In Malaysia, 44% do not want to remain at their current company because they want better work-life balance. Besides, 28% are looking for a higher salary, and 24% will change jobs for better career development. 

Over in Hong Kong, most employees said they would switch jobs for better career prospects. 

Delayed Retirement 

Besides resigning for a higher salary or better work-life balance, employees are also concerned about their retirement.  

61% of respondents in Singapore expect to work longer, resulting in delayed retirement. However, another 39% said they would retire at the stipulated age. 

In Malaysia, 57% of respondents see themselves retiring at an older age, whereas 43% will call it a day at their retirement age. 

Further north in Thailand, 67% of respondents expect a delayed retirement and 33% think they will retire as planned.