Recession fears won't stop 'the big quit' in 2023, says LinkedIn
Despite news of layoffs and hiring freezes, employees in Asia will be more confident in their abilities — and more ready for a job switch than last year, according to LinkedIn.
This is based on the latest findings from LinkedIn's consumer research conducted among more than 4,000 employees across Singapore, Australia and India.
According to its research, 63% of employees in India and around 43% in both Australia and Singapore said they are "more confident" in searching for a new job compared with 2022.
Even with recessionary fears, workers are also showing "more resilience" and are ready to tackle any upcoming downturn in the economy, LinkedIn added.
Its research revealed that almost half of those surveyed in Australia and India feel they are prepared for an economic downturn.
"The confidence and optimism we see from professionals points to them demonstrating more resilience post-pandemic to tackle any impact that an uncertain environment may bring," said Pooja Chhabria, career expert and head of editorial for Asia-Pacific at LinkedIn.
"Since the start of the pandemic, professionals have taken this time to fortify their careers through upskilling, investing in growing their network, and aligning their career to areas they are truly passionate about."
For example, there was a 43% year-on-year increase in members adding skills to their LinkedIn profile, LinkedIn added — a sign that employees are actively investing in skill development to future-proof their careers.
"As professionals expand their skill sets, they are gaining more transferable skills that can be applied to multiple job roles and improves their likelihood of securing a job," Chhabria added.
Why they'll leave
One thing's clear — employees took the wheel in 2021 with greater negotiating power as job openings surged to record levels.
Remote work during the pandemic has also given workers the freedom to work whenever or wherever they want.
That has set the stage for post-pandemic work and these desires will not go away anytime soon.
"We believe what will continue to happen in 2023 is people wanting jobs where they have more freedom, or make more money or enjoy the work more — or, in some cases, all three," said Chhabria.
This is why employees may not be looking to stay at their job for a long time, according to LinkedIn.
1. Inflation
Rising inflation and cost-of-living pressures will push employees to seek out another job that pays more, said LinkedIn.
Its research found that aspirations for a larger paycheck has emerged as the key reason to look for a job — 58% of those surveyed in Singapore, 49% in Australia and 45% in India said they are only willing to stay in their current role for more money.
Employees in the Asia-Pacific region may just find what they're looking for. According to the annual Total Remuneration Survey conducted by Mercer, companies in the region are forecasting an average 4.8% increase in overall salaries in 2023.
There will also be an increase in salaries across most markets — India has the highest projected salary increase at 9.1%.
2. Better work-life balance
From "quiet quitting" to "tang ping," buzzwords that emerged in the work world in 2022 have shone the spotlight on employee burnout and the importance of making time for life outside of work.
A healthier work-life balance will continue to be a key priority for employees this year, as reflected by more than 30% of those surveyed across India, Singapore and Australia.
What should be of concern for employers in the region are overworked employees who don't feel personally committed to their current jobs.
According to LinkedIn, a whopping 75% of workers surveyed from Singapore identified themselves as such, together with 66% from Australia and 51% from India.
LinkedIn added that this is "likely to lead to attrition" on the horizon as these professionals feel they are not going to be in their current role for a long time.
3. Career growth
Workers have been experiencing high levels of disengagement and unhappiness since 2022.
According to Gallup's State of the Global Workplace report, 60% of respondents reported being emotionally detached at work and 19% as being miserable.
The lack of career growth or progression at work remains one of the top reasons people are disengaged and want to quit their jobs, said Chhabria.
LinkedIn's research revealed that 67% of employees in Australia and 68% from Singapore believe their employer has not invested in their growth.
"[Employees] want companies to invest in them by providing learning and development opportunities to learn new skills and future proof their career," she explained.
Chhabria added that those who manage to make an "internal move" – through either a promotion or lateral change – are more likely to stay at their organization longer than those who stay in the same role.
"Internal mobility is also a huge priority across industries right now, as organizations try to improve employee retention and reduce the costs of acquiring new talent."
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Correction: This story was updated to correct one reference to LinkedIn's research to reflect that employees are more confident in searching for a new job compared with last year.