Great resignation? Why you should rethink quitting just before an impending recession

By June 24, 2022Current
Great Resignation

TL;DR – Tempted to join the Great Resignation trend? Experts say, “Hold on to your jobs for now. Things may just be about to get worse.”

Heard of the Great Resignation? It was a term coined at the height of the pandemic as millions of employees voluntarily leave their jobs, having gone through the worst of the pandemic with their companies. In case you are curious, the Great Resignation is still raging, and it’s happening here in Singapore as well! It appears that Singapore’s SMEs are  experiencing the Great Resignation much more acutely than the rest of Asia Pacific and Japan.

Well, high resignation rates could persist in an unsettled labour market and changing workplace, and the Labour Movement wants to help workers amidst the turmoil. In a social media post, Labour Chief, Ng Chee Meng shared that NTUC is going to launch a larger scale engagement series to hear from workers like you and me! Timely.

In this rapidly changing world, they have picked up on some of the things that workers really want:

✔️ Purpose in career

✔️ Peace of mind at work

✔️ To be our own boss

✔️ To excel at home and at work

✔️ To be treated fairly

According to the Labour Chief, something is brewing at NTUC! Good to hear that, cos if you ask me, amidst the looming uncertainties, workers of Singapore need all the help they can get!

Time to jump ship? Career experts say, “Maybe not.”

Whispers of an impending recession abound. The ongoing Ukraine war, Covid-19 lockdowns in China, tightening financial conditions, souring consumers sentiment, inflation – you get the picture. PSA: You may want to think reconsider before you jump ship. Take for example, the once (not too long ago)-glamourous tech companies. Heard that the big players in the US tech sector have been laying off staff? Coinbase, Netflix and Paypal and the likes. Closer to home in Singapore, Shopee is also laying off some employees in its food delivery and online payment teams in Southeast Asia. We are seeing tech firms laying off staff to ‘consolidate’ as funding dries up. This may just be the beginning.

The ongoing Ukraine war, Covid-19 lockdowns in China, tightening financial conditions, souring consumers sentiment, inflation – you get the picture.

 

Analysts have for months now been warning of a recession. Some career experts are warning jobseekers to be cautious about changing jobs in such an uncertain environment. In other words, “Please ah, hold on to your job if you can. Things are just about to get worse…”

If you really need to be part of the Great Resignation, read on.

We geddit, some work environments can be really gruelling, or toxic even. If you need to move on pronto, here’s some advice:

  • Build an emergency fund of 6-9 months’ worth of expenses. Well, some say 18 months in this climate.
  • Hold on to your current job even as you conduct your job search. PSA: In case your job search takes longer than expected!
  • Be strategic about your next role. If you die die need to move, do your homework please. Find out which are the growth industries that have historically been more resilient in a downturn. Trust us, the last thing you want is to be laid off 3 months into the job.
  • Knock on the door of a career coach who may just be able to give you sound advice on whether you should a) seek greener pastures, b) stay put, or c) direct you somewhere where you can boost your skillsets. At the very least, make sure you are better than the next guy who’s going after the same role OK?

S’porean woman found a job successfully with the help of a U PME Centre career coach

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Gabrielle Teo

Author Gabrielle Teo

I read lots, and I also spend an indecent amount of time trying to get my mostly unpopular opinions published. Oh, I argue a lot with fellow Singaporeans who complain incessantly about Singapore too.

More posts by Gabrielle Teo

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