In a job climate with a growing pool of freelance, temporary, and short-term contracts - more and more millennials are looking to improve their job stability in the up and coming fields (i.e. IT and technology).
Sad news? Job security is something of the past - over twenty, thirty years ago.
In this article, we’ll discuss the advantages of job security, the best industries in Singapore for job security, and how you can achieve job security with the help of a recruitment agency like BGC Group.
Disadvantages to Job Insecurity
Job insecurity occurs when an employee does not have a stable or full-time position. Millennial employees are no stranger to the concept — with less than 90% working full-time.
The flexible work lifestyle might look all glitz and glamour on the outside, however, there are a number of disadvantages to job insecurity. Some of which include:
An Active and Warm Network: Connections and qualifications go hand in hand to finding the right job. The worst thing you can do is neglect your potential network and fall “asleep” on your career. Unless you’re a social butterfly, being closely connected to a network with warm job leads is going to be hard.
Constant Anxiety: Constant anxiety and job insecurity are two things that go hand in hand. The fear of being unable to land another job once their current stint is up is also a major contributing factor. Additionally, the fear of irregular income and the potential for little to no benefits can contribute to the job seeker’s constant anxiety.
Irregular Scheduling: One drawback to job insecurity is irregular work schedules. Irregular work schedule often leads to greater stress due to the unstable amount of work-life balance. If continued long enough, this could lead to potential job burnout.
Learn more about burnouts and it’s dire consequences in our article, “How to Avoid the Dreaded Job Burnout”.
Master of None: The longer you stay at a certain position, the easier the job becomes. Once you’ve mastered the ropes, you’re able to “recycle” your knowledge and organize your work projects. Whilst someone who moves from position to position will not be able to coast on autopilot because they’ll be too busy trying to re-learn the ropes when moving from job to job.
The key to job stability in Singapore is finding the right career and industry. It should be unsurprising that there are a number of industries where retrenchment and contract jobs are more common than usual.
Here are 3 industries in Singapore that house some of the most secure jobs to consider having your eye on:
1. IT and Technology
If there is one industry in Singapore that is growing steadily, it is none other than the IT and the tech industry. Additionally, this is an industry with tenders worth $2.2 billion SGD in digital, data, and web services. There is a stringent focus on the industry due to the country’s desire to move towards being a “smart nation”.
Those looking to break into the industry will require specialized skills such as cyber security, programming, and cloud computing to succeed.
2. The Government Sector
The government sector is a tough one to break into. But once you’re in, you’ll be rewarded greatly with job security and multiple benefits. Roles in this industry vary differently. You could be working either as a teacher or administrator with MOE. Other roles include working as a first responder (i.e. policeman, firefighter, paramedic).
If you’re interested in working within the government sector, check out the list of jobs available here. For now, a lot of the jobs offered within the industry are on a contractual basis, however, there is hope to be able to convert to a full-time role.
3. Banking and Finance
There are upcoming roles within the banking and finance sector that can be very secure (e.g. compliance officer). However, this is a tough industry to survive in. And it goes without saying — this is an industry that requires a keen and meticulous eye in order to succeed.
Roles found within the field include investment banker, risk management and compliance, as well as a wealth manager and sales. Those looking to break into the field might be interested in starting out in the industry with sales. However, there are some trade-offs that come with a secure job in the banking and finance industry. These include investing long working hours, multiple responsibilities, and additional pressures .
Those interested to break into the banking and finance sector, click here for job opportunities.
How do I achieve better job security?
We've got 4 tips for you.
1. Keep Staffing Agencies in Your Network
Staffing agencies are one way to stay connected to a wide network of potential jobs. The aim of a recruitment agency is to help connect you to high-end employers that can offer you a better job security. For instance, a manpower outsourcing agency like BGC Group do often have a variety of positions open in Singapore - so that once you’ve completed your contract, you’ll be connected to another relevant position.
2. Figure Out Your Dream Position
Sometimes, job insecurity occurs because the employee is not happy with the trajectory of their career. Burnout and job dissatisfaction are a few of the reasons why young employees jump from one position to another, in the span of a few years.
As such, it is important to reflect and figure out what you want in your next position. One way to do this is by reflecting on all the things that you like and dislike about your previous position. This is an imperative step as it will be able to help you ensure that your next role is a positive experience - that offers responsibilities to better fit your skills.
3. Grow Your Skill Sets
The key to job security is to be an asset to the organization you’re working for. Remember that as your career develops, so should your skills and expertise. You can develop your skills through courses, practicing new skills, or continuing to work on your old ones.
4. Stand Out
The ability to stand out from your colleagues is a skill that will help save you (and your job). You can easily stand out whenever you try to produce work that goes beyond the expected requirements. Additionally, giving your best effort towards every project that you have, is one way to make your superiors treasure both you and your abilities. It’s that simple.
What are some of your job-saving tips that help with job security? Let us know in the comments section below!