Workplace
4 min read

Is Recession an Opportunity for Companies to Attract Talent?

By CHOYS Community
05 Sep 2023

The recent wave of massive layoffs—Microsoft slashing 10,000 jobs, Alphabet reducing 12,000 positions, and Amazon downsizing by 18,000—paints a concerning picture of employment. Moreover, with 44% of Singaporean employees quietly parting ways with their jobs, the prevailing scenario seems bleak.

But what if this downturn is an opportunity in disguise for startups to flourish? Instead of being overshadowed by the gloomy atmosphere, startups can seize this moment to stand out.

How? Keep reading to find out!


Is Quiet Quitting a Factor in the 2023 Recession?

In addition to the layoffs, there's an interesting trend emerging. Employees across the Asia-Pacific region, including Singapore, exhibit heightened confidence in seeking new job opportunities. CNBC’s report of the LinkedIn survey covering Singapore, Australia, and India reveals that 43% of Singaporean employees are now "more confident" in their job search compared to the previous year.

Source: CNBC

why-are-employees-quiet-quitting

Employees in Singapore are even "quiet quitting" because they feel overworked and disconnected from their companies. A desire for a better work-life balance fuels this exodus. As layoffs surge, there's a surge in jobseekers too. The quiet quits and layoffs leave a vast talent pool ready to be tapped into.

Source: Singapore Business Review


Is a Heavier Pay-Check Enough to Attract Talent?

Within this complex landscape of layoffs, resignations, and changing priorities lies an opportunity for startups. As 44% of Gen Z employees quietly seek a better balance and belonging, startups can steal the spotlight and recruit the top tech for themselves.

With smart strategies, they can attract top-notch talent looking for more than a pay-check. The big question is: How can startups stand out amidst the competition?

The answer lies in embracing a human-centric approach. Beyond competitive salaries and traditional job benefits, startups can attract talent by addressing the deeper needs of employees.


The Three Pillars of Talent Attraction for Startups

The trifecta of holistic well-being, a sense of belonging, and personal growth can be the winning combination to attract top talent. In a landscape where burnout and lack of belonging are prevalent, startups that create an environment fostering mental, emotional, and physical well-being will stand out. Likewise, providing opportunities for employees to feel connected, contribute meaningfully, and experience personal growth within the company can become powerful differentiators.

how-can-startups-attract-top-talent

Well-Being

Recent data from LinkedIn reveals intriguing insights into employee sentiments across the Asia-Pacific region, including Singapore.

Despite news of layoffs and hiring freezes, a resounding 43% of employees in Singapore are now more confident in their job search compared to 2022. This confidence signifies an opening for startups to offer a more holistic approach to employee well-being.

Startups can prioritise work-life balance and holistic well-being, recognising that over 30% of surveyed employees across India, Singapore, and Australia emphasise its importance. By demonstrating a commitment to their employee's health and well-being, startups can entice top talent to join their ranks.

Belonging

The economic downturn has emphasised personal impact and belonging in the workplace. The survey conducted by LinkedIn uncovered that 75% of workers in Singapore feel overworked and disconnected from their roles.

With their close-knit teams and collaborative environments, startups have the distinct advantage of creating a sense of belonging. Within the startup ecosystem, employees have the opportunity to fit in and stand out. By fostering camaraderie and shared purpose, startups can attract individuals seeking a workplace where their ideas and efforts genuinely matter.

Growth

As uncertainty looms, career growth and development become paramount for employees. LinkedIn's research highlights that 68% of employees in Singapore believe their employers haven't invested adequately in their growth. This is where startups can become game-changers.

Unburdened by the inertia of larger corporations, startups can nimbly pivot to tailor growth opportunities to the aspirations of their employees. Emphasising internal mobility and continuous learning, startups can offer clear pathways for career progression. Doing so addresses the very concerns that often lead professionals to consider job changes during downturns.


How Can CHOYS Help?

CHOYS serves as a digital chief well-being officer, offering comprehensive well-being solutions that can help businesses cultivate an engaged and motivated workforce. By addressing the core needs of employees across well-being, belonging, and growth, CHOYS equips startups with a powerful arsenal to attract and retain top talent.

CHOYS empowers startups to transcend the traditional approach to talent attraction. In an era where employee well-being takes centre stage, CHOYS stands out by offering a holistic range of features that prioritise the health and happiness of employees.

From personalised benefits to habit tracking and emotional well-being monitoring, CHOYS creates an environment where employees feel cared for and supported. This commitment to well-being enhances productivity and positions startups as employers of choice in a competitive market.

With CHOYS, startups can establish themselves as champions of employee well-being, drawing in top talent seeking a workplace that genuinely cares for their holistic health and personal growth.


References

  1. CNBC: Recession fears won’t stop ‘the big quit’ in 2023...
  2. Singapore Business Review: More than 1 in 2 Gen Z Singaporeans are ‘quiet quitting’