Half of Singaporean insurance employees unhappy at work

Despite its perception as a high-paying industry, the insurance sector’s employees aren’t happier than the average worker

Half of Singaporean insurance employees unhappy at work

Insurance News

By Gabriel Olano

Close to half of the employees in Singapore’s financial and insurance sector are unhappy with their jobs, according to the latest edition of an employment survey. The sector’s score is quite close to the national score, showing that one in two Singaporeans is not happy with their job.

The JobsCentral Work Happiness Survey Report 2017 revealed that Singapore had an overall work happiness indicator score of 46.8%, the lowest since the study began in 2009. The survey had 1,843 respondents aged 16 and above polled between June and July 2017.

Despite its perception as a high-paying industry, the financial and insurance sector has a happiness indicator score of 51.3%, quite close to the national average. Meanwhile, those in translation and editorial were the happiest, with a score of 75.8%. It was followed by the Public Relations, Marketing, Research & Development, and Legal industries.

The unhappiest industry was mining and quarrying at 38.7%. Work happiness among private and public sector employees was quite similar.

Age-wise, younger employees tended to be happier, with the 16-20 age group scoring 59.4%, while those aged 51-60 were the unhappiest.

Money was the primary factor determining work happiness, as most respondents said that salary levels and pay raises were the most important in determining how happy they were with their jobs. Work-life balance, good relations with colleagues, interesting work, and acceptable work demands were also highlighted.

“The survey results suggest that the majority of the respondents may perceive that they are being underpaid,” said Sam Ng, managing director of CareerBuilder Singapore.

“This can potentially have a huge impact on the engagement level of employees, and lead to a highly unmotivated workforce if left unaddressed. Employers should gather feedback from their staff and together develop an ideal compensation package to boost overall happiness at work.”

Related stories:
Insurance workers among the unhappiest in Asia, says survey
AXA to lay off around 250 jobs in Hong Kong – report
Hitting the right notes for insurance

Keep up with the latest news and events

Join our mailing list, it’s free!