Singapore’s employers adapt to the skills shortage
A new year is usually a catalyst for people to move on to new jobs and 2012 will continue this tradition as candidates assess their options following bonus payouts, according to our latest Hays Quarterly Report, for the January– March quarter.
Employers on the other hand are looking at strategies to retain top talent this quarter including succession planning, internal mobility and counter offers.
We found that a number of candidates are looking for lateral moves and roles with mixed workloads in the early months of this year. Candidates are interested to see what employment options are available to them and their key motivations are career opportunities, performance recognition and an increase in salary.
We are also seeing a number of Singaporeans willing to make an international move to further their career, particularly those within the construction sector. Given the number of projects which will begin overseas within the local market, candidates are very open to relocating overseas to China and Australia.
Another trend of note this quarter is the preference for organisations to recruit high potential candidates and develop them to manager level. Internal training, mobility and development are also on the rise as organisations look to promote from within and up-skill their existing talent. This is helping to aid retention.
Counter offers continue to be seen as employers realise the cost of losing talent is far greater than offering a reasonable salary increase, particularly in skill-short areas.
Chris Mead, General Manager, HAYS Singapore