Skilled talent shortage, extreme wage pressures to escalate further in 2015

Firms are struggling for growth.

The dearth of skilled professionals will escalate further in 2015. According to Hays, companies will continue to struggle to attract the highly skilled and experienced professionals they need in Singapore,

The talent shortage reaches a point where it is now a hindrance to the effective operation of businesses in the city-state.

Industries such as engineering, technology and life sciences require highly-skilled staff. Since it takes time to undertake the training necessary to work in those industries, it potentially makes them more vulnerable to skill shortages, creating a wage premium for such talent.

“Significant skills shortages will remain across several sectors such as banking, construction, IT, insurance, procurement, oil & gas, legal, life sciences and HR. The ongoing skills shortages in these areas will mean that overseas talent is still needed to fill vacancies where local Singaporeans are in short supply,” said Chris Mead, Regional Director of Hays in Singapore.
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