Top 3 priorities for HR leaders in 2022: Randstad
These actions will support the expected increase in the number of new jobs next year.
More jobs will be created next year as organisations push for industrial growth and talent development, a study by Randstad showed.
In particular, new job opportunities will pop up in the information and communications technology, banking and financial services, and professional services sectors.
To support the changes in the labour force, which have continuously faced shortage, the study suggested that HR leaders prioritise three things:
Upskilling and development of the local workforce
Companies have raised their bar for what qualifies as a highly-skilled worker due to rapid digitalisation, according to Randstad.
The study said companies are now seeking candidates with “excellent middle-management leadership skills and the ability to communicate effectively to drive stronger business partnering” and even “plug and play” talents who can fulfill their immediate business needs.
These talents, however, come with a high price tag, Randstad said.
“Instead of fixating on finding the perfect job applicant, HR leaders should focus on upskilling and developing their existing workforce,” the study suggested.
“Empowering and enabling employees to develop their skills would enable the organisation to reap the benefits of a rich human capital and craft a highly attractive employer brand,” it added.
The study said HR leaders should also give additional focus on equipping mature workers with practical digital skills that they can apply to their job.
Apart from retaining talent, offering upskilling opportunities for employees will also likely attract job seekers, Randstad said.
Developing flexible and agile workforce strategies
Singapore’s diminishing population—which dropped 4.1% to 5.45 million in 2021—has raised issues about the workforce’s capacity to meet their companies’ growing ambitions.
Randstad said one way for companies to fulfill their productivity targets is by hiring more professionals on a contract basis to “meet urgent business needs whilst remaining agile to the changing business environment.”
The study however emphasised that more than short-term initiatives, companies should focus on working towards building a long-term relationship with their potential employees and alumni.
“Companies should also look at the growth and learning potential of job seekers and invest in developing them to become competent and loyal employees,” the study said.
HR leaders, for their part, can also create innovative recruitment solutions that will in turn uncover “hidden potential” in a company’s workforce.
Creating new HR policies centred on flexible work and work-life balance
Companies which have a flexible working policy will be more likely to attract quality talent as more employees are prioritising jobs that allow them to work from home, according to Randstad.
Apart from attracting talent, t study said a hybrid work setup also drives more productivity amongst employees since they have more opportunities to try out new digital solutions and technology.
“The limitless potential of using technology to drive our productivity as a workforce has yet to be discovered, making 2022 an exciting year for Singapore’s business and talent landscapes,” the study said.