Hiring managers struggle to find talent amidst rising costs
Around 19% of accepted candidates fail to pass probation or remain in their roles for more than six months.
Higher salaries driven by the rising cost of living (52%), labour shortages (37%), and the escalating expenses of job postings and recruiter fees (32%), are amongst the challenges faced by hiring managers, according to a report by Employment Hero.
The hiring cycle in Singapore takes 41 days to fill a position. 19% of accepted candidates fail to pass probation or remain in their roles for more than six months. 23% of hiring managers say that this factor contributes to the escalating costs associated with recruitment efforts.
Meanwhile, 86% of hiring managers agree that small businesses find it challenging to compete for talent against multinational corporations, while 81% agree that the expenses associated with job boards are a significant barrier for them.
In addition, 97% of hiring managers in SMEs struggle to match the competitive salaries offered by larger organisations, and 96% point to their limited capacity to provide comparable perks as the primary cause.
“SMEs contribute to 70% of Singapore’s labour force – so it is crucial to ensure they have access to seamless recruitment processes and equal opportunities to attract and retain the best candidates,” Kevin Fitzgerald, Managing Director, Asia, at Employment Hero said.