This year, companies in Singapore will continue to grapple with the impact of restrictions on hiring foreign workers, managing skill shortages in key areas and strategies to achieve greater staff retention, according to specialist recruiter Hays.
Yesterday’s article looked at four of the 10 top trends impacting the supply and demand of talent next year: the economic outlook; foreign worker restrictions; skills shortages; and financial services growth.
Here are the remaining six:
5. Retention strategies
Hays’ research indicated that up to 46 per cent of people change jobs as often as every one to two years and 31 per cent every two to four years. Only 23 per cent stay with an employer for five years or more.
Skill shortages and restrictions on hiring from overseas make it harder to replace those who change jobs. Using a range of strategies to retain staff will be vital next year. While money is a key reason people leave their jobs, it is not the only reason. Research shows that people are also moving to gain better career development opportunities and work-life balance options.
6. Training and development
Given the changes taking place in Singapore, it is vital for organisations to improve the skills of their existing employees. Training and development programmes can also allow organisations to hire candidates who are a good match for the culture of the organisation even though they may not meet the hiring criteria 100 per cent. There is also a strong need to develop programmes that build talent over a longer timeframe.
7. Nurturing new hires
How new staff are managed can make a difference between a successful hire and one who is destined to fail. Onboarding is an increasingly common process, designed to ease an employee into a new organisation, from the point they become aware of a job to their first day in the workplace.
However, it remains a relatively new concept in many companies and, in some cases, the full procedure has been neglected in the most senior and important appointments.
8. Salary pressure
Hays expects wage and salary pressure to increase especially for high-skill industries and high-skill occupations as shown by the Hays Global Skills Index. However, Singaporean organisations are definitely looking to contain salary budgets as much as possible.
According to Bloomberg, Singapore experienced the fastest inflation growth among the developed world’s biggest economies. With rising local prices, workers here are looking for a wage boost and candidates have a choice of jobs.
9. HR professionals
Many of the challenges described above present an opportunity for HR professionals to be more innovative and commercially driven while aligning all their activities to the goals of the business.
Human resource will need to provide talent management solutions across the business, including finding untapped sources of talent, developing measurable staff retention strategies while also managing salary budgets, creating learning programs to fill skill gaps and staying ahead of the curve when it comes to tapping into technological change.
10. Social media
According to research released in November, approximately 68 per cent of Singaporeans use social media in their day-to-day life. A separate report by IDC Enterprise Social Survey sponsored by Microsoft found that 52 per cent of companies in Singapore have an enterprise social network in place and another 23 per cent plan to integrate one in the next 18 months.
Given young Singaporeans’ early adoption of mobile tools and technology, Hays believes there is an opportunity for organisations to harness the power of social media to build their employment brand and enhance recruitment campaigns.