- 33% of employers will be increasing headcount in the fourth quarter
- Half of all companies will be placing a major focus on staff retention
- Higher salaries are being commanded for international experience
The hiring outlook in Singapore remains positive despite ongoing concerns around the global business environment, according to the latest Michael Page Employment Index.
As a key regional trading centre, multinational and domestic companies are continuing to invest in Singapore as a gateway to Southeast Asia. To support their goals for business expansion, some 33% of the companies surveyed are planning to increase staff numbers over coming months.
“Although uncertainty exists around the strength of global economic conditions, employers in Singapore are continuing to invest in their people and the outlook for the professional employment market remains positive,” said Mr. Andrew Norton, Regional Managing Director of Michael Page, South East Asia.
Half of the employers surveyed are placing a major focus on staff retention in the fourth quarter, which is higher than comparative surveys in Hong Kong, China and Australia. For most of the companies surveyed (48%), performance-based rewards will be the most common retention strategy used over coming months.
“The retention of key talent continues to be a critical business challenge for employers in Singapore, so it is encouraging to see more companies now in the position to financially reward their top talent. The shift towards offering financial incentives is a positive indicator that domestic business confidence is growing,” said Mr. Norton.
The report also reveals that most companies (72%) are required to pay higher salaries in order to secure professionals with international experience. Candidates with a strong professional background in the Asia market are the most highly sought after.
“International experience in considered a highly valuable attribute in prospective employees, particularly as more employers look to expand their presence throughout the region. Candidates with a strong understanding of business operations in Asia are in a very good position to negotiate attractive salaries for themselves in the current market,” said Mr. Norton.