Key survey findings: (Source: Michael Page Employment Index report, Q1)
- 91% of employers expect headcount to either remain stable or increase
- Continued expansion of multinational companies will drive job growth
- Staff retention is a major focus for 43% of companies
15 December, 2011: The employment market in Singapore is set to remain stable in the first quarter of the new year as employers remain positive about the domestic market despite some concern around global economic conditions, according to findings in the latest Michael Page Employment Index.
Of the employers surveyed for Quarter 1, 62% expect headcount levels to remain steady while a further 29% plan to increase staff numbers over the coming months. The findings indicate a level of confidence in domestic business conditions and how this will translate into hiring intentions.
With multinational companies continuing to view Singapore’s strategic location and skilled workforce as an attractive base for growth into South East Asia, some 49% of employers surveyed believe job opportunities will increase in the first quarter of 2012 as a direct result of this investment. For most companies (76%) jobs growth will be in revenue-generating roles.
“Singapore’s position as a business hub is supporting the country’s job market and helping to create a stable outlook for recruitment activity going into the new year,” says Mr Andrew Norton, Regional Managing Director of Michael Page, South East Asia.
Amid this positive sentiment, staff retention remains a business challenge for many employers, with 43% of those surveyed having a major focus on retaining staff. Employers will look to implement both financial and non-financial strategies to retain key staff, with 44% of surveyed employers highlighting performance-based reward incentives and 37% of companies indicating training and development will be their key staff retention strategy.
“With headcount expected to remain steady and continued investment from multinational companies, the job market in Singapore is in a sound position heading into the new year,” Mr Norton adds. “This optimistic sentiment is particularly encouraging given the global economic environment and the degree of caution that exists among some businesses against this backdrop.”