Key Survey Findings:
(Source H1 2013 Michael Page Singapore Employment Index)
- More than half of the employers surveyed (58%) expect business conditions to be stable or improve during the first six months of the year and 46% expect to increase headcount over this timeframe.
- 53% are likely to boost staff numbers by up to 5% and 47% plan to add new headcount to the business’s operational function.
- To attract talent, 47% of employers surveyed will offer competitive salaries to secure top talent.
5 March, 2013: Employers across Singapore’s professional sectors remain reasonably confident about domestic business conditions and many plan to increase their staff numbers during the first six months of the year, according to findings in the H1 2013 Michael Page Singapore Employment Index.
More than half of the employers (58%) responding to the Employment Index survey, which takes a predictive six month view and focuses on anticipated trends, reveal they expect business conditions to either be stable or improve during the first six months of the year. Aligned with this positive sentiment, 46% of employers’ surveyed report they expect to increase headcount in their business over this timeframe.
Of those employers increasing headcount, just over half (53%) indicate they are likely to boost staff numbers by up to 5% while a further 33% will look at making a more significant increase of between 5% and 10% . The greatest focus will be on hiring for operational roles such as procurement, supply chain and engineering positions, according to 47% of employers, while a further 40% will look for professionals with expertise in revenue generation roles.
The attraction and retention of talented professionals remains a focus for employers in Singapore as they focus on acquiring and keeping the skills required to progress their business. Based on the survey findings, 47% of employers will offer competitive salaries to attract top talent while 46% will base their retention strategy around performance based rewards.
“While financial reward and remuneration remain key for attraction and retention strategies, training and career development opportunities also continue to be a focus for employers during the first half of the year, according to the survey responses,” says Mr. Norton.