- Over half of the employers surveyed will be increasing staff numbers in Q1
- 54% of companies expect business conditions to strengthen
- 72% of employers have increased their budgets for salary reviews in 2011
The professional employment market in Singapore will continue to grow strongly in the first quarter, according to the latest Michael Page Employment Index.
Hiring activity will increase through the first quarter of 2011, with 53% of the employers surveyed planning to increase staff numbers by recruiting for newly created positions. Most companies will be hiring in front line and operational areas to build market share and deliver on the strategic plans that are now in place.
Business confidence levels are high and 54% of survey respondents anticipate business conditions to strengthen during the first quarter.
“The professional employment market in Singapore is buoyant. There are more jobs available and people are less cautious about moving because the market has strengthened considerably since the global financial crisis,” said Mr Andrew Norton, Regional Managing Director of Michael Page, South East Asia.
Employers recognise the risk of losing top performers, with 58% of respondents anticipating staff turnover will increase in the first quarter. Some 72% of employers have increased their budgets for salary reviews in 2011 in an effort to reward and retain key staff. This has resulted in wages inflation being identified as a key business concern.
“It is a tight labour market and the people with skills in high demand will often have more than one job opportunity to consider. To secure new talent, employers need to offer competitive salaries and make efficient hiring decisions because the demand for professional skills outweighs the supply,” said Mr Norton.