Singapore, 20 December 2016: 36% of companies in Singapore are planning to increase headcount in 2017, according to initial findings from the Michael Page 2017 Asia Salary & Employment Outlook survey. Of the companies planning to increase headcount, 6 in 10 are looking to hire at middle-management level.
63% of companies who responded expect to offer employees a 1 to 5% salary increase. Nearly 450 employers in Singapore across various industries took part in the survey on 2017 employment trends.
The research also revealed that 56% of companies practise employer branding which strengthens their efforts in attracting and retaining talent. Organisations in Singapore recognise the importance of developing their employees for long-term growth and will continue to sustain efforts in 2017.
Despite predictions that the employment landscape will remain largely unchanged from 2016 with consistent hiring patterns, Anthony Thompson, regional managing director of Greater China, South East Asia & India, Michael Page, said market activity in Singapore is still expected to see a slight uptick, due to continued investment in three key industries.
“Digital, technology and healthcare are likely to be the country’s fastest-growing industries due to the government’s pledged efforts to boost investment in these sectors. As a result, employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles,” he said.
These niche technical requirements combined with requests from hiring managers for solid industry experience are likely to result in fierce competition for a limited pool of talent in 2017. Employers may need to adopt a more open-minded approach, hiring a candidate that possesses a majority of the required skills and invest in further training instead.
In addition, the survey revealed that companies in Singapore ranked salary increase (55%), learning and development opportunities (46%) as well as workplace flexibility and work-life balance (40%) as the three most important factors in attracting and retaining Singaporean talent.
For more insights, please refer to our Michael Page Singapore 2017 Salary Employment Outlook infographic.