Nearly 3 in 4 Singapore firms struggle to attract top-performing employees amidst gig economy

Employers are urged to use innovative approaches in hiring.

With Singapore's current economic structuring towards becoming a global digital economy, firms in the city-state are in need of fresh approaches to overcome the challenges in attracting and retaining talent.

According to a study by Willis Towers Watson, more than 65% of employers reported they were struggling to attract critical skill, while 66% have a hard time getting candidates with high potential. Around 74%, or nearly 3 in 4, reported difficulties in attracting top-performing employees. Further, the stydy revealed that one in four employers also reported challenges in retaining critical skills employees, and more than 50% reported difficulties in retaining high potential and top-performing employees.

Willis Towers Watson country leader for talent & rewards Darryl Parrant said the trend towards more mobile and virtual workforces and the freelance or ‘contingent’ worker in a gig economy will continue to be an important component of effective integrated workforce strategies.

“The recently launched plans by Singapore’s Committee on the Future Economy (CFE) highlight the need for businesses to be innovative, adopt stronger technological capabilities and integrate fresh approaches to respond to the changing business landscape. As the Republic continues its economic transformation, workplaces are experiencing a shift in how work gets done,” he said.

Parrant noted that employees are not seeing career advancements opportunities in some firms, pushing them to take flight and look for other jobs.

Meanwhile, another key driver of attraction and retention is job security.

“Employees should set their sights on their long-term work opportunities and career. In a volatile business environment with rapid disruption of existing business models, employees need to focus on career security, rather than just job security. The implication is that employees need to take ownership of their lifelong learning and career development and employers need to support them in this journey,” Parrant explained.

However, with the shift towards hiring more contingent workers come new challenges companies need to overcome. One such is finding employees who are engaged and interested in the organisation’s overall corporate culture and goals. With this, Willis Towers Watson said companies need to engage effectively with the contingent worker communities, be effective in recruiting and onboarding them and manage their performance to ensure corporate reputation, quality and regulatory and policy alignment.