Prioritize employee satisfaction, employers urged

It’s the way to stay afloat in this tough labor market.

The MoM’s recently released Q1 2014 Labour Market Report highlights the fact that good employees are hard to find. The report revealed today that job vacancy is rising and Singapore’s employees are working fewer hours.

According to Michael Smith, country director of Randstand Singapore, these statistics only show that Singaporean companies are on the right track in ensuring productivity even with a manpower shortage.

But Smith also warned that employers may still be at risk as talent scarcity remains strong with an unemployment rate of 2%.

“To combat talent shortage, companies in Singapore need to fine-tune their human capital strategies to attract and retain employees. Adopting flexible work practices improves employee engagement and satisfaction and creates a culture of trust, which in turn helps to attract and retain talent,” stated Smith.