Rising advertising costs main barrier in talent acquisition, say hiring leaders

Over 83% say cost of accessing job boards is also prohibitive.

Small and medium-sized enterprises are struggling to overcome gaps in attracting and retaining top talent, Employment Hero, an HR tech firm, said.

According to the study, the main barrier SMEs encounter in talent acquisition is rising advertising costs for job vacancies, with 86% of business leaders agreeing advertising costs rose from the previous year, whilst 83% say the cost of accessing job boards is also prohibitive.

Other reasons for the rise in hiring costs include rising salaries, labour shortages, increased job board posting costs, and higher commission rates for recruitment agencies. 

SME leaders in Singapore also hit with a technology divide, with almost 70% said quality technology that aids with the hiring process is often financially out of reach.

Ensuring Singaporean SMEs have access to the right talent is critical for Singapore’s economy and growth, given 96% of Singaporean businesses are SMEs.

The study polled 515 hiring leaders in Singapore and Malaysia.