Singapore companies still 'vigilant' in hiring

But these two sectors experience higher hiring expectations.

Randstad Managing Director for Asia Pacific, Ms Deb Loveridge commented on the Ministry of Manpower’s Labour Market Report Q2 2012.

On increasing employment creation and easing layoffs:
“With continued economic growth, Singapore remains in a fortunate employment position compared to many other developed economies. This is supported by the 16.5% quarter on quarter rise in total employment creation and strong growth within the construction and manufacturing sectors. The growth of the services sectors has eased by around 10% compared to the same period last year,” Ms Loveridge said.

On declining job vacancies
“With continued global economic uncertainties and slower growth reported in China and India, two of Asia’s economic powerhouses, Singapore recently lowered its estimated GDP growth from 3 per cent to 2.4 per cent.

“In this environment, Randstad is seeing Singapore companies taking a more vigilant approach when it comes to hiring. But we are experiencing stronger hiring in the following sectors – technology and financial services. Cautious optimism is the sentiment in the market at the moment,” Ms Loveridge said.

On the challenges facing employers:
“According to Randstad’s latest Workmonitor Q3 Survey, the majority (67%) of the companies in Singapore are facing various degrees of talent shortages. At the same time, more than a quarter (26%) of local employees have changed jobs in the last six months.

“In this tight labour market, a shortage of skilled talent and the high mobility rate makes it challenging for companies to maintain productivity levels and grow their businesses.

“Findings from Randstad’s surveys show better employment conditions such as training and career development and a greater work-life balance are the main reasons that employees switch companies.

“Companies therefore need to take a more forward thinking, strategic approach to human resource management. Providing relevant training and career development opportunities is a good way for companies to retain and groom the talent,” Ms Loveridge said.