Temporary staff command top dollar in manpower-hungry Singapore

Almost 3 in 4 firms are hiring contractual workers.

Interim professionals and temporary staff are currently in hot demand in Singapore, according to a report by human resource consulting firm Robert Half. Companies rushing to finalise accounts and kickstart strategies for the next year are on a frenzy to hire accounting, finance, and banking professionals.

Experienced employees who are willing and ready to work on an interim basis are commanding top dollar as firms grapple with a talent shortage that’s stretched from March to November this year.

According to a Robert Half survey of 550 chief financial officers (150 of which were from Singapore), the use of temporary staff and interim professionals have been growing. Compared to three years ago, 73% of Singapore firms have increased the number of interim professionals. This is well above Hong Kong (69%), Japan (68%), and UK (67%).

“Many companies find it easier to get approval for contract hires than it is to get approval to appoint more full-time employees. So when the work load increases, as it does at the end on the financial year, companies go into the employment market to temporarily beef up their teams,” said Robert Half Singapore Managing Director Stella Tang.

Further, more and more employees are opting for contact or interim basis employment as it allows for more leg room to juggle family responsibilities, or to use time between projects to pursue other endeavors.

“Experienced, seasoned professionals are highly sought after, whether they are changing track mid-career or consulting for the duration of a specific project, such as the evaluation of a company’s risk management capabilities or implementing business systems. As with many consultant positions, they may also be asked to stay longer or join in a full-time capacity if they prove themselves indispensable,” Tang concluded.