Unemployment rate of 2% the lowest in 14 years

But there is still a shortage of talent across the board as companies look to hire experienced and skilled staff, according to Randstad.

Commenting on the Ministry of Manpower’s Employment Situation Report and Labour Force Report 2011, Randstad Regional Director Ms Karin Clarke said the average unemployment rate of 2% in 2011, the lowest recorded in 14 years, reflects strong demand for manpower in Singapore.

“There is still a shortage of talent across the board as companies look to hire experienced, skilled staff. This is reflected in the 2.2% increase in employment for professionals, managers, executives and technicians (PMETs) compared with 1.5% increase for nonPMETs, which Randstad is seeing with our clients,” says Ms Clarke.

A diversified workforce
Ms Clarke noted that the number of those aged 25-64 years in employment rose significantly from 77.1% in 2010 to 78% in 2011. Singapore has been successful in encouraging older workers to stay in the workforce (an increase from 59% to 61.2% in 2011).

Together with the increase in female participation in the workforce (71.7% to 73% year-on-year), Singapore companies today have access to a wider pool of diversified talent that is skilled, educated and experienced.

On increasing productivity
“Companies offered fewer training opportunities in 2011, with the rate declining 29% in 2010 to 27% this year. This is unfortunate as it will impact productivity - a strong component of an organisation’s competitive advantage and source of growth in this uncertain economy.

We also know from the Randstad World of Work Report 2011/12 that training and development opportunities are important for retention as a third of respondents cited lack of opportunity for growth and advancement was the key reason for leaving an organisation,” says Ms Clarke.