Singapore’s hiring expectations drop 5% in Q3 2011

And guess what is the number 1 reason managers are quitting?

The Hudson Report says most managers leave within a year because thier job role is not living up to their expectations.  

Hiring expectations show a small fall this quarter but are still at a high level, says a new study of over 400 executives across key business sectors interviewed last month.

According to The Hudson Report, 56 percent of respondents across all sectors forecast headcount growth in Quarter Three 2011, compared with 61 percent in Quarter Two.

Hudson released findings of its comprehensive quarterly The Hudson Report for Singapore. A key socio-economic indicator in the current marketplace since its Asia launch in 1998, the survey has been built on the premise that employers’ expectations of an increase or decrease in staffing levels represent a significant indication of their level of optimism in the growth of their organisation and their industry as a whole. The Hudson Report surveys the expectations of over 1,550 key employment decision makers in Asia from multinational organisations of all sizes in all major industry sectors.

Significant findings in The Hudson Report – Singapore Q3 2011 are:
Expectations have remained steady year-on-year: the 56 percent expecting to grow headcount this quarter is almost identical to Q3 2010’s 57 percent;

The factors that have had the greatest positive impact on company performance over the past twelve months are better management practices, restructuring the organisation and cost control measures;

Cultural fit is by far the most widely sought attribute in new managerial hires, being mentioned by 58 percent of respondents;

Nearly half the respondents surveyed say that the average tenure for managers is more than three years;

The most common reason for managers leaving within one year is due to their job role not living up to expectations.

Small decline in expectations
Hiring expectations are falling this quarter but remain at a high level. Across all the sectors surveyed, 56 percent of respondents expect to hire more staff in Q3, compared with 61 percent the previous quarter. The same trend is apparent in the other markets surveyed in Asia. Hiring expectations have risen rapidly in all sectors over the past two years and a levelling off was widely anticipated.

Georgie Chong, executive general manager, Singapore, Hudson, comments “Despite a five percent decrease from Q2, hiring expectations remain robust with fifty-six percent of employers planning to increase headcount. Nearly sixty percent of respondents cited cultural fit as the most sought after attribute in new managerial hires.” 

Photo from ScoRDS