A new survey revealed that 80% of organisations in Singapore have found hiring 'very' or 'quite' competitive in 2023. Around 39% of them have lost out on hiring new talent in the last six months as they were not able to compete on salary and benefits. The survey also revealed that 44% of employers expect the 'lack of skilled candidates’ to be their greatest recruitment challenge in 2024.
Despite fierce competition, 43% of Singapore businesses still plan to hire in the next six months, reveals the research, conducted by global talent services company Morgan McKinley as part of its 2024 Salary Guide.
In addition to employers, 41% of professionals in Singapore plan to actively look for new jobs in the next six months. The survey also revealed that Singaporean workers were not happy with the benefits they received: 63% being 'neutral', 'dissatisfied', or 'highly dissatisfied' with their packages.
The top five desired benefits Singaporean workers look for in a job are: bonuses, work from home, flexible working hours, health and wellbeing support, and health insurance.
'Higher salary' remains the most valued reason for wanting to move jobs at 43%, followed by 'career growth and development opportunities' at 14%. 60% of professionals in Singapore are optimistic that they will receive a salary increase in 2024 and 72% of employers plan to increase salary offers in 2024 for certain in-demand roles.
"Despite a significant slowdown in hiring from the post-pandemic highs in Singapore, recruitment for top talent is still happening - but it has been difficult. Apprehension from jobseekers, the widening skills shortage due to international talent leaving the region, and increased hiring process length deterring candidates each played a role in this,” said Gurj Sandhu, Managing Director of Morgan McKinley Singapore.
Sandhu emphasised that it is important to understand your people - their career goals and aspirations - to keep them engaged in a difficult market where headcount may be reducing and workload per person is increasing, employee engagement and togetherness are key.