The report by KellyOCG reveals that 70 percent of C-suite leaders in Singapore believe that mid-level positions will see the most growth for contingent workers as more companies turn to the contingent workforce as a key talent source. Nearly three in five (58%) in Asia-Pacific partner with contingent workers to increase talent supply and tackle talent shortages while the contingent workforce has continued to grow in the region.
This year, one third (33 percent) of organizations surveyed have a contingent workforce that comprises more than 30 percent of their total workforce – an increase of about 20 percent since 2017. C-suite leaders in Singapore saw the highest growth of contingent workers in the region, representing 38 percent of the total workforce, up from a mere eight percent last year among companies that have more than 30% of contingent workers. KellyOCG defines contingent workers, otherwise widely known as free agents or gig workers, consisting of freelancers, independent contractors, micropreneurs, small-business owners and temporary or contract workers.
Despite the increasing importance of the contingent workforce in enabling companies to become more agile with 78% of companies in Singapore planning to include contingent workers in their talent pool, the survey revealed that companies in Singapore are not equipped to manage contingent workers in their organizations.
Only 10% have processes and policies in place to manage the contingent workforce within the next six months, and 12% said they have no existing plans to do so. In addition, businesses in Singapore saw the largest drop in confidence in HR, with only 26% engaging HR at the start of business strategy development, dropping from 56% last year. It also scored the lowest in the region which has an average of 34%. This signals that HR is playing a diminished role in the overall business strategy and organizations may not be fully prepared to face head-on with the changing forces of talent winds.