Singapore’s employment market shows signs of strong recovery following the COVID-19 impact, as indicated in RGF International Recruitment’s latest report, “Advancing Beyond Recovery: Talent in Asia 2023-Singapore”.
The report surveys nearly 3,000 employees and employers across seven sectors, offering valuable insights for future talent acquisition and strategy development.
The report reveals an optimistic job market, with 64% of companies actively recruiting and an overall increase in the employment rate. Sectors displaying the most positive outlook are Healthcare & life sciences and Consumer goods, retail, and hospitality, both at 62%.
Despite this encouraging view, the report identifies a growing gap between employer and employee compensation expectations. While 77% of employers plan salary increases in the next six to 12 months, these increases are expected to be below what employees hope for.
Addressing this disparity, Mike Wilkshire, Managing Director of RGF Professional Recruitment Singapore, advises managers to understand and analyze employee sentiments, priorities, and motivations before crucial decision-making.
The report also highlights increased job-seeking activities, attributed to a desire for better salaries or benefits packages (55%), career progression opportunities (44%), and improved management style and company culture (37%).
The study further notes a growing preference for hybrid work arrangements, with 80% of employees reporting increased productivity and work-life balance satisfaction under such setups.
Tech, media & telecommunications, Consumer goods, retail & hospitality, and Healthcare & life sciences are the sectors most in favor of this approach.
RGF concludes with strategic recommendations for both talent and employers, emphasizing the need for continuous upskilling among professionals and tapping into senior-level talent for employers.
BusinessNewsAsia