A survey has revealed the top business challenges in Singapore
Seven in 10 businesses in Singapore struggle with hiring individuals with the right skills and/or attitude, based on an annual survey by the Singapore Business Federation (SBF).
Seventy-five percent of businesses here believe that hiring employees with the right skills is key to facilitating business growth. However, both large as well as small- and medium-sized firms (SME) consider talent recruitment a top challenge.
Roffey Park, a leadership and organisational development institute, gives pointers on how organisations can mitigate such challenges.
“Firstly, businesses can clearly define what the ‘right’ skillset/attitude means to them,” said Saradevi Gopal Prabhakaran, a researcher at the institute. “Then, they should ensure that their selection processes accurately select the people with the right criteria.
“Secondly, businesses need to ensure that they are attractive to potential candidates. It’s about knowing what people want and delivering on that end.”
Roffey Park had recently conducted research on “Working in Asia: Key HR and Leadership Priorities 2017” and found that workers typically look for the following points in an employer: good leadership, a culture that supports professional development, financial stability, as well as a non-political and flexible work environment.
SBF’s survey also found that 40% of employers have invested in training and skills development in the past year, which is a move in the right direction to counter recruitment issues, according to Roffey Park.
The institute’s research cites a lack of growth and development opportunities as the most-cited reason why employees decide to leave an organisation.
“Training and development is a key retention factor,” Saradevi said.
“When people are given ample opportunities for development, there is a greater likelihood of them staying. This results in lower turnover rates and less of a need to constantly recruit – which can be costly.”