Singapore firms losing top recruits due to this

The issue has been frequently highlighted - is HR doing enough to attract and hire the best talent?

BY Nurhuda Syed 15 Aug 2018

Jobseekers within Singapore’s financial sectors are becoming increasingly impatient during the recruitment process, according to Robert Half. Failing to make a quick decision is thus leading to the loss of potential top talent.

A survey of 150 CFOs in Singapore found that two-thirds (67%) of candidates have become more unwilling to wait to find out if they got the job compared to 12 months ago.

Even after accepting a position, 88% are willing to quit within the first month if the job doesn’t match their expectations.

When asked why finance candidates have become more unwilling to wait to find out if they got the job, more than half (54%) of CFOs cited a change of attitude in job applicants – which is indicative of the power balance shift towards candidates in a skills-short market.

Other reasons why finance candidates have become more impatient:

- an increase in counteroffers (46%)
- an increase in jobs available for finance candidates (45%)
- an increase in the number of interview rounds (41%)
- an increase in the total duration of the hiring process (20%)

“We’re witnessing candidate attitudes towards the recruitment changing as a result of the supply/demand imbalance within Singapore’s job market, particularly within the financial sectors where it’s becoming increasingly challenging to source qualified professionals,” said Matthieu Imbert-Bouchard, managing director at Robert Half Singapore.

“Top candidates are unlikely to wait around if they haven’t received a timely response before accepting an offer elsewhere, highlighting the need for employers to act fast once they have found a match – otherwise they risk losing their preferred candidate to the competition.”

In a further study of 500 jobseekers across Singapore, four in 10 (40%) admit they decide whether they would or wouldn’t accept a position straight after the first meeting.

One in three (34%) wait until the contractual negotiations or until they have completed subsequent interviews to decide.

However, highlighting that first impressions count, 15% know if they are interested within the first five minutes of the interview and 11% decide after the first communication (call/email).