Many 'can't compete on salary and benefits,' finds survey
Eighty per cent of organisations in Singapore have found hiring 'very' or 'quite' competitive in 2023, according to a survey.
How? Four in 10 (39%) have lost out on hiring new talent in the last six months as they 'can't compete on salary and benefits', and 44% expect 'lack of skilled candidates available' to be their greatest 2024 recruitment challenge.
Despite this, 43% of Singapore businesses still plan to hire in the next six months, finds the survey by talent services company Morgan McKinley.
"Global markets have been challenging in 2023. After two years of double-digit GDP growth, companies are understandably tightening the purse strings and being strategic with their hiring strategies," said Gurj Sandhu, Managing Director of Morgan McKinley Singapore.
"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."
Candidates actively looking for new jobs
On the candidate side, 41% of professionals in Singapore plan to actively look for new jobs in the next six months.
That’s possibly because many Singaporean workers are 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: Bonus, work from home, flexible working hours, health and wellbeing support, and health insurance, finds the survey as part of Morgan McKinley’s 2024 Salary Guide.
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‘Higher salary’ most valued reason to leave job
'Higher salary' remains the most valued reason for wanting to move jobs at 43%, followed by 'career growth and development opportunities' at 14%.
And 60% of professionals in Singapore are optimistic that they will receive a salary increase in 2024 while 72% of employers plan to increase salary offers in 2024 for certain in-demand roles.
"In a difficult market where headcount may be reducing and workload per person is increasing, employee engagement and togetherness is key. It's important you understand your people - their career goals and aspirations - to keep them engaged,” said Sandhu.
Research from 650 businesses and 3,400 professionals was conducted to find out what companies' hiring intentions are for 2024, what the key motivators are for changing jobs, and what the expectations are for movement on salaries.