Over the past six months, numerous Singaporean firms have missed out on attracting fresh talent due to prospective workers’ overall discontent with the benefits packages given to them.
According to the 2024 Salary Guide research by Morgan McKinley, a global talent services organisation, eighty percent of firms in Singapore had various difficulties when it came to recruiting fresh talent in 2023. Due to their inability to compete on pay and benefits, nearly four out of ten businesses said they had lost out on acquiring fresh talent in the previous six months. Additionally, according to four out of five firms, their biggest recruitment difficulty for 2024 will be a “lack of skilled candidates available.”
Conversely, four out of ten workers want to actively hunt for new positions during the next six months, with the most common reason given by 43% of respondents for wanting to change professions being a “higher salary,” followed by 14% for “career growth and development opportunities.” Sixty percent of workers anticipate a pay raise in 2024, while seventy-two percent of companies want to raise wage offers for specific in-demand positions in 2024.
Additional advantages that workers in Singapore are looking for include bonuses, remote work options, flexible scheduling, assistance for their health and well-being, and health insurance.
“Recruiting for top talent is still happening, but it has been difficult,” said Gurj Sandhu, Managing Director of Morgan McKinley Singapore, “despite a significant slowdown in hiring from the post-pandemic highs in Singapore.” This was caused in part by recruiting process lengthening, anxiety among job applicants, and the growing skills gap brought on by international talent fleeing the area.
Sandhu ended, saying that employee engagement and unity are critical in a challenging market when headcount may be declining and workload per person may be rising. To keep your workers motivated, it’s critical that you comprehend their dreams and professional goals.
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