Employment opportunities in Singapore for 2011 are expected to remain robust with an increased number of opportunities in various sectors, based on supportive external and domestic factors for improved hiring demands within these sectors, according to the the Kelly Services’ Employment Outlook and Salary Guide 2011/12.
The study finds that there is an increased number of opportunities in the banking and finance, manufacturing, engineering, retail, chemicals, info-communications, tourism and hospitality sectors.
Singapore-based companies are offering salary increment and benefits to skilled workforce, with an average increase of 7 - 10 percent among non-executive and executive levels.
Salaries for skilled workforce within the financial services, retail and services industry registered an 8 - 10 percent increase in minimum salary.
The study notes there was a higher demand for well-rounded candidates who are able to build customer relationship and meet performance expectations.
Another highlight of the report is the increased demand for talent with specialized skills in areas of sales, marketing and business development, mechanical engineering, administration, human resources and financial services.
According to the study, the human resources practitioner is expected to play an increasingly strategic role as attracting and retaining talents become a major global issue.
The pick-up in electronics demand and further capacity expansion in the chemicals segment (from new plant operations and increased petroleum output) should boost manufacturing growth in the coming quarters, says the study.
Meanwhile, the retail, tourism and hospitality sectors have seen an increase in demand for talent as well.
The financial services and manufacturing industry in Singapore has gained momentum chalking a year-on-year (YOY) growth of 13.1% for the manufacturing sector while financial services gained 11.3% growth (YOY) with an increase in hiring of talents during the last quarter of 2010 and quarter one of 2011.
“Well rounded candidates who can foster and build customer relationship rather than just simple transactional relationship are in greater demand as these candidate help to build customer loyalty and allow the company to reap greater value over a single customer’s lifetime. This elevates the customer value and increases bottom line in sustaining long-term profitability for an organization,” says Melissa Norman, Kelly Services Singapore and Malaysia’s Managing Director.
The survey results as reported in the Kelly Services’ Employment Outlook and Salary Guide 2011/2012 points to an exciting year with higher wages from a robust job market. With a healthy 8.3 percent Q1 growth and a forecasted GDP growth for 2011 raised to 5-7 per cent based on the high base of 2010, the outlook for Financial Services is upbeat. Singapore will create more jobs in Financial Services during the next 12 months than any other city and has rapidly established itself as the destination of choice for City firms looking to expand their business in Asia. Singapore’s hedge-fund industry grew S$59 billion ($48 billion) at the end of 2009, from about $10 billion in 2005.
“The human resources practitioner’s top priority should be staff retention, succession planning, as well as leadership and skills development through training and development, to contribute towards achieving a high performance-based business. The global workforce is changing and is challenged by macro-demographics shifts, with employees willing to move to work in another city for a job. This has made ‘talent mobility’ a key focus for most organisations besides salary, remuneration and benefits,” advises Norman.
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