CFOs in Singapore have a tough 2018 when it comes to hiring and talent retention as turnover remains high at around 10% and an overwhelming majority—at 98%—of these executives are reported to have hired wrong people.
Hays recently published its 2019 talent trends for Singapore, which might help you work with HR in recruitment and retention.
Social media used often by job seekers and employers
As Singapore leads the way in social media penetration in South East Asia with 83% of the population on social media, it’s not unusual that this number reflects the changing dynamics between employers, employees and prospective employees, said Grant Torrens, Business Director at Hays Singapore.
“2019 will not only see a continuous proliferation in the use of social media by employers to attract candidates, but also the rise in candidates making use of their social media profiles and presence as part of their professional branding,” he noted.
He observed that more candidates also use YouTube video to submit job applications and leverage on their LinkedIn profiles to highlight their skills and experience instead of submitting traditional CVs.
Employees want flexi hours
Companies are progressively conscious of the importance candidates place on flexi hours as a key benefit, Hays said.
As such, they are taking full advantage of technologies that enable flexi hours or work-from-home schemes to attract new joiners and retain employees, the recruitment firm added.
According to a Hays survey, 44% of organizations in Singapore actively promote flexible and agile working as the default position of their business cultures and support it overtly, as opposed to the 33% of respondents that said otherwise.
Digital skills in demand
Employers have cited digital competence as one of the top prerequisites alongside the Singaporean government’s efforts in transforming the country into a ‘Smart Nation, Hays observed.
“Candidates with digital know-how and display a willingness to learn emerging technologies in this ever-changing landscape will continue to be highly coveted by businesses in 2019 and beyond,” Torrens said
Diversity and inclusion
Employers in Singapore have expressly included diversity and inclusion as a major component in their talent management strategies, said Hays, quoting its previous survey that 40% of organizations in the country implementing diversity and inclusion targets or KPIs, a higher number than that of the 33 per cent average in Asia.
Mobile-friendly job portals
In line with changing user behavior, and to enhance the experience of potential job candidates, talent acquisition and recruitment teams have ramped up their efforts in creating mobile-friendly job portals where jobseekers are able to easily apply for jobs on-the-go. 2019 will see a rise in such functionalities to facilitate mobile job applications, Hays noted.
Job seekers demand continuous learning opportunities
Job seekers have been increasingly concerned about the learning and development opportunities their employers can offer, Hays pointed out.
Many top-notch talents in the market in 2019 will expect to be supported in their continuous development, said the firm, adding that employers are urged to include employee development as a critical portion of their talent strategies.
AI improves hiring efficiency
While AI allows firms to screen massive amounts of applications in order to quickly find the perfect profiles, there are also emerging technologies adopted that enable them to suss out highly suitable but passive candidates according to the latter’s online behaviors, Hays said.
.With such functionalities at their disposal, HR teams in Singapore have improved efficiencies with the help of AI in securing the best talents in a candidate short market.
The other three trends Hays has highlighted include greater emphasis on cultural fit at interview, the growing popularity of temporary and contract work, and greater emphasis of companies on employee engagement and satisfaction in a talent-starved market.