Singapore's Chief Financial Officers along with other senior executives are more concerned about talent retention now than they were six months ago, according to Robert Half’s Employment Report for the second half of 2014.
Notably, respondents across the board expressed concern over losing top talent. All the senior leaders (100%) from banking and financial services who were surveyed remarked that they were concerned about retaining top talent, as compared to just 91% in the first half of the year.
With business confidence remaining at relatively high levels, Singapore’s corporate leaders are also planning to increase or maintain current staff levels over the next six months.
For business leaders in the banking or financial services sector, 49% plan to add new permanent staff, with 41% maintaining current levels. Another 7% are freezing all new hires while only 3% plan to reduce headcount.
Hiring within finance and accounting in the commerce and industry sector will remain buoyant in the second half of the year. More than half (55% )of CFOs are planning to add new permanent finance and accounting staff, while 39% will be maintaining their current headcount. Only 5% are freezing all new hires and 1% forecasting a reduction in headcount.
Recruitment of technology professionals will be slightly less active than for finance and accounting professionals with 44% of CIOs planning to add new permanent staff, 49% maintaining current levels, 7% freezing all new hires and none are looking to reduce headcount.
“We expect the hiring market for all three sectors to be particularly active for the next six months, as companies move to drive growth plans and take advantage of the global upswing of the economy despite the current labour crunch,” says Stella Tang, Managing Director of Robert Half in Singapore.
The challenges of hiring and retaining top talents will be exacerbated by high business confidence levels, coupled with strong intentions to expand the current headcount.
“Companies in Singapore will have to look at options besides simply increasing remuneration if they wish to attract and retain the best talents whilst keeping overheads low. Pro work-life balance and better employee engagement policies will have to be leveraged effectively to keep Singapore-based organisations globally competitive.”