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Singapore employers focus on staff retention

Anuradha Shukla | Oct. 11, 2011
Positive outlook despite concerns around the global business environment.

Retaining staff is high on agenda, according to the latest Michael Page Employment Index, which provides a snapshot of hiring and business confidence trends for the white-collar employment market in Singapore.

Half of the employers surveyed are set to place a major focus on staff retention in the fourth quarter and about 33 percent of employers will be increasing headcount during the same period.

The hiring scene looks bright in Singapore despite concerns around the global business environment and higher salaries are given to those with international experience.

"Although uncertainty exists around the strength of global economic conditions, employers in Singapore are continuing to invest in their people and the outlook for the professional employment market remains positive," said Andrew Norton, regional managing director of Michael Page, Southeast Asia.

Gateway to Southeast Asia

Singapore is seen as a key regional trading centre by multinational and domestic companies that are investing in the nation to establish themselves in Southeast Asia.

Most of the companies surveyed (48 percent) by Michael Page International said that performance-based rewards will be the most common retention strategy used over the coming months.

These companies are also keen on hiring candidates with a strong professional background in the Asia market.

"The retention of key talent continues to be a critical business challenge for employers in Singapore, so it is encouraging to see more companies now in the position to financially reward their top talent. The shift towards offering financial incentives is a positive indicator that domestic business confidence is growing," said Norton.

"International experience is considered a highly valuable attribute in prospective employees, particularly as more employers look to expand their presence throughout the region. Candidates with a strong understanding of business operations in Asia are in a very good position to negotiate attractive salaries for themselves in the current market."

 

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