Agenda• Singapore’s Headlines• About the survey• Key findings• Observations• Some solutions• Q&A
Headlines….• S’gore still attractive to Global Firm(Business Times – Jan 29th)• Job vacancies in services sector highest (Business Times – Jan 29th)• Number of job vacancies hit new high in 2012 (Channel NewsAsia – Jan 28 th)• Several foreign firms prepare to leave S’pore (Business Times – Feb 5th)
Headlines….• F&B businesses find solutions for manpower crunch (Channel NewsAsia – Jan 28 th)• Manpower cost worries most SMEs (Biz’ Daily – Jan 18th)• Singapore’s high cost of living may come at a cost (CNBC – Jan 30 th)• Are women wrecking their won careers? (Weekend – Feb 2 nd)
Headlines….• Re-employment law see positive results (Channel NewsAsia – Feb 4 th)• Let remuneration be set according to market principles (Channel NewsAsia – Feb 4 th)• Slower workforce growth will severely impact businesses (Channel NewsAsia - Jan 31st)• Call to relook curbs on foreign labour inflow (Strait Times – Feb 4th)
Latest EDB Report 2012 Actual 2013Indicator 2011 Actual 2012 Forecast ForecastFixed Asset Investments 13.7 13.0 – 15.0 16.0 11-13(S$ billion)Total BusinessExpenditure Per 7.3 6.0 – 7.5 6.2 6.5-8Annum (S$ billion)Expected Value-AddedPer Annum 15.5 15.0 – 17.0 20.3 16-18(S$ billion)No. of Skilled Jobs* 20,300 18,000 – 21,000 18,600 19,000-22,000 Source: Economic Development Board*Skilled Jobs are defined as occupations in the Professional, Manager, Executive, Technician and Skilled Production Craftsman categories
About this survey• Annual survey.• Combine both quantitative and qualitative research derived from our national survey of employers and our extensive involvement in the professional labour market.• Completed by 300 clients.• Coming from all major industry sectors covering 10 key areas of specialisation: Finance, Financial services, Healthcare & Life sciences Human Resources, Legal, Oil & Gas, Procurement & Supply Chain, Property Construction, Sales& Marketing, Technology.
Key findingsEmployers in Singapore expect their businesses to be faced with a skillsshortage in 2013 due to staff turnover across all sectors • Staff turnover will lead to a limited supply of available talent in the white collar job market. • Supply Chain, Sales, Marketing and insurance areas continue to establish their headquarters in Singapore. • More job opportunities become available, continued demand for top talent
Key findingsChallenge for employers…Talent attraction and retention as skill shortages exist and regional knowledgeand expertise are likely to be difficult to find.What to expect...Salaries will rise above inflation in the next 12 months (excl. FinancialServices).
Statistics• 56% of employers expect staff turnover in the next 12 months.• 42% anticipate a skills shortage.
Key findings• 60% believe a skills shortage will cause salaries to rise above the rate of inflation.• 40% indicating they will offer salary increases of 4-6%.• Average increment to move in 2012 was 10-15%. Note: inflation rate average in 2012 4.6%
Key findings• To attract and retain sought- after talent, 35% of employers rate recognition and reward incentives as the most important tool.• 61% of employers also provide flexible working arrangements.
Key findings• 52% of employers offer flexible salary packaging or Fringe benefits: - Company car - Private healthcare fringe benefits. - Pension - Gym membership - Housing• 46% of employers will give - Schooling - Stock options etc. bonuses on a discretionary basis.
Highlights and market observations• Recruitment activity has been steady for the last 12 months.• Singapore continues to grow as a hub for Asia Operations.• Increase in Regional role opportunities across all sectors .• Increase demand for talented professional with broader Asia exposure and experience working in China, Malaysia or Japan.• We expect the market to remain in line with 2012.
Singapore vs. Hong KongEmployers… Hong Kong Singapore... will increase salaries for top 22% 14.5%performers only in 2013… offer flexible salary packaging 61% 52%… give provision of staff bonus fixed 81% 42%percentage on base salary 41% of employers in Hong Kong recognised the need to develop more targeted attraction strategies and 33% think it will be difficult to maintain headcount.
Some solutions• Diversity• Tailor made / Flexible compensations and benefits• Recognition and career management• Employee mobility• Employee engagement• Government lobbying
About Michael Page As part of PageGroup, Michael Page is a leading professional recruitment consultancy specialising in the recruitment of permanent, contract and temporary positions on behalf of the world’s top employers. First established in London in 1976, we’ve been bringing job seekers and employers together for more than 30 years. The Group now operates through 164 offices in 34 countries worldwide and our presence in the Asia Pacific region extends across Singapore, Taiwan, China, Thailand, Hong Kong, Japan, India, Malaysia, Australia and New Zealand. Please contact Andrew Norton, Regional Managing Director, SEA, firstname.lastname@example.org or call +65 6533 2777