ID :
188771
Wed, 06/15/2011 - 12:59
Auther :
Shortlink :
https://oananews.org//node/188771
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COMPETITION FOR TALENT IN SINGAPORE HOTS UP
COMPETITION FOR TALENT IN SINGAPORE HOTS UP
By Tengku Noor Shamsiah Tengku Abdullah
SINGAPORE, June 15 (Bernama) -- The competition for talent here is hotting up with the island nation reporting unemployment rate at three-year low of 1.9 per cent and with fewer workers laid off in the first quarter of 2011.
Randstad, the second largest human resource services provider in the world, said in this challenging market, employers would need to make workforce productivity and talent management their top priorities.
Its regional director, Singapore & Malaysia, Karin Clarke, said to negate the tight labour market, companies needed to provide staff with clear career progression opportunities, offer innovative reward and recognition programmes, and have forward-thinking retention practices.
Clarke was commenting on Singapore's Ministry of Manpower’s first quarter Labour Force Report released here Wednesday.
She said Singapore was also seeing the return of skills training and development, which was a particularly high priority for the Millennial Generation.
"Therefore, striking the right balance between recruiting new talent and keeping existing talent motivated will be the key to driving sustainable business growth.
"We are seeing wage pressure in Singapore with nominal monthly earnings rising by 8.5 per cent over the year in the first quarter of 2011," she said.
Clarke said employees were demanding higher wages, not only as a reward for their performance, but also to keep pace with higher inflation and increased living costs.
"Some companies are offering non-financial incentives such as a day-in-lieu as a reward for overtime, paid leave to attend external training, mentoring or management fast-track programs to help with career development.
"This approach to retention will assist to keep labour turnover low in this tight labour market.
"There is a clear need for smart people strategies to keep pace with Singapore’s growth," she said.
-- BERNAMA
By Tengku Noor Shamsiah Tengku Abdullah
SINGAPORE, June 15 (Bernama) -- The competition for talent here is hotting up with the island nation reporting unemployment rate at three-year low of 1.9 per cent and with fewer workers laid off in the first quarter of 2011.
Randstad, the second largest human resource services provider in the world, said in this challenging market, employers would need to make workforce productivity and talent management their top priorities.
Its regional director, Singapore & Malaysia, Karin Clarke, said to negate the tight labour market, companies needed to provide staff with clear career progression opportunities, offer innovative reward and recognition programmes, and have forward-thinking retention practices.
Clarke was commenting on Singapore's Ministry of Manpower’s first quarter Labour Force Report released here Wednesday.
She said Singapore was also seeing the return of skills training and development, which was a particularly high priority for the Millennial Generation.
"Therefore, striking the right balance between recruiting new talent and keeping existing talent motivated will be the key to driving sustainable business growth.
"We are seeing wage pressure in Singapore with nominal monthly earnings rising by 8.5 per cent over the year in the first quarter of 2011," she said.
Clarke said employees were demanding higher wages, not only as a reward for their performance, but also to keep pace with higher inflation and increased living costs.
"Some companies are offering non-financial incentives such as a day-in-lieu as a reward for overtime, paid leave to attend external training, mentoring or management fast-track programs to help with career development.
"This approach to retention will assist to keep labour turnover low in this tight labour market.
"There is a clear need for smart people strategies to keep pace with Singapore’s growth," she said.
-- BERNAMA
