SHENZHEN, CHINA, 28 APRIL 2011- Singapore hiring expectations level off but remain strong, according to a newly released report by Hudson forecasting headcount growth for the second quarter of 2011.
A new study of more than 450 executives across key business sectors interviewed last month indicates that employers are facing shortages of skilled talent as well as challenges in retaining their top employees.
The Hudson Report - Singapore Q2 2011 says hiring expectations are much higher than they were a year ago and the strongest demand is for sales staff. About 46 per cent of the respondents expect hiring to increase in this area.
The majority of those surveyed (69 per cent) said they are finding it difficult to recruit top talent than this time last year. According to the report, a shortage of required skills is seen as the major cause of hiring problems and 52 per cent consider staff retention as the most critical HR challenge over the next six months.
"Hiring expectations remain upbeat across all sectors," said Georgie Chong, executive general manager, Singapore, Hudson. "However, employers are now facing serious shortages of skilled talent and challenges in retaining key employees."
Hudson notes that as hiring expectations indicate little change this quarter, it can be assumed that the market is stabilising at a high level. About 61 per cent of the respondents surveyed across all the sectors intend to grow headcount in the second quarter when compared with 62 per cent in quarter one.
About 61 per cent of respondents expect to boost recruitment this quarter and this is an increase from 54 per cent in the same quarter last year. Expectations have risen in every sector surveyed except the banking and financial services sector, which experienced a fall from 65 per cent in the second quarter of 2010 to 59 per cent this quarter.
When asked about the areas in which they expect to increase headcount in the next six months, 46 per cent of respondents across all sectors say it will be the sales sector.
Respondents were asked why they find it more difficult to recruit top talent, and 81 per cent say a shortage of required skills is the most significant cause.
Staff retention is the biggest challenge for the respondents (52 percent) and 30 percent find it difficult to hire staff who fit the job requirements.
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