SINGAPORE – Hiring expectations in Singapore have seen a modest increase this quarter – with more than nine in 10 employers saying that they will increase or maintain headcount in the remaining months of this year.
According to the latest Hudson report on employment trends published today, 35.9 per cent of respondents plan to increase headcount, while 57.3 per cent will maintain it.
Only 6.8 per cent of respondents will make cuts for the last quarter of this year.
The boost in hiring intentions comes as nearly two thirds of employees in Singapore report their workload has increased over the last year and almost half now work 51 hours a week or more.
Singapore is also seeing the highest levels of employee burnout in the region; with a third of employers reporting an increase in burnout.
Hudson, a global talent solutions company, had surveyed 426 Singapore employers in August for the October-December period.
Hudson said the survey findings reflect the measured optimism in the Singapore economy, which has remained relatively stable, enjoys low unemployment and benefits from sustained job creation initiatives.
The economy is, however, growing more slowly than forecast earlier this year.
Mr Andrew Tomich, executive general manager of Hudson Singapore, said: “All employers need to be aware that there is a great deal they can do to prevent burnout.”
“They need to provide greater clarity around roles and delivery expectations, improve alignment of employee skill sets and job requirements and hire contractors to support employees at risk of burnout. They should also prioritise workforce flexibility, embrace a culture of wellness and offer programmes giving employees the skills and knowledge to manage stress and prioritise their work effectively,” he added.
Healthcare & life sciences and consumer are the two most positive sectors; with more than half of employers planning to increase headcount over the next quarter.
Manufacturing and industrial companies are recruiting too. Around a third of employers in this sector said they will boost headcount this quarter.
Among the industries most likely to cut headcount are the IT&T enterprises (16.7 per cent) and banking & financial services (7.4 per cent).
Hudson said this is because these industries have been buffeted by global turmoil in the sector and with a series of domestic mergers and acquisitions taking their toll.
Looking forward, Mr Tomich believes that while the Singapore economy has yet to show signs of picking up despite forecasts that it would do so this quarter, there is still plenty to be optimistic about.
“Singapore was built on innovation and hard work, and the current workforce thrives in this culture of excellence and achievement,” he said.
Mr Tomich added, “As we move into the final quarter of 2012, it’s time for organisations to plan how they will achieve their business goals for 2013. We are in a highly competitive marketplace and companies that are hungry for talent, as well as those with more modest hiring expectations, need to ensure they have the appropriate strategies in place to help them secure the right people who will stay and add value to their organisation for years to come.”
The Hudson’s employment trends report has a reputation as a key socio-economic indicator in the current marketplace.
The report surveys the expectations of over 6,400 key employment decision makers in Asia Pacific including multinational organisations of all sizes in all major industry sectors.