Posted on 20/01/2016 by Gurpreet Chhatwal
Over the last 3 years one of the biggest challenges employers faced was the key strategic talent shortages. Singapore’s tight talent market still continues for niche or newly developed roles, however for other roles the reality is that there is more of a role war where they are more candidates than there are roles.
Over the past year, we have seen employers increase their contract roles in aim of creating a new ideal balance of permanent and contract employers with ratios of up to 60% : 40%. Although this method of hire has only been in the local market for the last 5 years, employers and candidates alike are understanding the benefits of such roles.
Local initiatives within the Singaporean market has employers ideally sourcing locals with relevant skills set and experience which saves them both time and money. However, the great 2016 employer challenge will be to further develop their retention strategies, especially for those companies within the technology and innovation sectors.
As in Europe and other regions, Asia will spend time to build retention strategies that are not just centred around cash bonuses. Other non-monetary benefits including flexible hours, career development, health benefits and creative leave options as well as internal studies and strategies to improve culture and engagement will be the focus.
Career progressive job seekers are taking advantage of non-project contract roles. With there being a high chance of non-project orientated roles having a high chance of being extended or going perm, job seekers can trial the employer and workforce. These roles are great to broaden ones’ career path and are also great stopgap arrangements for those in-between jobs.
On the salary front, professionals should not expect massive increases in salaries with the average increase being 3-5% for 2015 to steady in 2016. For those job seekers obtaining employment within new organisations expect to achieve increases of up to 10%.
If you want to find out more, download our Salary Guide for more market insights to support your business and career decisions during 2016; we look forward to partnering with you in the future.
Click to download now: http://executivedna.net/salaryguide.php