Channel NewsAsia - Friday, October 23
Sharp
rise in hiring expectations among firms: recruitment
survey
SINGAPORE: Hiring expectations among Singapore companies have
increased. A survey by recruitment firm Hudson, found that 34 per
cent of firms polled expect to increase headcount in the last three
months of this year.
But it also warned that companies may turn cautious
again when economic stimulus packages end.
More jobs are expected as employers start to hire
aggressively again, all thanks to Singapore’s economic engine which
is chugging again.
Initiatives like Jobs Credit have helped.
However, the government has announced that the wage subsidy scheme
designed to stem unemployment will end in June next year. Hudson
said companies might become cautious again then.
Gina Mclellan, country manager, Hudson Singapore, said: "That
would be a concern towards the end of next year when the package
comes to completion. This also happens internationally where a
number of stimulus packages will actually come to an end.
"Some as early as quarter one and then it would take a period
for the market to self—adjust, to come to terms to the fact that
they don’t have the savings anymore. So, I think there will be a
period of uncertainty to see how the global economy works with
these new constraints."
According to the Hudson Report, the higher hiring expectations
cuts across key business sectors. Banking and Financial Services is
the most bullish, with confidence returning to the sector, after
being battered by the financial meltdown.
Going forward, Hudson said the top HR priorities are talent
development and retention.
HR practitioners said reinstating cutbacks during the recession
would be an important incentive.
David Ang, executive director, Singapore Human Resources
Institute, said: "If companies are doing well and are making
profits and they’ve been able to manage cost and reduce their cost
because of sacrifices from the employee, then in addition to all
the things which I’ve mentioned earlier in terms of cost management
as well as in terms of productivity programmes, I think it’s good
to return some of these sacrifices back to the employee, and
encourage them to stay on and help with the growth of the
organisation."
The Hudson Report surveyed some 600 executives in August. —
CNA/vm
