A survey revealed that 80% of organisations in Singapore have found hiring ‘very’ or ‘quite’ competitive in 2023. 39% have lost out on hiring new talent in the last six months as they ‘can’t compete on salary and benefits’, and 44% expect ‘lack of skilled candidates available’ to be their greatest 2024 recruitment challenge.
Despite this, the research, conducted by global talent services company Morgan McKinley as part of its 2024 Salary Guide, found that 43% of Singapore businesses still plan to hire in the next six months.
On the candidate side, 41% of professionals in Singapore plan to actively look for new jobs in the next six months.
The survey also revealed that Singaporean workers were not happy with the benefits they received: 63% being ‘neutral’, ‘dissatisfied’ or ‘highly dissatisfied’ with their packages. The top five desired benefits Singaporean workers look for in a job are: Bonus, work from home, flexible working hours, health and wellbeing support, and health insurance.
‘Higher salary’ remains the most valued reason for wanting to move jobs at 43%, followed by ‘career growth and development opportunities’ at 14%. 60% of professionals in Singapore are optimistic that they will receive a salary increase in 2024 and 72% of employers plan to increase salary offers in 2024 for certain in-demand roles.
Gurj Sandhu, Managing Director of Morgan McKinley Singapore, commented: “Global markets have been challenging in 2023. After two years of double-digit GDP growth, companies are understandably tightening the purse strings and being strategic with their hiring strategies.”
“Despite a significant slowdown in hiring from the post-pandemic highs in Singapore, recruitment for top talent is still happening – but it has been difficult. Apprehension from jobseekers, the widening skills shortage due to international talent leaving the region, and increased hiring process length deterring candidates each played a role in this.”
Sandhu concluded:”In a difficult market where headcount may be reducing and workload per person is increasing, employee engagement and togetherness is key. It’s important you understand your people – their career goals and aspirations – to keep them engaged.”
“When the employment market improved in 2021, we saw a lot of movement, often referred to as the ‘Great Resignation’. Only time will tell whether we see a boom like this in 2024, however, if employees are not taken care of now, they will let this be known with their feet.”
The Morgan McKinley 2024 Salary Guide presents up-to-date and accurate salary data for a wide range of roles across Singapore, providing hiring managers with industry benchmarks when they are working out what to pay employees and giving professionals more visibility over what they can earn.
Research from 650 businesses and 3,400 professionals was conducted to find out what companies’ hiring intentions are for 2024, what the key motivators are for changing jobs, and what the expectations are for movement on salaries.