Tuesday, January 8, 2013

Singapore Hiring Market Report 2013

Morgan McKinley Singapore releases Singapore Hiring Market Report  each year which provides analysis of trends and forecasts based on our survey of employers. Morgan McKinley’s Singapore Hiring Market Report provides analysis of trends and forecasts taken directly from our annual survey of employers across the country. We surveyed over 700 hiring and operational managers across financial services and commerce & industry in Singapore and the Asia-Pacific region to give you an insight into hiring trends for 2013. We have also included an analysis of the findings from our Hong Kong and China surveys. We hope that you
find this report informative and we welcome your feedback.

These highlights below are from Singapore Hiring Market Report 2013:

Financial services:
Across the financial services sector in Singapore, employers said:
  • More than two-thirds (68%) cited the impact of the global economy on Asia-Pacific as a growth market as a concern.
  • Headcount limitations and economic conditions globally and locally will be key factors impacting hiring levels, according to nearly a third of hiring managers.
  • Overall, 72% plan to hire in the next six months, with 60% of these also expecting some headcount losses.
  • Nearly all managers (95%) expect to secure permanent hires, with 50% also planning to recruit temporary and contract staff.
  • Replacement hiring will dominate for 70% of organisations; however, 50% will also add new headcount.
  • Compared with the last 12 months, 74% believe that hiring will not fall in the next 12 months, but only 22% expect a rise.
Commerce & industry:

Hiring managers across multiple functions in Singapore’s commercial 
organisations told us:
  • Only 44% believe that global uncertainty will significantly affect the growth of Asia Pacific.
  • Key factors influencing hiring levels are headcount allowances (50%) and the company or team’s performance (47%).
  • 45% of companies will be hiring – without any job losses in the next 6 months.
  • Permanent hiring is a focus for 88%, while 51% will hire temporary or contract employees.
  • 64% expect that they will be adding new headcount.
  • Increased hiring levels are expected by 36% in the next 12 months compared with the previous 12 months.

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