How many employers are providing performance bonuses, salary increases?
Hiring plans in Singapore are back to pre-pandemic levels for 52% of businesses, according to a new report, as employers recover more roles and layoffs become less frequent.
A survey from JobStreet among 438 companies found that only one in 10 companies laid off at least one employee for the past six months.
Employers are also hiring for full-time roles in admin and HR, business and development, accounting, engineering, and customer service, which were heavily affected by layoffs during the pandemic, according to the report. There are also 25% of companies who are already planning on recovering hiring.
Apple's manufacturing partner Foxconn Technology Group is rolling a string of new incentives worth up to thousands of yuan in an attempt to win back employees who departed its major iPhone factory.
War for talent
In terms of headcount, over 60% of medium-sized and large organisations are more likely to increase the number of permanent staff in the next three months, while most plan to at least maintain their current headcount.
Employers should expect an intensified war for talent, says Chew Siew Mee, managing director of JobStreet by SEEK.
"Organisations will have to explore alternative working arrangements and opportunities to attract jobseekers in the current market," she says.
Singapore's Ministry of Manpower (MOM) has reported an "uptick" of retrenchments in the Information and Communications (I&C) sector over the recent months as global tech companies announced layoffs in their workforce.
Compensation, benefits improve
Employees' priorities have shifted because of the pandemic, where perks and benefits also become a critical factor for candidates in choosing their new employers, says Mee.
According to the report, three in five companies have provided performance bonuses, and three out of four have implemented salary increases.
Aside from improved compensation, 50% of companies have also implemented staff promotions within their workforce. Compassionate and marriage leave offers also became the most popular special leave benefit, while more employers (32%) also started offering birthday leave.
Chew urged other employers to relook at their talent retention and acquisition strategies if they want to win the war for talent.
"Companies need to stay competitive by adapting and transforming their polices, to consider jobseekers' needs and ambitions, to keep up with shifting expectations. These are critical steps for attracting talent given the stiff labour market.”
