Employers in search of skilled talent amid jobseekers' demand for training, higher salaries: survey
Hiring will continue for a lot of organisations in Singapore this year - but a new report has noted that employers will be looking at more than just candidates' capabilities and motivations.
The 2024 Job Market and Salary Guide report from Randstad revealed that employers will be taking a different approach on hiring talent this year.
"Employers are continuing with their hiring in 2024, albeit more careful and deliberate with their workforce decisions," the report read.
According to Randstad, employers' top priority will be the candidates' skills.
"When hiring, employers are considering not just the individuals' capabilities and motivations, but also their potential for growth," said Jaya Dass, Regional Managing Director for Permanent Recruitment at Randstad, in a statement.
"Digital transformation and organisational optimisation underscore the importance of continuous learning in Singapore."
Role of skills in hiring
These findings align with previous research from Randstad that revealed employees, particularly Millennials and Gen Zs, are also looking for career growth opportunities.
In fact, one out of three of them said they would leave their job for this reason.
To attract and retain talents, Randstad suggested that employers should do more than offer training programmes in the workplace.
"Organisations now have to drive and engage in dialogues with their employees about their career aspirations to customise learning paths and growth opportunities," the report read.
"By making learning the core part of their jobs - even a key performance indicator for promotions - employers have an opportunity to cultivate a high-performance and highly skilled workforce."
Salaries impacting recruitment
Meanwhile, the report also underscored the importance of offering greater salaries as real wages in Singapore "have not yet kept pace."
According to the report, talents with more experience will have higher salary expectations.
"To many employees, salary does not only determine their symbol of status, but also provides them with a much-needed financial buffer during times when expenses and interest rates are high," the report said.
Randstad said employers need to be prepared to meet new salary expectations if they want to have access to a larger pool of candidates.
"In an already talent-scarce market, employers who build and invest in their workforce next year demonstrate the certainty and confidence that many job seekers are looking for," the report said.
Data from the Singapore's Ministry of Manpower revealed that the proportion of firms planning to hike salaries in early 2024 went up from 18% to 32.6%.