Singapore is facing a crunch for skilled talent
New skilled hires in R&D as well as digital-related functions can expect to receive an average pay increment of 15% in Singapore. This is due to a hiring boom led by the tech and healthcare sectors. A recent market report found that businesses are continuing to seek out talent who can help them overcome the challenges of the pandemic and facilitate their recovery. This means job functions that can increase efficiencies and help the company adapt to changing consumer preferences are in high demand. Unfortunately, employers are facing a lack of skilled talent in this area, thereby pushing companies to offer attractive salaries to fill the spots.
Findings from RGF International Recruitment’s annual report highlighted a similar trend across industries: skilled talent is in high demand, but in short supply. This has resulted in increased competition from employers, particularly among employers in the industrial and healthcare sectors. RGF found that the rise in compensation for both functions is in line with global trends as digitalisation and innovation continue to be priority areas of investment across industries.
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Mike Wilkshire, managing director at RGF Singapore said these trends are likely to intensify owing to the ongoing shortage of skilled digital and R&D talent. “While there have been many commendable efforts made by the Singapore government to bridge these skill gaps in the workforce, experienced senior talent in particular remains very hard to find,” he said.
“Employers hiring in these areas must be prepared, not only in terms of increasing compensation, but elevating their employer value proposition and speeding up their hiring process to beat the competition. This comes alongside the need for sustained efforts to upskill and prepare existing workforces to future-proof their business against skill shortages, as well as continuous upgrading of technical infrastructure to not only improve functionality, but attract top talent.”
