What HR needs to know about recruitment trends in Singapore for 2024

Singapore academic highlights top five EVPs as 'selling point for employers'

What HR needs to know about recruitment trends in Singapore for 2024

One of the top priorities for employers in Singapore when it comes to hiring is a candidate’s skills, according to a recent report from Randstad.

"When hiring, employers are considering not just the individuals' capabilities and motivations, but also their potential for growth," Jaya Dass, regional managing director for permanent recruitment at Randstad, said in a statement.

"Digital transformation and organisational optimisation underscore the importance of continuous learning in Singapore."

The findings were part of Randstad’s 2024 Job Market and Salary Guide, with the report adding, “Employers are continuing with their hiring in 2024, albeit more careful and deliberate with their workforce decisions."

So what other recruitment trends should employers look out for in 2024?

Key trends in recruitment

Wu Pei Chuan, Associate Professor in the management and organisation department at the National University of Singapore (NUS) Business School, reinforced the idea that skills are an important factor employers look for – whether they are technical, digital or cognitive skills.

But there is another attribute employers are looking for in new recruits – their attitude, Wu said.

“That means apart from the skills, it’s your self-efficacy, how you see yourself grow and how you help yourself to grow,” she told HRD Asia. “The curiosity and the lifelong learning attitudes are actually very important because you need to help yourself upgrade.

“It is very important for employers to actually look out for this rather than the in-demand skills that [candidates] possess, but also the growth potential that they want to see in this particular person.”

EVPs important to hiring

Wu went on to discuss some of the key recruitment trends in Singapore in 2024, one of them being the importance of the employee value proposition (EVP).

“Work-life balance, pay and benefits, job security, career and also financial health – these are the top five EVPs,” she said. “So I would think that EVPs will be important because that is the selling point for employers to show that they are the ideal employers for their candidates.”

Wu also referenced Randstad’s report, which identified a significant gap between what an employee considers an ideal employer versus what an organisation thinks it should be.

“That means how you handle the gap is actually very important,” she said. “So, how do you actually close the gap between what the potential employees want versus what you can offer as an employer versus what your competitors can offer as an ideal employer?”

Other key trends Wu mentioned for this year is a focus on career growth, upskilling and reskilling employees, as well as wellbeing and flexibility.  

In addition to those were employees valuing meaningful jobs and the importance of diversity, equity and inclusion, Wu added. 

“An important trend will be, as an organisation, will you be able to offer an inclusive working environment and also an equitable working environment?” she said. “So the DEIB trend will have implications for the attractiveness of the employers.”   

Strategies to attract talent

For employers looking to attract key talent, Wu suggests that they reflect on what they can offer.

“When potential talent says they are looking for is purpose and also a meaningful job, then to what extent can employers offer it?” she said. “So how can they position their EVP? How different is their EVP compared to their competitors?”

Wu also questioned whether it would be possible for an employer to offer a personalised EVP.

“Young talent or maybe middle career talent in a career transition – everyone needs something,” she said. “Are you able to differentiate that and also offer a unique EVP for specific employment groups? I think this will be something that HR teams can consider so that they can actually become the employer of choice for potential talent.”  

Wu added that it’s not just HR teams that select candidates, potential employees also have bargaining powers. She said candidates also consider options such as “what’s in it for me?” and “to what extent can I see myself grow in the company?”

“What’s lacking will be probably the long-term consideration in terms of the career progression,” Wu said. “The upskilling and reskilling to the extent that the new employees, when they come in, will they be able to see themselves continue to grow in this particular company?”

Tips for retaining talent

In terms of retaining talent, Wu encouraged HR teams to protect themselves from getting burned out, particularly as they are also busy redefining the flexibility and roles of employees.

“They themselves must stay healthy and also happy so that they can help their employees,” she said.

“Apart from that, they may want to consider doing a SWOT analysis to consider the strengths that the company has in terms of recruitment and retention. And what are the weaknesses that they have in the recruitment process and also, to what extent they can identify opportunities in different labour markets. And also, what are the threats that they are encountering.”

Another tip Wu shared was to look at the data on the reasons why employees are leaving their company as well as reasons why they chose to join the organisation.

“Clearly identify that from the data set,” Wu said. “So that it will be helpful to actually formulate their talent strategy.”

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