Skip to comments.More jobs chasing job-seekers (Singapore, epicenter of Capitalism)
Posted on 07/09/2011 9:17:16 AM PDT by nwrep
THERE are now even more jobs chasing jobseekers, according to the latest labour report by the Ministry of Manpower (MOM).
In the first three months of the year, there were 139 openings for every 100 job seekers - a figure not seen since the pre-recession highs of December 2007, MOM revealed yesterday.
This is an increase from the previous quarter, where there were 104 job openings for every 100 jobseekers.
Employment creation in the first quarter of the year was found to be stronger than what MOM had previously estimated, although it has eased from the robust gains during the initial rebound from the recession.
A total of 28,300 jobs were added in the three months through March, compared with an earlier estimate of 23,700. Most of the gains came from the services sector, which saw 26,500 new jobs added.
Construction recorded an increase for the second consecutive quarter, adding 1,500 workers on the back of more public- sector building activities. Manufacturing, meanwhile, registered small gains of 100.
Job vacancies rose 17 per cent from the quarter before to reach 54,000 - the highest since MOM started tracking such data in March 2006.
Companies in Singapore are hoping to capitalise on Asia's dynamic growth story and remain aggressive in their hiring spree.
The highly positive labour- market outlook is expected to persist till at least the third quarter of the year, according to human-resource experts that my paper spoke to.
"There's a huge demand for talent here now, since growth is concentrated so strongly on Asia, whereas the West is seeing an anaemic recovery," said Ms Georgie Chong, executive general manager for Singapore of recruitment firm Hudson.
"Multinational corporations all want a bite of the Asian apple, so hiring expectations remain upbeat across all sectors. The labour market now is certainly skewed towards employees."
Singapore's seasonally adjusted unemployment rate hit a three-year low of 1.9 per cent in March, down from the 2.2 per cent last December.
Human-resource experts urged jobseekers to take advantage of opportunities in the second and third quarters of the year, as companies are most active in recruitment during this period.
The demand for workers is expected to be strong, particularly for front-line jobs in the services, life-sciences and information- technology sectors. People with niche skills in areas such as banking and finance as well as risk-control management are also forecast to be in high demand.
Ms Chong said that, overall, employees can expect higher salary adjustments of between 4 and 6 per cent this year. For highly skilled employees who are looking to "jump ship", a median increase of between 20 and 30 per cent in their salaries is also likely.
Recruitment specialist firm Robert Half noted that the contract market also remains positive.
"Contractors also offer an effective solution to employers struggling to locate permanent staff due to the ongoing skills shortage in the industry," the firm said.
"Contract workers with niche skills command a pay premium of 5-10 per cent over their permanent counterparts, albeit without the same level of employee benefits."
Recruitment firm Randstad advised employers to make workforce productivity and talent management their top priorities.
Clear career-progression opportunities, innovative reward and recognition schemes, and forward-thinking retention practices are critical in keeping talents, said Ms Karin Clarke, Randstad's regional director for Singapore and Malaysia.
Too bad we did not “Outsource” the management of the “Stimulus” to Singapore.
Singapore works! (in several senses of the word)
Their work permit is a “500 - Internal Server Error”?
Singapore may be in certain ways “capitalist” in that taxes are low and investment and entrepreneurship are actively encouraged,
....but it is also very statist, though that may be inevitable given that they have very little land and have no option other than to literally live on top of one another.