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Source:
www.hudson.com/sg
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Q3 hiring expectations are at a five year high |
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Salaries are increasing and
candidates are declining job offers as they receive multiple job
offers and counter offers from their employers |
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Continued hiring increases means good news
for Singapore's workforce, while increased optimism continues to fuel
increasing economic growth. |
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Planned headcount increases are at 56%, and
are at their highest level since Quarter One (Q1), 2001. |
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This optimism is reflected in planned salary
increases and 7% of employers expecting to pay 15% or more, the highest
figure for any market surveyed in Asia. |
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Hudson, one of the world¡¯s leading
professional staffing, outsourcing and talent management providers and a
division of Hudson Highland Group, Inc. (NASDAQ: HHGP), today (18 Jul
2006) released findings of its comprehensive quarterly Hudson Report for
Asia. |
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With a reputation as a key socio-economic
indicator in the current marketplace since its Asia launch in December
1998, the survey has been built on the premise that employers¡¯
expectations of an increase or decrease in staffing levels represent a
significant indication of their optimism in the growth of their
organisation and their industry as a whole. |
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The Hudson Report represents the
expectations of over 2,300 key employment decision makers from
multinational organisations of all sizes in all major industry sectors
with 656 of these companies based in Singapore. |
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Significant findings in the Q3, 2006 Hudson
Report are: |
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¡¤ Compared to a year ago, hiring expectations have
substantially increased ¨C 56% of respondents in Q3, 2006 forecast
headcount growth, up from 52% in Q2 and 52% a year ago;
¡¤ Banking & Professional Services firms have the highest
expectations, with 66% forecasting increased hiring ¨C a sharp rise from
52% the previous quarter;
¡¤ Salaries are moving upwards, with 46% expecting to pay
rises of 5% or more and a further 7% to pay 15% or more, the highest
figure for any market surveyed in Asia;
¡¤ The largest salary increases are forecast by the
Banking, Media/PR/Advertising and IT&T sectors;
¡¤ Respondents are confident about the future, with 85%
saying their company¡¯s performance will be excellent or good in the next
six months;
¡¤ Many candidates are turning down offers with nearly
one-third of respondents reporting that they are experiencing refusals;
¡¤ Offers from other companies, higher salary
expectations and counter-offers by current employers are given as the
main reasons for candidates declining job offers. |
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Expectations still rising |
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The companies forecasting headcount
growth have increased from 52% in Q2 to 56% this quarter. |
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A further 42% of employers surveyed
anticipate that employment will remain steady and only 2% forecast
a decline in headcount. This is the highest figure for hiring
expectations for five years. |
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Mark Sparrow, Country Manager, Hudson
Singapore, says, ¡°Employment expectations are still rising and are
now higher than at any other time since Q1, 2001. The competition
for talent is pushing up salaries and candidates can choose
between multiple jobs offers resulting in many offers being
declined.¡± |
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Banking & Professional Services have
the highest expectations for headcount with 66% of respondents
saying they will hire more staff, a substantial increase from 52%
in Q2. The media/PR/advertising sector is buoyant, with 59% of
executives predicting headcount growth. |
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Strong upward trend in salaries |
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Employers are recognising that they
have to respond to the tight job market by raising salaries.
Overall, 46% of respondents anticipate paying increases of 5% or
more in the next year. A further 7% to pay 15% or more, the
highest figure for any market surveyed in Asia. |
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The Banking sector has the highest
number of respondents planning to increase salaries with 57%
anticipating paying 5% or more. |
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Positive outlook for the rest of
the year |
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There is a high level of confidence
about the outlook for the next six months. Across all sectors, 19%
of respondents expect their company¡¯s performance to be excellent
and a further 66% say it will be good. This is the second highest
level of confidence among the markets surveyed in Asia. |
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Many candidates are declining job
offers |
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The booming employment market means
that many talented staff are receiving several job offers. |
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The number of candidates turning down
job offers is becoming significant, with nearly one-third of
respondents - 32% - reporting that candidates have ¡°often¡± or
¡°sometimes¡± declined jobs in the last six months. |
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Higher salary expectations and
alternative offers are the main reasons for jobs being declined |
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The most common reasons for jobs being
declined are offers from other companies, higher salary
expectations and counter-offers by current employers. |
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Overall, 53% of respondents report
that candidates cite other job offers as the reason for refusing
an offer. |
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More..... |
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Source:
www.hudson.com/sg Press
Release 18 Jul 2006 |
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FrontPage Edition: Wed 19 July 2006
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