Hiring expectations have more than doubled in the third quarter, compared to the same period in 2009, with four in ten employers prepared to offer more than 10% pay increments to retain top talent.
Hudson Report points to increased hiring and salaries
According to the quarterly Hudson Report Singapore recruitment services provider Hudson, 57% of over 500 executive respondents across all sectors predict headcount/hiring growth in the third quarter (Q3) of 2010. This is a slight increase compared to the 54% polled in Q2 and a sharp spike from 26% polled a year ago. Only 4% anticipate a reduction in staff numbers in the next three months. Georgie Chong, executive general manager for Hudson Singapore, said, “Expectations are still climbing and are now at their highest level since Q1 2001.”
Chong added that the war for talent is heating up as candidates find it easier to change jobs. To prevent a high attrition rate from top talent, 42% of respondents are willing to increase salaries by more than 10% as part of a counteroffer. Only 22% are reluctant to offer a pay raise.
However, employers are finding it hard to attract new employees, with 40% saying candidates have declined their job offers in the last six months. This is an increase from 32% of respondents who were rejected by candidates in 2006. The survey suggested that the job market is shifting with candidates now in a stronger position to turn down offers. Only 21% said they did not receive any refusal.
On the reasons for job refusal, 55% of respondents said candidates have higher salary expectations now. Slightly over half attributed it to candidates accepting an offer from another company while 38% cited counteroffers from present employers as an issue.
Work-related stress levels are also rising in the Singapore business landscape with 72% attributing the most significant cause to an increase in the work volume. A lack of support was another key factor for the stress levels, said 31%.
Sources and references: HRO, Hudson, Topics: Hiring, Salaries
