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Press Release - Hudson Report SG - October 2012

Contact:
Foo Tun Chuan
Hudson
O: (65) 6430 5540
M: (65) 9663 5428
tunchuan.foo@hudson.com

Media Release

Embargoed until Thursday, 11 October 2012 2:30 pm

MAJORITY OF EMPLOYERS ARE MAINTAINING HEADCOUNT

Over sixty percent of employees are experiencing an increase in workload, the highest figure in all Asia-Pacific markets surveyed says new report

SINGAPORE – 11 OCTOBER 2012Hiring expectations in Singapore have seen a modest increase this quarter; the majority (93.2%) of employers say they will increase or maintain headcount in the remaining months of 2012 according to the latest Hudson Report: Employment Trends published today.

Just over a third (35.9%) of respondents plan to increase headcount while more than half (57.3%) will maintain it and just 6.8% will make cuts for Q4.

The boost in hiring intentions comes as nearly two thirds (60.8%) of employees in Singapore report their workload has increased over the last year and approaching half (45.5%) now work 51 hours a week or more.

Singapore is also seeing the highest levels of employee burnout in the region; a third (32.6%) of employers reported an increase in burnout.

Hudson (NASDAQ: HSON), a global talent solutions company with expertise in leadership and specialised permanent and contracting recruitment, RPO, talent management, eDiscovery and project solutions, surveyed 426 Singapore employers in August for the October-December period.

The survey findings reflect the measured optimism characterising the Singapore economy, which has remained relatively stable, enjoys low unemployment and benefits from sustained job creation initiatives.1 The economy is, however, growing more slowly than forecast earlier this year.2

Preventing burnout

Andrew Tomich, Executive General Manager of Hudson Singapore, said: “All employers need to be aware that there is a great deal they can do to prevent burnout. They need to provide greater clarity around roles and delivery expectations, improve alignment of employee skill sets and job requirements and hire contractors to support employees at risk of burnout.”

“They should also prioritise workforce flexibility, embrace a culture of wellness and offer programmes giving employees the skills and knowledge to manage stress and prioritise their work effectively,” he added.

Most confident industries

Healthcare & Life Sciences is the most positive sector; more than half (56.7%) of employers plan to increase headcount over the next quarter. Consumer is also positive; a similar figure (53.7%) of employers expect to add to their teams in the next three months. Manufacturing & Industrial companies are recruiting too; around a third (34.2%) of employers in this sector says they will boost headcount this quarter.

Less confident industries

Buffeted by global turmoil in the sector3 and with a series of domestic mergers and acquisitions taking their toll, IT&T enterprises are among the most likely (16.7%) to decrease headcount, followed by Manufacturing & Industrial (7.5%) and Banking & Financial Services (7.4%).

The contractor factor

The contracting market remains steady in Singapore – with a trend towards longer-term contracts that allow employers to benefit from the flexibility of contractors but provide those professionals with a greater degree of job security. Figures for Q4 show most companies (77.9%) intend to maintain their contractor base, close to one in five (17.6%) plan to increase it and just one in twenty (4.5%) intend to cut numbers.

Contractors are most highly sought after in IT&T and Healthcare & Life Sciences (both 20.0%), followed by Manufacturing & Industrial.

Q4 is typically a ‘soft’ quarter as organisations focus on reviews and planning before the financial year end and this can have a negative impact on demand for contractors. In IT&T and Banking & Financial Services, need is greatest for contractors with application or business solution-related expertise including project managers and systems/business analysts supporting specific business functions such as supply chain, logistics or sales and marketing.

Looking forward

Mr Tomich believes that while the Singapore economy has yet to show signs of picking up despite forecasts that it would do so this quarter, there is still plenty to be optimistic about: “Singapore was built on innovation and hard work, and the current workforce thrives in this culture of excellence and achievement.”

Mr Tomich adds, “As we move into the final quarter of 2012, it’s time for organisations to plan how they will achieve their business goals for 2013. We are in a highly competitive marketplace and companies that are hungry for talent, as well as those with more modest hiring expectations, need to ensure they have the appropriate strategies in place to help them secure the right people who will stay and add value to their organisation for years to come.”

 

The Hudson Report: Employment Trends report has a reputation as a key socio-economic indicator in the current marketplace. Since its launch in 2000, 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 level of optimism about the growth of their organisation and their industry as a whole. The report surveys the expectations of over 6,400 key employment decision makers in Asia Pacific including multinational organisations of all sizes in all major industry sectors. Respondents were also surveyed about their employees’ working hours and whether this has increased compared to a year ago, whether increased levels of burnout are evident among their employees as well as effective methods to prevent employee burnout at work.

- ENDS -

Editor's Note

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Hudson Global Resources (S) Pte Ltd. (EA Licence: 03C4590)

Hudson is a global talent solutions company with expertise in leadership and specialized recruitment, contracting solutions, recruitment process outsourcing, talent management, outplacement and eDiscovery. We help our clients and candidates succeed by leveraging our expertise, deep industry and market knowledge, and proprietary assessment tools and techniques. With more than 2,000 people in 20 countries, and relationships with millions of specialized professionals, we bring an unparalleled ability to match talent with opportunities by assessing, recruiting, developing and engaging the best and brightest people for our clients. We combine broad geographic presence, world-class talent solutions and a tailored, consultative approach to help businesses and professionals achieve higher performance and outstanding results. More information is available at Hudson.com.

Forward-Looking Statements

This press release contains statements that the company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “predict,” “believe” and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties and assumptions, including industry and economic conditions' that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; risks related to fluctuations in the company's operating results from quarter to quarter; the ability of clients to terminate their relationship with the company at any time; competition in the company's markets; risks associated with the company's investment strategy; risks related to international operations, including foreign currency fluctuations; the company's ability to implement cost reduction initiatives effectively, including the recently announced restructuring program; the company's dependence on key management personnel; the company's ability to attract and retain highly skilled professionals; risks in collecting the company's accounts receivable; the negative cash flows and operating losses that the company has experienced from time to time in the past may reoccur in the future; restrictions on the company's operating flexibility due to the terms of its credit facilities; the company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to our dependence on uninterrupted service to clients; the company's exposure to employment-related claims from both clients and employers and limits on related insurance coverage; volatility of the company's stock price; the impact of government regulations; and restrictions imposed by blocking arrangements. Additional information concerning these and other factors is contained in the company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.


1,2 Channel News Asia, Economists expect slower growth for Singapore this year, viewed 12 September 2012.
3 Xinhua, HP expands job cuts to 29,000, viewed 12 September 2012.
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Hudson (NASDAQ: HSON) offers highly specialised professional recruitment, contract recruitment, recruitment outsourcing, talent management and related Contracting services and solutions. Clients partnering with Hudson achieve greater organisational performance by attracting, selecting, engaging and developing the best talent for their business. With a global presence of more than 2,000 employees operating in approximately 20 countries, Hudson delivers great people and great performance. 

Hudson Global Resources (Singapore) Pte Ltd - Employment Agency license No. 03C4590