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

Media Release

Media release embargoed until 12:01am AEST 15 January 2013

RETAINING TALENT TOP HR PRIORITY FOR SINGAPORE EMPLOYERS ACCORDING TO LATEST HUDSON REPORT

Positive hiring intentions increase across all industries

SINGAPORE – 15 JANUARY 2013 – Positive hiring intentions have jumped and companies are focusing on driving productivity and high performance through the retention of key talent, according to the latest Hudson Report: Employment Trends.

The percentage of employers intending to increase staffing levels this quarter has risen 8.7 percentage points (pp) to 44.6%, according to 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.

The percentage of employers intending to keep staff steady is down 11.2pp to 46.1%, with slightly more employers intending to decrease headcount this quarter, up 2.5pp to 9.3%.

“The challenging economic conditions in other parts of the world has created a level of caution among local employers. But overall hiring sentiment has improved in Singapore due, in part, to better than expected domestic exports results and positive trends in residential employment numbers,” said Andrew Tomich, Executive General Manager, Singapore.

“The 8.7pp rise in employers intending to increase headcount, combined with the significant 11.2pp drop in employers intending to decrease headcount suggests that many employers have decided to hire rather than hold steady this quarter. The primary driver for this positive hiring sentiment are large multinational companies migrating their key regional corporate functions into Singapore, reflecting their focus on long-term growth within their Asian-based businesses,” he added.

IT&T is the most positive industry with more than half of employers (53.1%) intending to hire more staff, up a substantial 29.8pp. Hiring intentions in Banking & Financial Services are also up significantly (13.9pp to 45.0%), and Manufacturing & Industrial is up slightly to 36.0%.

“Positive hiring intentions in IT&T reflect the shrinking pool of suitable hires and increasing demand for skilled workers. As restrictions on foreign workers further constrict the labour market and demand increases for skilled, ready-to-work hires, this trend is likely to continue,” said Tomich.

“Banking & Financial Services organisations are continuing to offshore support roles, including back office operations and finance-based positions to lower cost locations, although they are continuing to hire in critical areas including risk management and compliance, front line sales and relationship management positions.”

Contracting hiring intentions are also up across the board with IT&T demonstrating the greatest demand (up 19.1pp to 39.1%). This is followed by Banking & Financial Services up 16.9pp to 35.1% and Manufacturing & Industrial, up 4.9pp to 23.4%.

“The Singapore Government continues to list a range of IT&T roles as vital to Singapore’s economic growth driving businesses to fill empty permanent roles with contractors,” said Tomich.

“Generally, the local candidate market continues to resist contract opportunities as a career option and employers will still look to fill critical roles from a more restricted pool of foreign contract workers,” he added

The Report also looked at organisations’ top HR priorities for 2013. More than a third of all employers (35.4%) highlight retaining staff as their organisation’s highest HR priority for 2013, followed by attracting suitable staff (22.3%), enhancing performance/productivity of existing team (13.3%), staff development (11.3%), restructuring/right-sizing (10.7%) and developing leadership capabilities (5.8%).

“Staff retention is Singapore’s top HR priority signalling that employers are mindful of the challenges of securing the right talent, largely due to factors such as foreign labour restrictions, skills shortages and challenges in securing headcount approvals, as well as the business risk and disruption that can come with staff turnover,” said Tomich.

"Staff retention is an outcome of strong employee engagement and is one of the highest drivers of productivity and high performance,” added Tomich. “Our studies have shown that the right people in the right roles is critical to retaining staff so giving due consideration to behavioural and motivational fit is important, as these are far more effective indicators of high performance than technical skills.”

“Employers need to strike the right balance between competing organisational demands. If an organisation has a robust strategy and vision, but not the right leadership, then it is unlikely to succeed. Equally, employers focused on driving productivity without an equal emphasis on staff engagement and development, will likely experience high turnover,” said Tomich.

“Strong leadership to inspire and achieve employee buy-in into the organisation’s goals and ensure employees feel part of the team is essential to both keeping staff and high performance. The above results indicate that employers may not be giving sufficient focus to building leadership capabilities, which could hamper staff retention ambitions.”

“Ultimately, HR and recruitment practices must be continuously assessed to ensure they match the organisation’s strategy to the current economic conditions, and that there is the right capability to succeed,” he concluded.

- ENDS -

Editor's Note

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About Hudson

Hudson is a global talent solutions company with expertise in leadership and specialised 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 specialised 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 Hudson, Hudson Difference™, viewed 6 December 2012.
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Hudson is a global talent solutions company. We help transform the workplace and unleash the full potential of organizations and individuals. Our expert team and proprietary tools provide you with unique insights and services that help you maximize your success. Across 20 countries, we deliver a range of recruitment, talent management and recruitment process outsourcing solutions to get you and your business where you want to be.

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