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SINGAPORE UPBEAT AS HIRING INTENTIONS LIFT TO HIGHEST LEVEL IN THE LAST TWO YEARS, ACCORDING TO LATEST HUDSON REPORT
Understanding and developing leadership capability key to capitalising on opportunities in current economic environment
Singapore – 27 JUNE 2013 – The latest Hudson Report: Employment Trends released today1 reveals that hiring intentions in Singapore have lifted this quarter with just under half of employers (48.7%) intending to increase headcount, up 5.5 percentage points, while intentions to decrease headcount are down 2.5pp to 2.7%.
“Hiring intentions are at their highest level since Q4 2011, and there is a growing sense of economic confidence in Singapore, which is having a positive effect on hiring,” said Andrew Tomich, Executive General Manager, Hudson Singapore.
“In addition to increased intentions to hire, nearly half of employers (48.7%) expect to keep staff numbers steady, seeking internal efficiencies and productivity gains with their existing team. Where previously headcount was frozen or reducing, we’re now seeing a ‘loosening’ with roles being replaced immediately,” added Mr Tomich.
Industries with the strongest intentions to hire include Manufacturing & Industrial where 50.9% intend to hire more staff this quarter, followed by IT&T (50.6%) and Consumer (42.5%).
“Singapore is increasingly a base for investment and engagement with emerging markets within multinational companies in Asia Pacific. We are also seeing high demand and short supply of candidates who have regional experience and proficiency in Mandarin,” said Mr Tomich.
Contracting in the Banking & Financial Services sector is increasingly robust, with employers seeking to satisfy headcount needs through temporary resources, intending to increase contractor headcount by 18.1pp. Risk control, risk management and compliance roles are in high demand.
The Report also looked into how organisations are assessing and developing leadership. The research found that more than half of employers (53.4%) surveyed formally assess leadership, which is the highest of all countries surveyed. Formal leadership assessment helps ensure organisations understand current capability, where gaps exist and how leadership can be improved.
Hudson’s research shows that nearly half of respondents (45.7%) perceive the greatest shortcoming of leadership as poor people management followed by poor change management (20.8%).
“Volatility is a feature of the current economic environment and quick decision-making is often required by leaders. While this can be challenging, there is also a genuine need to consult and communicate with their teams so it’s essential that time is allowed for this,” said Mr Tomich.
A lack of clear vision and direction is cited as the most likely reason for a leader to derail in an organisation (35.3%), followed by poor collaboration within an organisation.
“Employees are looking for leaders to be able to understand and guide them through complexity and change, and this can only be achieved by having close relationships, understanding what is happening at the frontline of the business, altering course through consultative decision-making,” he added.
The Report showed that the best leaders develop a vision and inspire people to buy-in to it (67.4%).
“Involving teams in the direction and decision-making process is key to achieving both understanding and buy-in,” said Mr Tomich. “Perceptions around a lack of vision or direction often arise when there is a lack of alignment between leaders and employees. Leaders cannot create a strategy and vision in isolation and need input and support from their teams.”
Successful leaders share common attributes and formal assessment programmes should take these into account. These attributes include: people leadership – the ability to set the vision, and inspire others to act; the ability to manage complexity and change; mental efficiency; personal drive and ambition to succeed; and relational and cultural sensitivity, whereby leaders have strong interpersonal skills and are open and responsive to others’ perspectives.
Behavioural forms of assessment are the best way to understand current capability. These include psychometric tools to examine individuals’ leadership traits and capabilities; assessing individuals’ behaviour through observation, simulation or leadership development centres; and measuring how their behaviour is perceived in the workplace by using 360º feedback. Using a blend of these approaches provides a holistic, accurate and informative view of leadership capability.
“Once leadership capability gaps are established, organisations can bridge these via effective, multi-dimensional leadership programmes and strategies, which have a heavy focus on action-based learning,” said Mr Tomich. “Hudson also recommends support from coaches who promote self-awareness and behavioural change, and mentors who can provide advice and act as a sounding board.”
“Leaders with a clear vision, who consult and communicate with their teams can maximise opportunities in an unpredictable world,” said Mr Tomich.
1 Hudson surveyed 337 Singapore employers about their hiring intentions July to September 2013
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Hudson has changed its reporting to achieve greater transparency and consistency across markets. This makes it simpler to compare results and geographical variations. From now on, Hudson will report on three findings: the percentage of employers intending to increase staffing levels, those intending to maintain them and those intending to decrease headcount. 'Intention to hire' refers to the proportion of employers intending to hire more employees during the forthcoming quarter. Hudson will no longer use the 'net effect' figure.
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.
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