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HIGHER SALARY STILL TOP PRIORITY FOR SINGAPORE JOB SEEKERS, BUT WORK LIFE BALANCE IS CLOSING THE GAP
New report from Hudson highlights increasing complexity of attracting and finding top talent
Singapore – 4 March 2015 – Higher salary is the top priority for Singapore job seekers in 2015, according to new research from leading recruitment specialist Hudson. Work life balance and cultural fit are not far behind, among the top nine attributes that professionals look for in a new role.
Hudson’s 2015 The Hiring Report: The State of Hiring in Singapore 2015 surveyed 519 professionals and hiring managers across Singapore, found a higher salary is the top priority for professionals with 75% of respondents naming it their number one priority. Combined with better benefits at 67%, it shows that compensation is a key influencer for job seekers today.
“With Singapore named the world’s most expensive city in 2014 by the Economist Intelligence Unit, money and benefits dominate job seekers’ agendas. To attract top tier candidates, businesses need to ensure they offer competitive rewards and packages,” said Hudson Singapore Regional Director, Emmanuel White.
The Top 9: What Singapore job seekers are looking for in a new role in 2015
1. Higher salary
2. Better benefits
3. Career progression/training opportunities
4. Work life balance (including flexible arrangements)
5. Cultural fit within organisation and/or team
6. A company whose values are closer to mine
7. Strong manager
8. Better brand
9. Better job title
Work life balance closes the gap
Work life balance is emerging as a significant area of focus for Singapore professionals, with 64% choosing it as a top priority when seeking a new role.
“Singaporeans are working longer hours than ever, and in such a time-poor environment it’s not surprising to see work life balance assume more importance,” said Mr White. “Squeezing in time for family and leisure is now a major goal for many professionals.”
Cultural fit has also entered the top five priorities in 2015, with 59% of job seekers in Singapore today identifying it as a key consideration.
Sourcing and attracting talent a complex game
According to Hudson, professionals in Singapore are highly open to being approached about new job opportunities.
“In Singapore today, it’s a candidates’ market: candidates are online, they’re networking, and they’re open to change. With 92% of professionals open to being approached about a new job, 81% with an up-to-date resume and 63% with an up-to-date LinkedIn profile, hiring managers need to understand where to find the best talent and how to attract them,” said Mr White.
Yet while employees may be open to being approached about new opportunities, finding and attracting the right talent is becoming increasingly complex, requiring both a competitive employee offering and a multifaceted sourcing strategy. The scarcity of talent is recognised by hiring managers, with 93% acknowledging they need to look beyond active job seekers to find the right candidate.
According to the report, recruitment specialists and personal networks are today seen as the most effective sourcing strategy for Singapore hiring managers, with both tying for number one spot at 32% each.
Headhunting and internal referral schemes followed closely in effectiveness, both at 31%, with a considerable gap to the next most effective channels: online job boards at 17%, LinkedIn at 14% and a company’s own talent database at 13%.
What these results point to is that while digital channels are opening up new ways of sourcing candidates, recruitment in Singapore remains clearly and firmly based on people and their networks.
“While digital and social media are expanding the tools available to both hiring managers and job seekers, the report clearly shows that when it comes to recruiting, people are still at the heart of successful hiring,” said Mr White.
Other key highlights of the report include:
- Over 4 in 10 hiring managers (41%) look to social media when evaluating a candidate. With 79% of professionals comfortable with their online footprint, candidates are becoming more mindful of their social media activities – but there is still room for improvement
- Psychometric testing is on the rise as the risks of a bad hire become more serious. 46% of Singapore senior executives value testing as part of the recruitment process
- The nature of writing job ads has changed forever. 88% of Singapore hiring managers now use keywords to ensure their job advertisements have the best chance of being found
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Hudson is a global talent solutions company with expertise in leadership and specialised recruitment, recruitment process outsourcing and talent management solutions. We help our clients and candidates succeed by leveraging our expertise, deep industry and market knowledge, and proprietary assessment tools and techniques. Through relationships with millions of specialised professionals in nearly 20 countries, 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.sg.
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