As increasing numbers of pharmaceutical companies expand into Singapore, and businesses experience high levels of staff movement as a result of heightened confidence amongst jobseekers, future growth could be impacted by a marked skills shortage, according to a survey from Berkley Group.
The Singapore economy grew 5.4% in Q1 2014, which has led to increased investment in the region and heightened confidence, but future growth may be halted by a lack of available talent. The report revealed that 80% of the current workforce intends to move jobs in the next year, with 60% planning to do so within six months.
This high level of predicted movement is likely to exacerbate concerns surrounding talent retention and attraction in Singapore, noted the authors. This, coupled with increasing pressure mounted on employers to hire locals before expats, means that staffing strategies need to be far more succinct to help organizations attract and retain those professionals with the requisite skill sets to prevent a slowdown in growth.
The research also showed that, whilst 90% of respondents expect a pay rise in the coming year, very few reported financial incentives as a contributing factor in moving jobs (30%). In comparison, 57% acknowledged that career progression would be the biggest driver. These results suggest there is currently a significant disconnect between staff preferences and workplace incentives.
To see the full report, go to http://www.berkley.com.sg/research-download
Read the full release here.