Here's a round-up of the top HR new stories, updates and insights from the past month in Singapore.
🔵 Singapore to launch new work pass to attract global top talent; $30k monthly pay among criteria
A new work pass - the Overseas Networks and Expertise Pass - will be open for applications from Jan 1 next year, to attract top talent across all sectors.
Applicants will need to earn a fixed monthly salary of $30,000 and above, which is comparable to the top 5 per cent of Employment Pass (EP) holders.
This is among several initiatives to strengthen Singapore's position as a global talent hub.
🔵 Singapore's National Wages Council to convene on 1 Sep 2022 for 2023 guidelines
Singapore's National Wages Council (NWC), a tripartite body comprising employer, employee and government representatives, will convene on 1 September 2022 to develop its annual guidelines.
In its deliberations, the NWC will take into account both the economic recovery over the past year, as well as the uncertain global economic outlook going forward.
Following the recommendation by the Tripartite Workgroup on Lower-Wage Workers last year, the NWC will also set out its annual guidance on the range of progressive wage growth for lower-wage workers. This will include details of the occupational progressive wages for administrators and drivers, which will take effect from 1 March 2023.
🔵 46,000 Retail Workers to benefit from new Retail Progressive Wage Model Recommendations
The Government accepted the Tripartite Cluster for Retail (TCR)’s recommendations on their new Progressive Wage Model (PWM). The recommendations sets a three-year schedule of sustained PWM wage increases from 2022 to 2024, outlines a clear career progression pathway for retail workers, and stipulates the training requirements for retail job roles. The changes will take effect from 1 September 2022.
🔵 The pandemic has reshaped employees – our next crop of leaders will do the same to the workplace
While we won’t fully understand the impacts of the pandemic – financial, social, and personal – for years to come, some things are already clear. The way many people live and work has fundamentally changed, and in some cases they want their workplaces to adapt.
Bloomberg Media undertook a research project the Next-Gen Leadership Survey, speaking with 1000 professionals around Asia considered to be ‘next generation’ leaders – to get a sense of how leadership has changed post-pandemic.
🔵 Meet the finalists: HR Vendors of the Year 2022, Singapore
In its eighth year, the Awards celebrates the exceptional contribution that HR solution providers across the region have made in supporting the HR function, and innovating business performances.
🔵 Many SMEs in Singapore facing cashflow issues
58% of small and medium-sized enterprises (SMEs) in Singapore have a financial runway that can sustain them for less than six months.
SMEs in Singapore face new challenges like high inflation and rising interest rates, and are concerned about the increasing costs of raw materials, rents and utilities.
With rising inflation and the possibility of a recession, having over half of ASEAN’s SMEs indicating that their existing cash flow is sufficient to sustain their operations for only less than six months is indeed worrying.
🔵 Building a high-performing HR team begins by focusing on your people
Over the last three years, the role of HR has evolved to become more strategic and aligned with business objectives and directions in a digital world shaped by technological shifts and a younger and remote workforce.
At a macro level, HR must ensure that their organisation has the right talent and competencies that are relevant to their go-to-market strategies, and can help achieve strategic goals.
🔵 MOM | Labour Market Advance Release - Second Quarter 2022
Advance estimates for employment, unemployment, and retrenchments in 2Q 2022 indicate continued recovery of the labour market.
Total employment rose, with
more residents finding employment, and non-resident employment rebounding strongly following the significant relaxation of border restrictions from April 2022.
Unemployment rates remained at pre-COVID levels, and the number of retrenchments also stayed low.