Here is a round-up of the top HR new stories, updates and insights from the past month in Singapore:
🔸 HR in 2022: Shifting the power back to employees
Creating a people-centric workforce experience that reinforces organisational purpose and culture will be a key HR objective in 2022. This year will shape up to be a time of rebirth and reinvention for many organisations, although it will not come without challenges.
🔸 Singapore raises capacity on work-related events
Singapore has now allowed work-related events (WREs) to accommodate up to 1,000 participants who will be subject to different anti-COVID rules. In a statement, Singapore's Ministry of Manpower (MOM) said that WREs should always be mask-on events, with no consumption of meals or beverages allowed.
🔸 Increase in CPF contribution rates from 1 January 2022
The CPF contribution rates for employees aged above 55 to 70 have been increased to strengthen their retirement adequacy.
For employees ages 55 to 65, contribution will increase by 2% of wage, with 1% paid by employer, and 1% by employee.
Gpr employees over 65, the increase will be at 1.5%, with 0.5% being contributed by employers, and the additional 1% by employees.
🔸 This Great Resignation Wave is painful and frustrating for employers
Two years into the COVID-19 pandemic, employees are getting more frustrated at work, fuelling the great resignation wave. But so are employers…
🔸 Retaining talent begins with understanding what employees want
As unemployment surged during the pandemic, many employees who were looking to leave their jobs put those plans on hold, mindful of the challenge of finding new employment in a world besieged by uncertainty.
With the global economy continuing to embark on a gradual, if sometimes stuttering road to recovery, these same employees are now reconsidering leaving their current employers, and they are joined by a group of their peers who might not have previously contemplated leaving their current job roles.
If managed well, organisations can transform the 'Great Resignation' to the 'Great Attraction', attracting and retaining the best talent.
🔸 Trust in working relationships important for employees' mental well-being
Developing an environment that helps to nurture trusting working relationships is important for organisations aspiring to support their employees' mental well-being.
🔸 Singapore companies opening up to giving staff more mental well-being support
Singapore employers appear to be changing their attitude towards supporting initiatives that deal with mental well-being issues in the workplace.
A recent local study by Oracle showed that 77% of respondents felt their companies were more concerned about their mental well-being now, compared with before the pandemic.
🔸 Work from anywhere in the world? Easier said than done as regulations, policies play catch-up
As borders reopen and families reunite, employees who have gotten used to remote work over the past months are starting to contemplate the possibility of doing that while overseas.
This has been made possible by the accelerated digitalisation across almost all industries, which enabled employees to work away from the office during the pandemic.
The Ministry of Manpower is now studying the implications and opportunities of remote work, and reviewing whether any legislative changes are necessary, including to taxation and work benefits.
🔸 Singapore SMEs need support in upskilling staff
Budget is a key challenge in upskilling staff of SMEs. 68% of SMEs want more support in the form of training resources, and another pressing area where they require assistance include "getting support from employees" with 65% and "more government training support" at 55%.
🔸 Singapore’s jobless rate continues to fall
The unemployment rate for residents fell to 3.2% from 3.4% month-on-month, while that for citizens decreased to 3.5% from 3.6%.
“This indicates that our labour market is recovering steadily, with the economy rebounding from the recession in 2020 and GDP growing by 7.2% last year,” said manpower minister Tan See Leng.