Here's a round-up of the top HR new stories, updates and insights from the past month in Singapore.
🔵 Recession fears? 88% of CEOs eye a hiring freeze over the next 6 months
CEOs are considering halting recruitment due to the anticipated recession.
Over eight in 10 CEOs have either embarked on or are planning to freeze hiring over the next six months due to the anticipated recession, KPMG has found.
In the next three years, however, 92% of CEOs said they will eventually increase their headcount by up to 10% since they believe that quality talent is critical for growth in the longer term.
Nearly a third of CEOs said strengthening employee value proposition to attract and retain necessary talent will also be their top operational priority over the next three years.
🔵 31% of Gen X workers in Singapore fear job loss
New survey results from Randstad Singapore’s 2022 Employer Brand Research revealed that 31% of Generation X workers, aged between 42 and 57 years old, fear job loss.
It’s important for Singaporeans to feel skilled enough to not just perform their work, but also have access to new job opportunities in a highly competitive labour market.
Singaporean workers are looking for an employer that offers them a good salary and benefits package. They also look for companies that provide training and development opportunities to close the skills gap, help them become more productive workers as well as progress in their careers.
🔵 79% of millennials want re-skilling and upskilling opportunities from employers
Millennials feel they are not given enough opportunities to develop in their roles.
More than seven in 10 millennials find it important for their employees to offer them opportunities to re-skills, a Randstad survey has found.
Employees belonging to the Generation Z (77%) and Generation X (66%) age groups shared the sentiment.
The eagerness of employees, particularly millennials, to upskill is likely driven by the competitive market, as they want to keep up with the demands of the labour market and expand their career options.
🔵 Singapore Public Holiday Dates Released for 2023
To prepare to use your 2023 leave allowance, along with any carried forward leave, we’ve put together a calendar of the 2023 public holiday dates in Singapore, along with which dates to apply for leave to truly make the most of the long weekends.
🔵 81% of workers want to take on a permanent remote position
As employees have become accustomed to a hybrid work environment, most of them (81%) already want to take on a permanent remote position.
According to Employment Hero’s study, some (46%) employees will even leave their current jobs if their employers force them to return to the office full-time.
🔵 Hybrid workplace can boost women’s workforce participation
Singapore President Halimah Yaakob has encouraged employers to institute family-care leave to allow workers to care for their families.
With the rollout of hybrid working arrangements, there is greater scope for women to join and remain in the workforce. “Once you’ve left the workforce, after years of being out of work, it is extremely difficult to try and retrain them and get them in tune with a workforce that has changed rapidly,” Halimah Yaakob said. “So, we need to look at ways of how to help them remain in the workforce, and this is where flexible work practices are important.”
🔵 Tech support critical for employees working remotely
After working from home for two years, 35% of employees are still citing poor connectivity and network issues as ongoing hindrances.
With 65% of employees saying that they prefer the “work from anywhere” model, having technology teams in place can mitigate connectivity and network challenges through better monitoring and alerting employees on interoperability issues.
🔵 Are remote jobs more at risk in a recession?
Remote work has emerged as one of the most sought-after preferences for many candidates. However, a recession is dampening this excitement as more remote workers express concern about job security, compensation, and workplace participation.
A new report found that 78% of employees feared that remote workers are more at risk of losing their jobs during a recession than full-time office workers. This data is also backed up by a recent report which found that while 70% of managers believe their company is recession proof, 60% agreed that remote workers were likely the first in the firing line should downsizing become necessary.
🔵 Over 5 in 10 employees will likely leave employers over mismatched values
Singaporeans want their employers to speak up on social, environmental, and political issues.
More than half of employees (54%) will likely quit their jobs if their values do not match their employers, a survey by Qualtrics has found.
This is because employees (60%) believe that it is more important than ever for leaders to speak out about social, environmental, and political issues.
Employees, in particular, want their employers to prioritise diversity and inclusion (39%), social responsibility (34%), and environmental sustainability (26%).
Half of those surveyed also wanted their company to take more action in addressing the above-mentioned issues.
🔵 Too burnt out? SG workers have the worst mental health in Southeast Asia
Singapore’s workforce has the poorest mental health in Southeast Asia, a joint study by consumer research company, Milieu Insight, and Intellect, has found.
According to the study, only 57% in Singapore rated their mental health to be “good,” “very good,” or “excellent,” which is lower when compared to other workforces like Indonesia (68%) and the Philippines (78%).
🔵 10 recruitment trends to keep an eye on in 2023
Jobseekers' reasons for seeking work will vary. Thus, employers will have to find ways to better attract talent and cater to their diverse needs.
iHire recently surveyed 4,207 jobseekers and employers to take a look at how employers are recruiting and retaining top talent amid the talent shortage, and what jobseekers are on the lookout for.
Here are 10 trends derived from the survey findings, which employers and HR leaders can keep an eye on in the coming year.