To maintain our reputation as the business nucleus of Asia, it is imperative that we maintain high levels of productivity. And to do that, we must continue to improve the quality of our human capital and expand our existing labor pool.
Singapore (PRWEB) November 12, 2012
A recent survey published by job portal JobsCentral has revealed that the Singapore employment market is continuing to gain momentum in the final quarter of 2012. Consistent with the country’s low 2% unemployment rate, at least 2 in 3 employers have indicated that they will be hiring new employees before the year ends.
However, according to Singapore company registration consultancy AsiaBiz Services, the projected hiring boost will put a strain in the already tight labor market. Amid a more stringent immigration platform, Singapore is now struggling to meet the manpower needs of local companies.
The survey, which collated insights from human resource professionals and recruitment managers from both private and public sectors, revealed that at least 67.2% of employers will be hiring manpower to fill new positions in Q4 2012. A total of 62.4% of those hiring are from small-medium enterprises (SMEs), 27.4% are from multinational corporations (MNCs), while 10.2% are from public sector groups.
The survey further indicated, however, that the lack of suitable candidates is a persistent problem for human resource (HR) managers. Among the respondents, 79.5% cited unavailability of qualified candidates as their biggest concern. Meanwhile, 78.5% cited attracting the best talent as their top challenge. Surprisingly, only 55.8% said that high manpower cost was an issue.
“It is quite significant that relatively few respondents cited manpower cost as a problem,” commented Mr. James Nuben, Head of Taxation at AsiaBiz Services. “Most recruitment managers, apparently, are more focused on attracting top talent, and they are willing to pay top dollar to get them. Unfortunately, with current limitations in the local labor pool, the country’s HR managers have few options left.”
“This is why a more flexible foreign worker regime would be a welcome reprieve,” he added. “To maintain our reputation as the business nucleus of Asia, it is imperative that we maintain high levels of productivity. And to do that, we must continue to improve the quality of our human capital and expand our existing labor pool. By granting more of the Singapore employment pass to qualified foreigners, for example, we strengthen our workforce and in the long run attract more investors to register a Singapore company.”
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ABOUT ASIABIZ SERVICES
Asiabiz Services is a Singapore-based consultancy that offers business solutions for both local and foreign professionals, investors and entrepreneurs. Our areas of expertise include Singapore company registration, incorporation, offshore company setup, accounting, taxation and other related corporate services. Asiabiz Services also provides Singapore work visa and immigration services for foreign professionals wishing to relocate to Singapore.
120 Telok Ayer Street, Singapore 068589
Phone: +65 6303 4614