You are here

More upward pressure on Singapore wages in 2015: Hays

singapore.jpg
There is more upward pressure on Singapore wages in 2015 due to skills shortages for highly-skilled candidates and government policy to encourage the hiring of locals for middle-income jobs, said recruiter Hays.

THERE is more upward pressure on Singapore wages in 2015 due to skills shortages for highly-skilled candidates and government policy to encourage the hiring of locals for middle-income jobs, said recruiter Hays.

"Singapore's standing as a regional hub for multinational corporations and the sheer number of construction and infrastructure projects bolsters a highly active recruitment market," said Lynne Roeder, managing director of Hays in Singapore.

"But Singapore faces a significant talent gap thanks to growing technical skill shortages. Government initiatives that endorse local Singaporean hires for middle-income jobs have further exacerbated the shortage of talented locals, as the huge increase in overall wage pressure shows.

"Our advice to employers, therefore, is to use a range of innovative attraction strategies, not just salary increases, to keep recruitment plans intact."

sentifi.com

Market voices on:

The Hays Global Skills Index, produced in collaboration with Oxford Economics, scored Singapore's labour market against seven indicators.

Overall, Singapore scored 4.7 in 2015 on a scale of 1 to 10, up from 4.1 in 2014 and 4.6 in 2013. This indicates higher upward pressure on wages.

The higher rating was due especially to wage pressure in high-skill industries. Other contributing factors include a strong labour force participation rate and talent mismatches.

Mitigating factors were how the education and labour markets were flexible.

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom