Job advertisements for professional positions in Singapore jumped 37 per cent year-on-year in the third quarter of this year due in part to the Fair Consideration Framework, according to a Robert Walters report.
This outpaced the broader region, where job advertisements were up 20 per cent in the third quarter.
The legal and compliance sector saw the biggest leap in advertisements - up 88 per cent - in line with more stringent regulations in financial services, while human resources job advertising grew 67 per cent as firms sharpened their efforts to acquire top talent.
Advertisements for the accounting & finance sector and the retail sector were up 56 per cent and 45 per cent respectively. Finally, product & logistics operations saw job advertisements climb 29 per cent due to robust activity in manufacturing and shipping.
"The encouraging increases in job advertising figures were largely a result of the Fair Consideration Framework which has elongated recruitment processes and left positions open for extended periods," said Toby Fowlston, managing director of Robert Walters (Singapore). "Hence, we saw a spike in demand for Singaporean talent and this intensified competition between companies for the best professionals."
He added that the Fair Consideration Framework has also boosted firms' efforts to attract, secure and retain local talent through avenues such as monetary rewards, overseas opportunities, insurance benefits and succession plans.