Hiring trends

Hiring in Singapore is leveling off after historic highs.

What LinkedIn Head Economist APAC, Pei Ying Chua says:

“This year, we are seeing a slower pace of growth across major economies in the Asia Pacific (APAC) region – namely Australia, India, New Zealand, Singapore – as hiring activity begins to ease off the back of the post-pandemic recovery that we saw the year before. Amidst the uncertain global economic climate, it is likely that the hiring rate will continue to decelerate from the historical highs of last year.

Regardless, the labor market in APAC remains tight, with many countries reporting low unemployment rates. As a result, in the coming year, it’s predicted that competition for talent with in-demand skills will remain fierce. In fact, LinkedIn data shows that skill sets for jobs have changed by around 25% since 2015 and is expected to reach 40% by 2025.

Pei Ying’s counsel to talent leaders:

Companies that hire for skills and cultivate a culture of internal mobility by investing in upskilling and reskilling their employees will find it easier to attract and retain top talent. In fact, our data tell us that companies that excel at internal mobility are able to retain employees for an average of 5.4 years – almost twice as long as companies that struggle with it. With a workforce equip with the most relevant and in-demand skills, companies will also be able to pivot and adapt quickly in times of uncertainty or disruption.”

What LinkedIn Chief Economist Karin Kimbrough says:

This year we are seeing a slower pace of growth, as the economy comes back down to earth after a meteoric rise last year in one of the fastest recoveries we have ever seen. 

Nevertheless, labor-market dynamics remain tight. So, in many ways, employees still hold the power to demand more from their employers when it comes to salary, flexibility, and benefits. But this power balance is likely to start leveling out in the coming months.

Amid this uncertain backdrop, we anticipate further deceleration in hiring from the historical highs seen last year.

Karin’s counsel to talent leaders:

Continue to understand the skills your employees have, and the skills your company needs. That understanding will help you weather economic highs and lows, and labor-market volatility.

Trends in what candidates value

Candidates in Singapore consider compensation their top priority.

What LinkedIn VP of Global Talent Acquisition Jennifer Shappley says:

People are looking for stability amidst the economic volatility we live in and read about daily, so it makes sense that candidates are prioritizing compensation as they evaluate opportunities.

More interesting to me is that, even facing an uncertain future, people still highly value two areas of work life that have gotten a lot of attention since the start of the pandemic: work-life balance, and flexible-work arrangements – including remote work. I expect those two attributes to remain top talent drivers for years to come.

Jennifer’s counsel to talent leaders:

These days candidates are looking for companies that will value their whole selves and provide support in achieving work-life balance.

As talent leaders, we need to be prepared to speak to candidates about what our organizations value and how we support our employees. And this isn’t just a hiring strategy – it’s key to ensuring we retain our best talent, as well. Understanding these drivers and listening to our employees have never been more important in ensuring we’re building hiring and retention strategies that attract and retain top talent.

Trends in employee growth and transformation

Internal mobility increases employee retention in Singapore.

What LinkedIn VP of Talent Development Linda Jingfang Cai says:

We know people want to learn and grow at work, regardless of economic and market conditions. This almost always translates to employees asking themselves and their managers, “How can I do a better job so that I can get paid more, promoted, or land my next dream role?” Our new data insights show us that, even with some industry and regional nuances, if companies leave those questions unanswered, in most cases, people will leave the moment they find a better opportunity elsewhere.

I often think what gets lost in conversations about providing learning and growth opportunities that will help retain employees is: What do your employees want? And this may vary depending on the job functions and demographics. Just as businesses need new skills, employees need to discover their career possibilities and change, too.

Linda’s counsel to talent leaders:

Give employees more ownership over their career paths at your company. Start the conversation with them on their possibilities for learning, growth, and –  ultimately – internal career transformation on Day 1.