'The surge in hiring plans underscores the economy's resilience and growth potential'
One in two employers in Singapore have plans to hire additional employees in 2024, according to a new survey from HR services provider Reeracoen.
In a survey among 159 companies, it found that 59.1% said they plan to hire more staff this year.
Among them, 49.7% said they plan to recruit up to three employees, with smaller comapnies expressing they plan to hire up to more than 10 new staff.
"The surge in hiring plans underscores the economy's resilience and growth potential. The substantial expansion of smaller-sized companies highlights Singapore's role as a hub for business development," said Kenji Naito, Reeracoen Group CEO, in a statement.
Majority of the respondents (35.8%) who plan to hire said their primary reason is to fill vacancies or replacements, according to the report. Other cited:
Catering to business expansion (34%)
Demand for individuals with specialised skill sets (13.8%)
"The emphasis on specialised skills in Singapore's hiring trends reflects the nation's dedication to staying competitive and innovative in a global market," Naito said. "This focus is crucial for workforce development and continuous learning."
These findings echo the stats from the Ministry of Manpower (MOM), which saw the number of firms that had hiring plans in the first three months of the year going up to 47.7%.
The proportion of firms also planning on raising wages went up to 32.6%, according to MOM's findings.
Recruitment methods in Singapore
Meanwhile, the Reeracoen poll found that 88.1% of the companies surveyed plan to rely on recruitment agencies for their hiring plans.
This comes amid great hiring outcomes yielded from such methods last year, where 74.8% of employers using recruitment agencies were successful in recruiting candidates in the past year, with hires ranging from one to over 10 staff per company.
Other organisations, on the other hand, said they plan to use platforms such as MyCareersFuture and JobStreet.
Tilo, D. (2024, February 19). 1 in 2 Singapore employers plan to hire more staff in 2024. HRD Asia. https://www.hcamag.com/asia/news/general/1-in-2-singapore-employers-plan-to-hire-more-staff-in-2024/477758