SINGAPORE, 22 JANUARY 2010 – The Asian economy is definitely looking up because hiring expectations in Singapore has accelerated in the first quarter of 2010. This insight is reported in the Hudson report based on information collection by surveying more than 400 executives across key business sectors.
Hudson is a global provider of permanent recruitment, contract professionals and talent management services. These respondents were questioned during November 2009 and 51 per cent of them said they expect increased hiring in the first quarter of 2010. This represents an increase from 34 per cent in the fourth quarter of 2009.
More jobs in Singapore
Mood about employment is upbeat with only four per cent of respondents expecting a decrease in headcount this quarter. In its quarterly report for Asia, Hudson says companies’ expectations of an increase or decrease in staffing levels indicate their level of optimism about the economy.
Hiring expectations are very optimistic and 74 per cent of respondents across all sectors said they intend to distribute discretionary year-end bonuses for 2009. The level of bonuses has increased and about 50 per cent of employers intend to pay year-end bonuses of more than 10 per cent.
More companies are now keen on providing mentoring and training programmes and 78 per cent of respondents expect their organisations to perform very well in 2010. This also means managers in Singapore can expect higher starting salaries.
Well-established recovery
Economic recovery means more employment opportunity in Singapore and Mike Game, CEO, Asia, Hudson, noted that this time, the recovery looks well-established as organisations are focusing on employee engagement measures.
The report shows that the highest bonuses will be distributed by the healthcare and life sciences sector (96 per cent) as it showed resiliency during recession. Organisations in the banking and financial services sector will also give high bonuses.
Across all sectors surveyed, only eight per cent of the respondents said they don’t intend to pay any increments. About 42 per cent of the respondents said they will increase starting salaries by more than 10 per cent to attract the right kind of talent.
