Singapore hiring expectations have shown signs of recovery in this quarter, after a steep fall in the fourth quarter of 2011, according to a comprehensive quarterly report by Hudson.
A new study based on the interviews of about 600 executives across key business sectors in December 2011 shows that monetary incentives are the key retention and motivational tool that companies will use in 2012.
Forty-four percent of respondents across all sectors expect headcount growth in Quarter One (Q1) 2012 as compared to 42 percent in Quarter Four last year.
The Hudson Report - Singapore Q1 2012 also shows that expectations have fallen year-on-year with 44 percent of respondents expecting to increase headcount this quarter compared with 62 percent in Q1 2011.
About eighty percent of respondents across all sectors said their organisation will pay discretionary year-end bonuses for 2011, and most respondents are prepared to pay salary increases to attract new managerial staff.
Companies will use monetary incentives as the key retention and motivational tool in 2012, according to the report that also indicates hiring expectations in Singapore to be higher than in Hong Kong but lower than in China.
"Hiring expectations are up slightly this quarter, after a steep fall in Q4. Due to global market uncertainties, most companies are adopting a cautious approach to hiring," said Andrew Tomich, executive general manager, Singapore, Hudson.
All sectors except Healthcare & Life Sciences report lower hiring expectations than in Q1 2011 but overall, the 44 percent of respondents planning to hire more staff this quarter compares with 62 percent a year ago.
Only five percent of respondents across all sectors do not intend to pay any increase above current salary levels to attract new managerial staff. Forty-nine percent said they will offer rises in the 11-20 percent range, and six percent consider offering more than 20 percent.
Sign up for CIO Asia eNewsletters.