Fifty-six percent of the information technology and telecommunications sector in Singapore expect to hire more in Q2 2012, according to the latest Hudson Report released Tuesday (April 10, 2012), while 39 percent will be maintaining their hiring levels, and five percent will be cutting down their teams.
But on the whole, the report-which is put out by recruitment and talent management firm Hudson Global Resources and involves the survey of 600 specially selected executives in Singapore and about 1,200 key employment decision makers based in other parts of Asia-has indicated that hiring expectations across all key business sectors in Singapore should see "little change" in Q2 2012.
Broadly addressing the major sectors in Singapore-banking & financial services, healthcare & life science, IT&T, manufacturing & industrial, and, consumer/advertising/media-the Hudson Report Q2 2012 said that "corresponding figures for Q4 2011 and Q1 2012 were 42 percent and 44 percent respectively. And at 6 percent, the proportion of respondents forecasting a reduction in hiring is consistent with the previous quarter's 7 percent."
On hand to comment on the latest report was the Executive General Manager of Hudson Singapore, Andrew Tomich, who described the "overall sentiment" as "cautious" in the country even though there "pockets of optimisim in certain segment and for specific roles." He went on to say that, "in the current economic climate, organisations with the ability to identify and attract great hires will have a tremendous advantage over their competitors."
The Hudson Report Q2 2012 also stated: "Hiring expectations [in Singapore] have dipped in all the sectors surveyed over the past year. This quarter's overall figure of 42 percent compares with 61 percent in Q2 2011. Expectations then were just one percent below their peak for over a decade and started to fall sharply in the following quarter, as Europe's economic problems became more critical."
46% Good Hires
With reference to the quality of employees hired in Singapore in Q2 2012, the report said that 46 percent were considered 'good'-while 39 percent were 'average' and 15 percent were 'bad'.
It also went on to say that "bad hiring has many negative consequences" and that "out of a list of 10 suggested possible consequences, four are mentioned as concerns by around half the respondents overall."
"At 51 percent, the impact on staff morale is seen as the greatest single concern," the report said. "While the cost of back-filling the role, lost productivity and opportunity costs are mentioned by 49 percent, 47 percent and 46 percent respectively."
On the upside, the report highlighted that "robust hiring practices have a positive impact on hiring and performance," adding that "22 percent [in Singapore] agree that such practices have a large impact and a further 46 percent state that they have quite a lot of impact. Both figures are higher than the other markets surveyed in Asia."
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