Workplaces in Singapore got more diverse in 2023, with companies embracing individuals from a wide range of backgrounds as part of a growing emphasis on diversity and inclusion. According to Monty Sujanani, Country Manager at Robert Walters Singapore, this inclusivity extended beyond culture, encompassing geographical diversity as well.
“Employers were more open about hiring talent without any constraints on their physical location. Increasingly, they also provided flexible work arrangements like remote or hybrid work options,” he states. “This allowed companies to access a bigger talent pool, while giving employees more autonomy over choosing their preferred place of residence.”
As part of Singapore’s ongoing digital transformation efforts, the demand for professionals in technology, cybersecurity, data analytics and software development has remained strong and consistent, with increasing demands in the fields of generative AI, Monty points out.
One of the areas where healthy demand for Sales & Marketing professionals could be found has been among senior leadership roles within the Consumer sectors, as more European retailers expand into Singapore to establish their Asia headquarters.
“Many industries are also shining the spotlight on matters around sustainability and environmental, social and governance (ESG),” he observes.
Read on to find out more about Monty’s expectations for Singapore’s labour market in 2024.
Sustainability, CSR and diversity gaining more mindshare
More companies are devoting more time and effort to their sustainability and corporate social responsibility (CSR) endeavours, which Monty says will have a profound impact on the way companies approach hiring, even for roles outside of these functions.
“Skillsets and qualifications may no longer be the sole focal point in the hiring process,” he explains. “Companies may give more weight to candidates who resonate with their values, mission and dedication to CSR. This often intersects with diversity and inclusion, with organisations seek to foster a workforce that reflects a wide spectrum of perspectives and backgrounds, as well as ensuring equal growth and development opportunities for all.”
More contract hiring and boomerang employees in 2024
Looking ahead, Monty predicts that flexible work arrangements will prevail across most industries in the year ahead.
A general mood of caution and frugality has also taken hold across many industries due to uncertain market conditions. As a result, Monty foresees that companies are more likely to ramp up hiring through contract positions. On the candidate side of the market, there may be a rise in ‘boomerang employees’ who seek out stability and familiarity by returning to their previous firms.
Lastly, with digital and ESG being some of the prime focus areas, there will be a rising demand for roles related to generative AI, technology and transformation, sustainability energy, environmental management and green tech.
Advice on talent attraction and retention
Candidate expectations have changed in recent years, with more talent looking out for flexible work arrangements and work-life balance. Competition for talent in sectors like tech remains fierce as there is a shortage of qualified and experienced candidates.
Managers seeking to attract and retain top talent should thus be proactive and adaptable about addressing the evolving dynamics of the job market.
Some of the areas that companies can focus on include employee benefits and well-being, strengthening their company culture through equity, diversity and inclusion (ED&I) initiatives, and reviewing compensation benefits to stay relative. In addition, employers should also consistently engage and gather feedback from their teams and lay out career pathways and development opportunities clearly.
Salary growth pegged to economic conditions
“Salaries are expected to increase based on a number of factors – economic growth, inflation rates, industry trends and labour market conditions,” concludes Monty.
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