With a steady recovery from the COVID-19 pandemic in 2022, existing companies in Singapore were more open to hiring, while overseas-based businesses moved their regional headquarters and headcounts into the country, resulting in an overall rise in hiring activity in HR.
On the talent-side, employees’ evolving expectations are garnering attention and action from organisations – who are moving faster to attract, retain and engage their staff.
Read on for Yaamini’s expectations of the labour market and hiring trends for Human Resources professionals in 2023.
Yaamini shares, “We’ve seen many organisations build up specialist teams to drive initiatives that promote equality, inclusion and a sense of belonging as part of their workplace culture – this trend will continue moving into 2023. There is also an ongoing focus on employee well-being, with hybrid work arrangements and flexible benefits like “mental health days” or additional time off that allow employees achieve a healthier work-life balance.”
Another trend that Yaamini points out is the rise in HR professionals enrolling in data analytics, coaching and leadership courses. This upskilling helps them stay adaptable to market changes and it is also part of companies’ strategy in talent retention which is a highly discussed topic and a focus area.
As Singapore’s economy has recovered from the worst of the pandemic, demand for talent acquisition specialists have risen for businesses to manage volume hiring in line with expansion and growth. This is especially so for recruiters and talent acquisition professionals in the technology and financial services space.
“HR Business Partners will be responsible in driving initiatives in areas such as talent management, learning and development, succession planning, change and business transformation. Those skilled in project management with strong business acumen along with regional experience will be highly sought after,” Yaamini highlights.
Lastly, there will also be a demand for experienced executive assistants, office managers and secretarial professionals to support senior leadership personnel’s for businesses that are setting up regional offices in Singapore.
“For 2023, flexible work arrangements and non-monetary benefits will go a long way in attracting and retaining candidates,” Yaamini discloses. Employees always seek a reliable and supportive environment during uncertain times, so she adds that companies can foster a healthy and progressive workplace in nurturing a sense of belonging by providing their teams with the right tools for personal and career growth. “Have ‘stay conversations’ with your employees all the time. Engage them in talks about their career progression and understand which areas they would like to further enhance their skillsets in and with that, find ways to provide a suitable platform which will enable them in achieving their goals.”
Equip teams with the right tools for personal and career growth.
In 2023, it is expected that salaries will remain largely the same as 2022. “However, we expect to see an increase of between 15% to 20% for HR professional in talent acquisition, HR business partnering and leadership position mainly in the banking, technology, FMCG and healthcare sectors,” Yaamini notes.
Request access to our 2023 Salary Survey to benchmark salaries and to find out more about key hiring trends for Human Resources professionals in Singapore.
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