Retaining workers still priority for companiesBy: Lisa Cheong, Singapore Published: Feb 17, 2009 Singapore - Companies are now concerned about retaining important employees, as the number of job-seekers is on the rise despite the troubled economic times.
Due to a slowdown in jobs and increase in available candidates, the market is beginning to favour employers instead, reports the recent Hays Asia Salary Survey released recently. "While the true picture will not become clear until recruitment budgets are reviewed in the first quarter of 2009, the outlook is positive but subdued with continued growth in a select number of sectors," the report states.
Chris Mead, general manager of Hays Singapore tells Human Resources that he definitely has seen an increase job-seeking activity, with candidates from the banking and finance sector leading the pack. "We have seen more candidates who are applying through our job portals or calling us up directly and asking for opportunities. But yes, there are more people that are applying [for jobs]."
Even though employees are worried about their job security, employers are also taking measures to retain important talent. "One of the main ways is through talking to their staff about what the organisation can do for their staff in the mid to long-term," Mead says. Some measures include investing employees' personal skills and preparing them for the next stage of their career.
According to the Hays survey, the economic downturn has stabilized salaries in almost every sector, with modest salary increases becoming the norm now. However, there is still demand for jobs such as sales and marketing executives, lawyers specialising in construction, capital markets and compliance work.
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