WEEKLY RECAP EMPLOYMENT SALARY BONUSES RECRUITMENT
Singapore - Local employers are placing hiring plans on hold amidst the grim economic outlook, according to the latest Manpower Employment Outlook Survey.
Companies are plagued by widespread uncertainty and are reluctant to take on extra costs – which mean fewer jobs for locals. Only about 20% of 626 employers indicated plans for active recruitment. The figures have plummeted severely as compared to 33% last quarter.
While hiring sentiment has fallen, the situation is far from dire. Singaporeans will still be able to keep their jobs. Companies have also declared plans to add to their employee pay checks, in acknowledgment of the need for skilled labour to retain their competitive advantage.
However, business confidence continues to fall amongst stronger expectations from local employees to receive higher disposal incomes in the coming year.
Half of 405 survey respondents have braced themselves for the tumultuous year ahead, but a staggering 69% of locals still expect to receive salary increments and bonuses, according to a new report by Randstad Singapore.
“Employers can expect to see continued upwards wage pressure in 2012. While the expectation for remuneration differs between the sexes, companies should equally apply the same talent retention strategies to both men and women,” Karin Clarke, Randstad’s regional director for Singapore and Malaysia, said.
However, rising wage costs are likely to dampen local hopes of higher pay and salary bonuses. High labour costs dominate local businesses concerns in the next 12 months, according to a new report by KPMG.
The current economic downturn ascertains that locals can shelve aspirations towards higher salaries as the job climate continues to deteriorate.
To combat financial uncertainty and potential crises, KMPG has suggested reintroducing the Jobs Credit Scheme to encourage companies to hire more mature workers and Singaporeans.
"[The scheme] could support businesses through the uncertain economic outlook and ease the reliance on foreign workers," KPMG said.
Other measures undertaken to manage talent during this period have seen companies getting creative with their bonding activities. Local companies have increasingly come up with unique ways to bond employees and to build team spirit as part of efforts to boost employee engagement.
Staff holidays and retreats are some ideas used to boost employee morale and satisfaction. Awfully Chocolate recently surprised their employees with a trip to Tokyo.
Firms have also increasingly used sporting activities to allow employees to get to know each other better. In particular, shooting activities have become increasingly popular because it creates a level playing field for all its participants.
Finally, this week’s Bizarre HR features one of most unfortunate workplace incidents in history – an office employee was killed by a supposedly innocuous prank by a fellow co-worker.
During a staff Christmas party, a banker from Merrill Lynch (Bank of America Merrill Lynch) thought it would be fun to sneak into the toilet and set his colleague's Hawaiian-themed skirt on fire. The man emerged from the toilet covered in burns and died three days later.
The man was sentenced to two years in jail for the killer prank. The judge explained the light sentence was because the former banker had demonstrated deep remorse and had to live with the guilt of killing a friend.
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