If you’re looking to boost your team with local hires this year, then monetary compensation is the best way to attract Singaporean talent.
Hudson’s new research found that higher salary is the top priority for Singapore job seekers in 2015, voted by three-quarters of respondents. Better benefits feature right after, at 67%.
Surveying 519 professionals and hiring managers across Singapore, the report found that work-life balance, including flexible work arrangements, features only fourth in job seekers’ list of priorities (64%).
“With Singapore named the world’s most expensive city in 2014 by the Economist Intelligence Unit, money and benefits dominate job seekers’ agendas,” noted Hudson Singapore’s regional director, Emmanuel White.
He added that the nation today is a candidates’ market, as they are online, networking, and open to change.
“With 92% of professionals open to being approached about a new job, 81% with an up-to-date resume and 63% with an up-to-date LinkedIn profile, hiring managers need to understand where to find the best talent and how to attract them.”
Despite employees being open about new opportunities, hiring managers noted the scarcity of talent, with 93% acknowledging they need to look beyond active job seekers to find the right candidate.
For these managers, recruitment specialists and personal networks are viewed as the most effective sourcing strategy, at 32% each.
Headhunting and internal referral schemes followed closely, both at 31%, with online job boards featuring next at 17%, and LinkedIn being cited by just over one in ten professionals.
On the other hand, employees are also becoming more mindful of their social media presence, with 79% currently comfortable with their online footprint.
Other trends include a growing dependence on psychometric testing as part of the recruitment process (46%), and a majority of local hiring managers (88%) using keywords to ensure their job ads have the best chance of being found.