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An acute shortage of talent drove up the number of job advertisements targeted at HR professionals by almost half in Singapore in 2014, compared to 2013, pointing to a need to both attract and retain HR talent in the country.
Overall, the nation saw a 23% annual growth in job advertisements in the last year, which Robert Walters’ new report says was driven primarily by the introduction of the Fair Consideration Framework (FCF).
“A lot of listed positions remain open for longer because clients are looking for good Singaporean talent. The challenge is in fulfilling this demand with the increased competition for Singaporean candidates,” explained Toby Fowlston, MD of Robert Walters Southeast Asia.
The most affected were job advertisements for legal and compliance roles, which witnessed a 68% surge, thanks to increased governance and regulatory requirements.
This was followed by 48% growth in ads for HR professionals, driven by an “acute talent crunch” to fill such vacancies.
In third place came the retail industry, with a 45% increment in the volume of job advertisements being put up. This was due to the growth in consumer confidence and spending.
Next came job advertisement increases in accounting and finance industry, as well as IT roles, each seeing a 44% jump in volumes.
The report attributed the growth in IT ads to “growing online consumerism,” which resulted in “a strong demand for candidates with experience in digital marketing and mobile application development.”
Added Fowlston, “Singapore will remain a local candidate-driven market for the foreseeable future. In order to counter this, companies are putting down measures to attract talent with emphasis on retention, development and competitive remuneration.”