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1、1WWW.RGF-HR.COMRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS1Rethinking Growth and ResilienceSingaporeTalent in Asia 2022RGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS2Table ofContents0304091119About this reportFrom our Managing DirectorMarket overviewKey findingsRecommend

2、ations06Talent in Singapore:At a glanceRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS3RGFs Talent in Asia report has been conducted with the aim of better understanding the needs and behaviours of candidates across four major Asia markets:Mainland China,Singapore,India and Japan.Its fin

3、dings span six industry sectors,including Consumer Goods,Retail and Hospitality,Industrial,Manufacturing and Engineering,Healthcare and Life Sciences,Banking,Financial Services&Insurance(BFSI),Technology,Media and Telecommunications(TMT),and Professional Services and Business Process Outsourcing.The

4、 report is based on RGF-owned data compiled via a targeted survey completed in November 2021,which gathered responses from close to 2,000 employers and employees across the four markets and six industry sectors.Statistical analysis was employed to further explore any correlation between factors ment

5、ioned in the survey.Due to the real-time nature of some of this data,RGF encourages readers to use its insights at their discretion.About this ReportRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS4“A new future of transformative recovery and brighter opportunities.”Message from our Manag

6、ing Director Mike WilkshireRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS5Mike WilkshireManaging Director,RGF Professional Recruitment Singapore was a year of caution,recovery and transformation,as economies across Asia withstood a second year of operating under pandemic conditions.Foll

7、owing the initial shock of COVID-19,most industries resumed business activity and pivoted to new streams of revenue,embracing digitalisation and accelerating innovation.Although these efforts opened more opportunities for skilled talent,they also exacerbated chronic skill shortages across the region

8、.This is particularly the case for Technology,Media and Telecommunications(TMT),a sector that displayed impressive growth throughout 2021 despite market volatility,while also fueling innovation,transformation and growth in other sectors including Banking,Financial Services and Insurance(BFSI),Health

9、care and Life Sciences,Industrial,and Consumer Goods.But the evolving nature of the TMT space has widened skill gaps,which in turn has driven up the value of skilled talent.As Singapores economy steadily recovers,businesses have also resumed hiring across most industries.While these trends may appea

10、r to be in favour of talent,caution is advised for both employers and jobseekers when setting expectations.In periods of volatility,forgoing realistic expectations can impact the prospects of both employers and talent in the eventuality of a market correction.The first step to avoiding this is under

11、standing the current sentiments of talent in Asia,their motivations and their priorities as indications of how to best attract and retain them for the year ahead.To this end,we are pleased to share with you the latest edition of our Talent in Asia report.We hope that our data-led insights will infor

12、m your decision making for the year ahead and deepen our position as your recruitment partners in navigating the regions fast-evolving talent landscape.2021RGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS6Talent in Singapore:At a glanceRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CO

13、NTENTS7Looking at 2022,Talent in Singapore are:Cautiously optimistic for the year aheadWhen asked about their industry outlook for the next 6-12 months:38%were neutral8%were pessimistic54%were optimisticTalent from the following industries were most optimistic:64%Healthcare&Life Sciences63%Technolog

14、y,Media&Telecommunications60%Banking,Financial Services&InsuranceOpen to new opportunitiesMost active talent last changed jobs1-3 years agoMost inactive talent last changed jobs1-6 months ago45%were actively searching for a new job40%were not actively looking but open to new opportunities15%had no i

15、ntention of changing jobsRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS8Satisfied with compensation 47%Most respondents are satisfied with their compensation packageis the salary increase most candidates expect when changing jobsTop priorities for job seekers when looking for a new empl

16、oyer:50%Lack of opportunities for career progression49%Salary or benefit package 42%Management style and company cultureMore productive in hybrid working environments Believe that hybrid working models are most beneficial for their productivity 78%Top flexible working priorities for job seekers when

17、 looking for a new employer:Lack of opportunities for career progression 43%Salary or benefit package 42%Work-life balance 35%Hybrid work from home and office(64%)Flexible working hours(56%)Competitive annual leave entitlement(56%)Flexible working hours(65%)Remote working(60%)Competitive annual leav

18、e entitlement(39%)21%2020202020212021RGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS9MarketOverviewRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS10 was a challenging year for Singapore,with the resurgence of COVID-19 cases setting back the reopening of its borders and econom

19、y.Despite these challenges,the countrys strict control measures and high vaccination rates resulted in measured growth overall,meaning business sentiment remains optimistic for the year ahead,injecting improved confidence into both employers and talent.This is reflected in shrinking unemployment rat

20、es and the consistent recovery of critical sectors.The Industrial sector,for example,showed significant recovery in areas like electronics manufacturing and precision engineering,bolstered by the robust demand for semiconductors and semiconductor equipment respectively1.Technology,Media and Telecomm

21、unications(TMT)also saw sustained growth through 2021,thanks to its role in Singapores position as a digital hub,as well as servicing the wave of digital transformation in the region.In line with this growth,our data shows that hiring demand in both sectors has also increasedbut while Industrial tal

22、ent numbers are growing,TMT talent continues to be in short supply.In fact,talent shortages were noted across most sectors,including Banking,Financial Services and Insurance(BFSI),Consumer Goods and Healthcare and Life Sciences.The stalwart Corporate Services sector,however,continues to lead both hi

23、ring demand and talent supply in Singaporea trend that is poised to continue well into 2022.Sources1 https:/ TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS11KeyFindingsRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS12Talent Are Cautiously Optimistic For 2022Looking ahead to the

24、next 6-12 months,half of talent respondents(54%)were optimistic about the overall outlook for their sector while over one third(38%)were neutral,indicating a significant sentiment of caution.However overall sentiment is more optimistic than last year(47%),with the percentage of talent with a pessimi

25、stic outlook falling by 27%.While positive sentiments were largely driven by an industrys ability to overcome COVID-19 challenges(75%),neutral sentiments were driven by uncertainty over the impact of the pandemic(48%).Respondents from Healthcare and Life Sciences(64%)were most optimistic about their

26、 industry outlook,followed by TMT (63%)and BFSI(60%).In contrast,Consumer Goods and Industrial talent were the most pessimistic about their prospects.A deeper dive also showed that talent who changed their jobs 7-12 months ago were the most optimistic(63%),while those who changed their jobs 1-3 year

27、s ago were most pessimistic(33%).Talent industry outlook for the next 6-12 monthsOptimisticNeutral Pessimistic 54%38%8%47%18%35%TOP 3 REASONS FOR POSITIVE OUTLOOK75%Industry has been able to survive/overcome the challenges of COVID-19Advancement in technology/digital transformationIncreased innovati

28、on in the industryUnsure about impact of COVID-19 on industryNo change in amount of innovation in the industrySize of the marketplace remains unchanged40%39%TOP 3 REASONSFOR NEUTRAL OUTLOOK48%38%38%20202021RGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS13Talent ActivityIncreasing number

29、of job seekers value company cultureTalent activity is growing in Singapore,with 45%of respondents actively looking for a new job,and another 40%open to new opportunities.While job seeker priorities have largely remained the same,management style&company culture(42%)moved significantly up the list t

30、o become the third most important reason for seeking new employment.This is a contrast to last year where work-life balance was top priority after pay and career progression.Top motivating factors for talent when looking for a new jobBreakdown of respondents actively looking for a new job 50%49%42%O

31、pportunities for career progressionSalary or benefit packageManagement style&company cultureWork-life balance is key to employee retention Given the shift in working environments during the pandemic,its perhaps no surprise that a majority of respondents(50%)consider work-life balance a key reason to

32、 stay with their current employers,ahead of salary or benefits package(46%).Interestingly,a large number of respondents equally valued opportunities for career progression,flexible working options,company culture and confidence in their companys future(38%).Priorities differed slightly between male

33、and female respondents,with the former valuing salary or benefit package(42%)the most after work-life balance,and the latter equally valuing work-life balance and flexible working options(71%).20202021YesNoNo but Im open to new opportunities45%15%40%43%42%Opportunities for career progressionSalary o

34、r benefit package35%Work-life balanceRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS14Biggest motivating factors for staying with current employer50%38%38%38%Work-life balanceFlexible working optionsManagement style&company cultureConfidence in company/industrys future46%38%Salary or ben

35、efit packageOpportunities for career progressionMale vs female comparison of retention priorities45%71%42%71%42%57%Employer Perspective:Talent shortages expected for the year aheadOur survey shows that hiring demand from employers is climbing.But despite the considerable number of talent actively se

36、eking new opportunities,talent supply remains short across most sectors.Ongoing limitations on travel due to the pandemic,as well as tightened work pass requirements in Singapore may further contribute to shortages in 2022.68%Said hiring activity had increased in the last 6 monthsTop steps taken by

37、employers in relation to recruitment and talent management81%Online interviews69%Flexible work arrangement policies54%Virtual on-boarding experiences66%Expect hiring to increase in the next 6 monthsWork-life balanceWork-life balanceSalary or benefit packageFlexible working optionsOpportunities for c

38、areer progressionSalary or benefit package77%Of employers said they are actively recruitingRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS15Salary and CompensationOf all the Asia markets,talent in Singapore is amongst the most satisfied with their compensation(50%),marking a stark improv

39、ement in satisfaction levels compared to last year(34%).However,more than a quarter(29%)remained dissatisfied with their salaries,while another 21%were unsure.This dissatisfaction is likely linked to annual salary increments,given that 49%did not receive one in the last year.Of the 47%who did receiv

40、e increments,the average wage increase was 9%.In contrast,respondents who were satisfied with their pay received an average increase of 14%.Professional Services received the highest increments(17%),while Industrial talent received the lowest(3%).A small minority(4%)received pay cuts as well,with mo

41、st(65%)not receiving any benefits to compensate.Talent satisfaction with compensation packageSatisfied or very satisfiedUnsureDissatisfied or very dissatisfied 50%21%29%32%34%34%Average salary increase received by talent20202021A majority of talent did not receive increments last year 57%7%27%6%3%1%

42、-5%Increase11%-20%Increase6%-10%Increase21%-50%Increase51%-100%IncreaseRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS16Average salary increase received by talent across industries10%Healthcare&Life Sciences9%TMT7%Consumer Goods7%BFSI3%Industrial17%Professional ServicesEmployer Perspecti

43、ve:Increment expectations mismatchThere is a clear gap in expectations between employers and talent when it comes to salary increments,given that most expect an average pay rise of 21%which is slightly down from 27%in 2020.Employers who could not offer a salary increase were prepared to provide:Annu

44、al IncrementCandidates satisfied with their compensation package received an average increment of 14%.But most employers expect to provide an average increment of 5%in the next 6-12 months.Increment When Switching Jobs When switching to a new job,most employees expect to receive a salary increment o

45、f 21%.However,employers believe an average increment of 13%is attractive to new talent.More well-being benefits30%10%10%Paid leaveTravel allowancesRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS17Flexibility and work-life balanceHybrid working considered vital to both productivity and wo

46、rk-life balanceDespite the upheavals of the last year,most talent in Singapore considered their work-life balance to be good or very good(45%).The survey showed that most respondents were offered hybrid work-from-home(WFH)and office arrangements(50%)in the last year,along with the option to work fro

47、m home completely(30%)and flexible working hours(27%).In fact,78%of respondents said hybrid working models were most beneficial for their productivity,and the majority said hybrid working was their top flexible working priority(64%)when considering a new employer or role.Female respondents(85%)tende

48、d to prefer hybrid working arrangements more than men(75%).Talent rating of work-life balanceTalent opinion on the working model most beneficial to their productivity8%37%15%35%78%13%7%7%Very goodAverageHybrid working-a mix of working in the office and from homeGoodWorking in the officePoorWorking f

49、rom homeVery poorProfessional Services and BFSI offer the most generous incrementsAcross industries,employers in Professional Services and BFSI are willing to offer the highest increments for the year ahead.Average salary increase employers are willing to offer across industries$8%Consumer Goods12%I

50、ndustrial11%Healthcare&Life Sciences14%BFSI13%TMT17%Professional ServicesRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS18Employer opinion on the impact on staff productivity when working from home13%30%38%99%-75%of normal productivity No changeMore productive12%3%Below 50%of normal prod

51、uctivityEmployer Perspective:Employee productivity remains largely unchanged Despite the change in working models last year,most employers did not see any change to employee productivity when working from home(38%),while 30%believed their employees maintained 75-99%of their productivity.A small perc

52、entage(13%)even said WFH made their staff more productive.This is likely due to the prolonged nature of Singapores movement restrictions in response to the pandemic,which gave businesses and talent enough time to adapt.Considering these promising sentiments on employee productivity,a majority of emp

53、loyers(88%)believe that hybrid working models or partial work from home will be the norm going forward.Most important flexible working options for candidates considering new roles64%Hybrid work from home arrangements56%Flexible working hours56%Competitive annual leave entitlement40%The option to wor

54、k remotely(from other geographical locations)38%Ability to cash out leave or take unpaid leave when neededTalent value flexibility more than everAside from hybrid work arrangements,talent prioritised flexible working hours and competitive annual leave entitlement when considering a new role.A large

55、number also want the option of working remotely from other geographical locations(40%).These priorities remain relatively unchanged from last year,indicating their established importance for talent.75%-50%of normal productivity RGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS19The number

56、of active job seekers is on the rise and a large section of employed talent remain passively open to new opportunities.Despite employers ramping up hiring plans,this rise in activity indicates increased competition for job seekers in 2022.Serious candidates are advised to sharpen their competitive e

57、dge and maintain reasonable salary expectations in line with their experience.Starting their job search earlier may also help accommodate longer hiring processes.Our survey shows that talent expectations for salaries are significantly higher than employer expectations,increasing the likelihood of sa

58、lary mismatches when job seeking.To avoid this,talent can consider upskilling in their field,particularly in in-demand digital areas,that can boost their employability and professional value.Upskilling can also help justify higher salary expectations in the case of market corrections in favour of em

59、ployers.A majority of talent believe hybrid working models are beneficial for their productivity and most can expect these models to remain the norm in 2022.Talent are encouraged to maintain productivity when working outside of the office,improve digital and verbal communication skills,and prepare t

60、o routinely go into the office as required.Recommendations for TalentExpect increased competition for the year ahead:Keep expectations reasonableby upskilling:Prepare for another year of hybrid working:RGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS20With most of Singapore working from h

61、ome over the last two years,its only natural that company culture may suffer as a result of less face-to-face time and communication.Aside from salary and career progression,job seekers increasingly value management style and company culture when considering a new employer.As a result,leaders may ne

62、ed to upskill their management on remote leadership and consistently update their employee engagement measures.Talent expectations for salary increments are higher than employers,which could cause issues when hiring.Talent in Singapore place high value on work-life balance,which includes hybrid work

63、 arrangements,flexible working hours and remote working from other geographic locations,so ensure these key considerations are available to talent,to both attract and retain them.Our data shows that hiring demand may outpace active talent in the market,in line with chronic talent shortages that pers

64、ist across sectors in Singapore.To avoid inflated salaries and maintain realistic expectations when hiring,employers are encouraged to continue investing in recruitment tools and processes that can speed up hiring and widen their search for the right talent.Recommendations for EmployersFocus on your

65、 culture:Counter salary mismatches with flexibility:Prepare for talent shortages by widening your search:RGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS21About RGFAs the global brand of the Recruit Group,RGF,abbreviated from Recruit Global Family,is committed to delivering total human re

66、source solutions of superior quality so individuals and companies of all sizes realize their full potential.We provide a one stop solution for every talent need,from C suite and senior business leaders to staff level roles.With three service brands,RGF International Recruitment is the leading recrui

67、tment service provider in Asia and provides a wide range of recruitment solutions across 17 cities.We deliver strong cross border recruitment solutions at all levels and across all industries and functions.For more information,market insights and advice on how we can improve your career or talent se

68、arch,please visit www.singapore.rgf-RGF Executive SearchRGF Professional RecruitmentRGF HR AgentBrand and ServicesFocuses on senior executives to middle management search in order to fulfil organisational goals,strategic planning development and overall decision making that affects the entire busine

69、ss organization.Hires of managerial and specialist positions who are essential to the real work of the business dealing with the people,customers and teams driving the business cross-functionally.They can also be considered developmental candidates for executive senior leadership positions.Fills a r

70、ange of managerial,specialist and staff positions at Japanese companies that require Japanese language skills.Draws on a deep understanding of Japanese companies with a vast database of Japanese-speaking personnel to find the best candidates.Senior ExecutivesMiddle Managers&SpecialistsStaff21+10K+17Years of HistorySpecialized consultants across all industry sectors and job functionsPlacements per YearWe find the best talentCities in AsiaTo support your regional recruitment needsRGF TALENT IN ASIA 2022:SINGAPORE BACK TO TABLE OF CONTENTS22