More hiring and salary increases during 1H 2011 – Achieve Group Hiring Trends Report

Submitted by Amit Puri - Managing Consultant, Sandbox Advisors on February 9, 2011 – 11:09 amNo Comment

Local companies are intending to hire in the first half of this  year to capitalise on growth opportunities, with 48% looking to increase  hiring/staff strength by 5% to 10%. Many companies are also planning salary increases.

This  is according to the Hiring Trends 1H 2011 Report by Achieve Group, which recently polled  over 500 companies  to find out their predictions on economic growth  and their hiring plans during  this period. The report also surveyed  respondents on whether they believe it  will be easier to hire  foreign  workers after the upcoming General Elections this year.

Industry Hiring Outlook

The Report classified the participating companies into nine main sectors. Of which, the top sectors that intend to hire in 1H 2011 are Professional Services, Healthcare & Pharmaceuticals, and Industrial Manufacturing & Engineering. This contrasts with the second half of 2010, when the top industries hiring were IT & Telecommunications, Oil & Gas and Professional Services, according to the ACHIEVE Group’s Hiring Trends Report 2H 2010.

Banking & Finance Hiring/Jobs

51% of those in the Banking & Finance sector said that they would be hiring in 1H 2011 while 49% do not intend to hire.

Healthcare & Pharmaceutical Hiring/Jobs

Slightly more respondents (56%) in the Healthcare & Pharmaceutical industry are planning to hire while 44% are not.

IT & Telecommunications Hiring/Jobs

A slight majority (59%) in the IT & Telecommunications sector are not intending to expand their workforce. However, 41% are planning to expand.

Hospitality, Retail & F&B Hiring/Jobs

45% of those surveyed in Hospitality, Retail & F&B are planning to boost headcounts while 55% are not.

Shipping & Logistics Hiring/Jobs

The majority (64%) in this sector do not plan to hire, with only 36% intending to grow their staff numbers.

Industrial Manufacturing & Engineering Hiring/Jobs

54% of respondents in the Industrial Manufacturing & Engineering industry are expecting to hire more workers while 46% are not.

Oil & Gas Hiring/Jobs

In the Oil & Gas sector, 65% do not intend to hire while the minority of 35% do.

Professional Services Hiring/Jobs

59% of those in the Professional Services sector are planning to hire while 41% are not.

Property & Construction Hiring/Jobs

Just over half of those surveyed (54%) said they would be hiring while 46% said they would not.
“[Companies] are demonstrating a lot of confidence for the future – as exemplified by the more positive indications to hire,” Joshua Yim, founder and chief executive officer of ACHIEVE Group, said.

Additionally, companies are also planning to provide salary increases/increments for new hires.

Out  of the 500 local companies polled, 41% indicated intent to offer salary increases  of 5% to 10% to new employees. One in 10 expect to give salary increases of more than 15%.
But  local companies are finding it challenging to hire foreign workers  in Singapore because of the new governmental quota. Three fifths are expecting the  hiring of foreigners in Singapore to be even tougher until after the upcoming  General Elections.
About 70%  of companies are expecting economic growth of 3% to 5%, with only 20% of  companies anticipating less than 5% growth in the first half of 2011.

You can download the entire report here – Hiring Trends 1H 2011 Report by Achieve Group

Sources & References: Achieve Group; Topics: Hiring, Jobs, Salary, Salary Increases