Top HR stories and insights and MOM Latest News for June 2023

Posted on 28 June 2023 in Business | Suki Bajaj

Let's take a look at Singapore's top HR stories and insights and MOM latest news for June 2023, including new recruitment trend to attract more talent, wage hike initiatives, tactical employee benefit strategies, and more!

Pay Transparency: A Growing Trend in Singapore's Job Market

In a recent report from APAC, more employers in Singapore are being open about their salary offers in job ads as they seek to attract more talent.

In March, 35% of all job postings on employment website, Indeed, are including salaries, 1.8 times higher compared to the same month in 2019.

APAC also mentioned that even as the market shifts, we can expect to see the pay transparency trend to continue as both employers and job seekers will benefit from a more transparent hiring process.

Moreover, the government will require all Singapore-listed firms to include the salaries of chief executive officers and individual directors starting December 2024.

Wage Hikes on the Horizon for Singapore Employees

Based on a recent survey by RGF International Recruitment, nearly eight out of 10 employers in Singapore are planning to increase salaries in the next six to 12 months, as compensation remains a strong motivator for employees to switch jobs.

But the survey found 'mismatch' between employer and employee expectations. The survey said most employers consider a 19% increase reasonable, but most employees expect a 28% increase when switching jobs.

Rising Costs Drives Employers to Rethink Benefits Strategies

Rising costs in Singapore are affecting benefits strategies for many employers this year, as a recent survey found that costs are the second most-cited factor influencing benefits strategies, just behind competition for talent.

Meanwhile, the report also found that budgets for benefits are also hit by the persistence of higher inflation, as well as the weakening economy and business environment.

They also mentioned that these findings reflect the "changing" needs of employees and how demands for comprehensive benefit provisions are growing.

MOM Latest News: Employment in Singapore Remains Strong, Despite Labour Demand Slowdown

Total employment in Singapore has increased in the first quarter of 2023, compared to the fourth quarter of 2022, according to the recent report by MOM.

Retrenchments also increased for a third consecutive quarter, although employees are taking less time to find re-employment.

Majority of Singaporeans Want an Employer Who Supports DEI

More than half of employees in Singapore believe it is important to work for a company that actively supports equity, diversity, and inclusion (DEI).

These findings come as more Gen Z employees join the labour force. They want to feel seen and valued for their strengths and contributions, according to Randstad Singapore.

Top Reasons Why Singaporeans Are Quitting Their Jobs

According to a new report by Randstad, the lack of a healthy work-life balance is the top-cited reason why Singaporeans want to leave their current employers.

To help employees achieve this, the government has been encouraging employers since last year to make flexible working arrangements permanent.