Employers in Singapore face fierce competition for talent as workers seek higher salaries and better benefits

Morgan McKinley Singapore

Gurj Sandhu, Managing Director of Morgan McKinley Singapore, commented: "Global markets have been challenging in 2023. After two years of double-digit GDP growth, companies are understandably tightening the purse strings and being strategic with their hiring strategies."

"Despite a significant slowdown in hiring from the post-pandemic highs in Singapore, recruitment for top talent is still happening - but it has been difficult. Apprehension from jobseekers, the widening skills shortage due to international talent leaving the region, and increased hiring process length deterring candidates each played a role in this."

Sandhu concluded: "In a difficult market where headcount may be reducing and workload per person is increasing, employee engagement and togetherness is key. It's important you understand your people - their career goals and aspirations - to keep them engaged."

"When the employment market improved in 2021, we saw a lot of movement, often referred to as the 'Great Resignation'. Only time will tell whether we see a boom like this in 2024, however, if employees are not taken care of now, they will let this be known with their feet."

The Morgan McKinley 2024 Salary Guide presents up-to-date and accurate salary data for a wide range of roles across Singapore, providing hiring managers with industry benchmarks when they are working out what to pay employees and giving professionals more visibility over what they can earn.

Research from 650 businesses and 3,400 professionals was conducted to find out what companies' hiring intentions are for 2024, what the key motivators are for changing jobs, and what the expectations are for movement on salaries.

For the 2024 Salary Guide, visit: 
https://www.morganmckinley.com/sg/salary-guide  

About Morgan McKinley

Morgan McKinley is a global talent services expert, offering the full spectrum of solutions to meet employers' and jobseekers' needs. With 19 offices in 10 countries and nearly 1000 employees, it provides 3 distinct solutions for customers. Morgan McKinley Recruitment Solutions encompassing deep expertise across 10 professional disciplines offering temporary, contract and permanent recruitment; Morgan McKinley Executive Search for targeted C-Suite talent searches; and Morgan McKinley Talent Solutions including RPO, MSP, Project Recruitment and more.

Morgan McKinley is part of Org, a more human kind of professional services company that harnesses the power of talent to bring better business outcomes for clients across the world through advisory, managed services and talent services.

https://www.morganmckinley.com

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