Latest news with #JobstreetbySEEK
Business Times
4 days ago
- Business
- Business Times
A third of employers raising their reliance on contract, flexi-work hires: Jobstreet survey
[SINGAPORE] Hiring confidence in Singapore has rebounded in recent times, with 42 per cent of employers planning to employ more permanent staff in the first half of 2025, based on Jobstreet by SEEK's Hiring, Compensation and Benefits 2025 report released on Tuesday (May 27). This was a mark higher than the 32 per cent of employers who expressed confidence in a more active job market for the second half of 2024. The increased figure was in line with Singapore's 2025 forecast gross domestic product growth of about 1 to 3 per cent. While permanent employment is in demand, 31 per cent of employers said they are increasing their reliance on contract, part-time staff and flexi-work hires this year, up from 15 per cent in 2024. This was primarily driven by small and medium-sized businesses, the report indicated, with their key reasons including the need to expand their business, looking for a more flexible workforce, and requiring new roles and skill sets. The survey was conducted between September and October 2024, and received responses from 887 hirers and human resources professionals in Singapore across a range of industries such as trade and manufacturing services, engineering, and technology and data. A NEWSLETTER FOR YOU Friday, 3 pm Thrive Money, career and life hacks to help young adults stay ahead of the curve. Sign Up Sign Up In 2024, 76 per cent of companies awarded bonuses, with the average payouts remaining consistent with the previous year. Only 79 per cent of businesses implemented salary increases last year, down from 84 per cent in 2023. Staff promotions fell to 54 per cent in 2024, compared to 59 per cent in the year before. Those promoted in 2024 also received lower compensation increases – in the 1 to 5 per cent range – as compared to those who received promotions in 2023. On the other hand, various non-monetary perks such as flexible work arrangements, mental health days and family care gained traction among businesses to enhance quality of life and employee well-being. Benefits such as additional paternity leave (16 per cent), family care leave (14 per cent), and maternity leave (12 per cent) gained popularity in 2024, reflecting how employers wish to better support employees' family lives. This was in line with Singapore's enhanced parental leave policies, such as the Enhanced Government-Paid Paternity Leave and New Shared Parental Leave schemes. Additionally, companies in Singapore these days are investing more in long-term employee career development, with plans to expand access to training or self-learning programmes (8 per cent), apprenticeship or mentoring opportunities (9 per cent), and job rotation opportunities (9 per cent) in 2025. Top full-time permanent job functions hired in 2025 The report noted that the top three job functions for 88 per cent of companies hired in 2024 remained consistent with those in 2023. Administration and human resources took the top spot at 36 per cent, followed by accounting at 28 per cent, then sales and business development at 23 per cent. New entries to the top five permanent full-time job functions were that of customer service at 16 per cent, and branding and marketing at 14 per cent. AI literacy as a 'must-have', though adoption still lags A key qualification today for many jobs is fluency in artificial intelligence (AI), with 54 per cent of employers now considering it during hiring and candidate assessment, and nearly one in five viewing it as a primary consideration. But despite this demand, only 15 per cent of businesses have implemented AI tools to assist with recruitment. The main barriers to adoption include the perception that AI is unnecessary in the recruitment process (51 per cent), concerns about losing the human touch and personalisation (44 per cent), and lack of knowledge or access to AI applications (40 per cent). 'Singapore's job market is entering a new chapter,' said Vic Sithasanan, managing director at Jobstreet by SEEK in Singapore. 'Where salary once reigned supreme, the data shows us that employers and jobseekers are now focused on AI readiness, work-life flexibility, and meaningful career development.' 'For jobseekers, standing out means not only demonstrating adaptability and a commitment to continuous upskilling, but also displaying real-world AI skills and a willingness to embrace qualities that are now essential to thrive in Singapore's job market.'
Business Times
4 days ago
- Business
- Business Times
A third of employers raising their reliance on contract, flexi-workers: Jobstreet survey
[SINGAPORE] Hiring confidence in Singapore has rebounded in recent times, with 42 per cent of employers planning to employ more permanent staff in the first half of 2025, based on Jobstreet by SEEK's Hiring, Compensation and Benefits 2025 report released on Tuesday (May 27). This was a mark higher than the 32 per cent of employers who expressed confidence in a more active job market for the second half of 2024. The increased figure was in line with Singapore's 2025 forecast gross domestic product growth of about 1 to 3 per cent. The survey was conducted between September and October 2024, and received responses from 887 hirers and human resources professionals in Singapore across a range of industries such as trade and manufacturing services, engineering, and technology and data. While permanent employment is in demand, 31 per cent of employers said they are increasing their reliance on contract, part-time staff and flexi-work hires this year, up from 15 per cent in 2024. This was primarily driven by small and medium-sized businesses, the report indicated, with their key reasons including the need to expand their business, looking for a more flexible workforce, and requiring new roles and skill sets. A NEWSLETTER FOR YOU Friday, 3 pm Thrive Money, career and life hacks to help young adults stay ahead of the curve. Sign Up Sign Up In 2024, 76 per cent of companies awarded bonuses, with the average payouts remaining consistent with the previous year. Only 79 per cent of businesses implemented salary increases last year, down from 84 per cent in 2023. Staff promotions fell to 54 per cent in 2024, compared to 59 per cent in the year before. Those promoted in 2024 also received lower compensation increases – in the 1 to 5 per cent range – as compared to those who received promotions in 2023. On the other hand, various non-monetary perks such as flexible work arrangements, mental health days and family care gained traction among businesses to enhance quality of life and employee well-being. Benefits such as additional paternity leave (16 per cent), family care leave (14 per cent), and maternity leave (12 per cent) gained popularity in 2024, reflecting how employers wish to better support employees' family lives. This was in line with Singapore's enhanced parental leave policies, such as the Enhanced Government-Paid Paternity Leave and New Shared Parental Leave schemes. Additionally, companies in Singapore these days are investing more in long-term employee career development, with plans to expand access to training or self-learning programmes (8 per cent), apprenticeship or mentoring opportunities (9 per cent), and job rotation opportunities (9 per cent) in 2025. Top full-time permanent job functions hired in 2025 The report noted that the top three job functions for 88 per cent of companies hired in 2024 remained consistent with those in 2023. Administration and human resources took the top spot at 36 per cent, followed by accounting at 28 per cent, then sales and business development at 23 per cent. New entries to the top five permanent full-time job functions were that of customer service at 16 per cent, and branding and marketing at 14 per cent. AI literacy as a 'must-have', though adoption still lags A key qualification today for many jobs is fluency in artificial intelligence (AI), with 54 per cent of employers now considering it during hiring and candidate assessment, and nearly one in five viewing it as a primary consideration. But despite this demand, only 15 per cent of businesses have implemented AI tools to assist with recruitment. The main barriers to adoption include the perception that AI is unnecessary in the recruitment process (51 per cent), concerns about losing the human touch and personalisation (44 per cent), and lack of knowledge or access to AI applications (40 per cent). 'Singapore's job market is entering a new chapter,' said Vic Sithasanan, managing director at Jobstreet by SEEK in Singapore. 'Where salary once reigned supreme, the data shows us that employers and jobseekers are now focused on AI readiness, work-life flexibility, and meaningful career development.' 'For jobseekers, standing out means not only demonstrating adaptability and a commitment to continuous upskilling, but also displaying real-world AI skills and a willingness to embrace qualities that are now essential to thrive in Singapore's job market.'
Business Times
4 days ago
- Business
- Business Times
A third of employers raising their reliance on contract, part-time workers: Jobstreet survey
[SINGAPORE] Hiring confidence in Singapore has rebounded in recent times, with 42 per cent of employers planning to employ more permanent staff in the first half of 2025, based on Jobstreet by SEEK's Hiring, Compensation and Benefits 2025 report released on Tuesday (May 27). This was a mark higher than the 32 per cent of employers who expressed confidence in a more active job market for the second half of 2024. The increased figure was in line with Singapore's 2025 forecast gross domestic product growth of about 1 to 3 per cent. The survey was conducted between September and October 2024, and received responses from 887 hirers and human resources professionals in Singapore across a range of industries such as trade and manufacturing services, engineering, and technology and data. While permanent employment is in demand, 31 per cent of employers said they are increasing their reliance on contract, part-time staff and flex-work hires this year, up from 15 per cent in 2024. This was primarily driven by small and medium-sized businesses, the report indicated, with their key reasons including the need to expand their business, looking for a more flexible workforce, and requiring new roles and skill sets. A NEWSLETTER FOR YOU Friday, 3 pm Thrive Money, career and life hacks to help young adults stay ahead of the curve. Sign Up Sign Up In 2024, 76 per cent of companies awarded bonuses, with the average payouts remaining consistent with the previous year. Only 79 per cent of businesses implemented salary increases last year, down from 84 per cent in 2023. Staff promotions fell to 54 per cent in 2024, compared to 59 per cent in the year before. Those promoted in 2024 also received lower compensation increases – in the 1 to 5 per cent range – as compared to those who received promotions in 2023. On the other hand, various non-monetary perks such as flexible work arrangements, mental health days and family care gained traction among businesses to enhance quality of life and employee well-being. Benefits such as additional paternity leave (16 per cent), family care leave (14 per cent), and maternity leave (12 per cent) gained popularity in 2024, reflecting how employers wish to better support employees' family lives. This was in line with Singapore's enhanced parental leave policies, such as the Enhanced Government-Paid Paternity Leave and New Shared Parental Leave schemes. Additionally, companies in Singapore these days are investing more in long-term employee career development, with plans to expand access to training or self-learning programmes (8 per cent), apprenticeship or mentoring opportunities (9 per cent), and job rotation opportunities (9 per cent) in 2025. Top full-time permanent job functions hired in 2025 The report noted that the top three job functions for 88 per cent of companies hired in 2024 remained consistent with those in 2023. Administration and human resources took the top spot at 36 per cent, followed by accounting at 28 per cent, then sales and business development at 23 per cent. New entries to the top five permanent full-time job functions were that of customer service at 16 per cent, and branding and marketing at 14 per cent. AI literacy as a 'must-have', though adoption still lags A key qualification today for many jobs is fluency in artificial intelligence (AI), with 54 per cent of employers now considering it during hiring and candidate assessment, and nearly one in five viewing it as a primary consideration. But despite this demand, only 15 per cent of businesses have implemented AI tools to assist with recruitment. The main barriers to adoption include the perception that AI is unnecessary in the recruitment process (51 per cent), concerns about losing the human touch and personalisation (44 per cent), and lack of knowledge or access to AI applications (40 per cent). 'Singapore's job market is entering a new chapter,' said Vic Sithasanan, managing director at Jobstreet by SEEK in Singapore. 'Where salary once reigned supreme, the data shows us that employers and jobseekers are now focused on AI readiness, work-life flexibility, and meaningful career development.' 'For jobseekers, standing out means not only demonstrating adaptability and a commitment to continuous upskilling, but also displaying real-world AI skills and a willingness to embrace qualities that are now essential to thrive in Singapore's job market.'
New Straits Times
28-04-2025
- Business
- New Straits Times
Bonuses and aligning salaries with inflation crucial for talent retention
KUALA LUMPUR: Malaysia's job market is advancing steadily, but competitive remuneration remains a key factor in attracting and retaining top talent. According to Jobstreet by SEEK's latest Hiring, Compensation & Benefits Report, more than 75 per cent of companies awarded performance bonuses in 2024, with average payouts rising to two months' salary—an improvement from the previous average of 1.7 months. Additionally, 77 per cent of businesses implemented salary increments, keeping pace with Malaysia's 2.49 per cent inflation rate. To further strengthen their employee value propositions, many organisations have expanded their benefits packages, introducing initiatives such as replacement leave, extended parental leave, and flexible working arrangements. Notably, 45 per cent of employers now offer family-friendly benefits, including nursing rooms and enhanced medical coverage. The report also noted that retrenchments, right-sizing, and strategic pivots in 2024 have shaped a cautiously optimistic hiring outlook as companies prepare for 2025. To stay competitive and resilient, Jobstreet by SEEK recommends employers expand their recruitment strategies to include part-time, contract, or freelance workers; align salary adjustments with inflation trends and industry benchmarks, and enhance employee benefits, particularly in offering flexible work arrangements, mental health leave, and family-focused policies. It noted that nearly half of Malaysian companies plan to expand their permanent workforce in the first half of 2025, entering the new year with renewed optimism. This projected growth is driven by business expansion (83 per cent), the creation of new roles (58 per cent), and the need to replace departing employees (43 per cent). "Businesses are approaching 2025 with cautious optimism, focusing heavily on flexibility, competitive compensation and strategic use of AI," said Nicholas Lam, managing director at Jobstreet by SEEK Malaysia. "As AI becomes integral to recruitment processes, businesses must adopt it thoughtfully to ensure inclusivity and effectiveness," he said in a statement. Drawing from insights gathered from 2,279 human resource professionals and employers, the report highlights that while business confidence is strong—with 83 per cent of companies planning for expansion—2024 was largely a year of recalibration. Despite 74 per cent of respondents describing the job market as active, 39 per cent of employers reduced their workforce in 2024, a notable increase from 18 per cent in 2023 and 14 per cent in 2022. The top three permanent full-time roles remained consistent with 2023: administration and HR (41 per cent of companies that hired), accounting (33 per cent), and sales or business development (21 per cent). Meanwhile, Malaysian employers are increasingly embracing AI in their recruitment strategies. Seventy per cent of businesses now assess candidates' AI skills during hiring, with 36 per cent viewing it as a critical competency. Additionally, 26 per cent of recruiters are using AI tools to assist with job advertisement creation (71 per cent), candidate screening (59 per cent), and assessments (54 per cent). However, nearly half of employers (47 per cent) remain cautious, citing concerns about the potential loss of personalisation in the hiring process. The report also highlights meaningful progress in diversity, equity, and inclusion (DEI) initiatives. As of January 2025, women now hold 33 per cent of board seats among Malaysia's top 100 public listed companies (PLCs) and 27.6 per cent across all PLCs. "Employers in Malaysia are increasingly recognising DEI not just as a moral responsibility but also as a strategic business advantage," Lam said.
