Crunch of Talents in Singapore and The Great Resignation: What Employers Can Do
Since 2020, technology has been playing a major role as we move forward and continue our lives from what COVID-19 had brought to the world. In fact, Singapore, as one of the major technology hubs in Asia, has quickly grown globally with lots of work opportunities throughout its sectors, as a result of the formation of new businesses and existing ones that have engaged in digital transformation. According to Reuters, up to 500 new tech vacancies are listed every week on the country’s job sites.
However, with the demands continuously rising, Singapore does not have enough talents to fill the vacancies. Even if companies find locals to fit the job, still, as a tiny nation, the demand is higher than the supply leaving employers struggling to find workers.
Challenges of Employers
One of the major challenges is that there are not enough local candidates with the desired skills. Even if they are fit with in demand jobs such as business analysts and data scientists, there are some specific skills that require more in-depth data science expertise like deep learning, block chain and data engineering. With a limited number of ICT graduates from local institutions, companies would have to rely on foreigners to fill the gap.
Another challenge for them is that workers are leaving their jobs during the covid-19 pandemic with hopes of finding a better one. This ongoing phenomenon was coined as “The Great Resignation”. by Anthony Klotz. Most of the workers that have quit went on to jobs with higher pay, while the others have moved to a greater flexibility or work-life balance. According to Limeade report, majority of workers left because of such reasons:
- Desire to Work Remotely
- Insufficient Compensation
- Lack of flexibility
- Unsupported well-being
Many employers around the globe are facing stress and losing profits due to this wave of departures.
What Employers Can Do
Dr. Laura Hamill, PhD, Chief Science Advisor at Limeade said that “The Great Resignation is a great opportunity for employers to evolve, learn and do better. The companies that learn and grow from this feedback will succeed.”
Given that the resignation could have lasting change, employers need to make some serious changes to the way they support and care for their employees to support retention. They need to rethink not only the benefits offered to workers, but also the way in which they are treated. Here are some tips to retain employees during the great resignation:
- Provide Work Location Flexibility
- Have Two-Way communication with your employees
- Take action on what best supports Employee’s Mental and Physical Well-Being
- Prioritize pay equity, diversity and inclusion efforts
- Promote and adapt a strong company culture
- Think of ways to increase employee engagement
Priorities of millions have shifted as a result of the pandemic, and businesses should make significant investments in their employees’ wages, well-being, work-life balance, and opportunities. Having a wider visibility into both how serious your problem is, and the root causes that drive it, will empower your company to attract top talents and reduce costs. Moreover, build a more engaged and effective workforce.
If you are ready to change your company’s culture into the brighter side that employees seek. We, at Datasearch Consulting, are experts in the market who can help you.
Gary Dean is a Director at Datasearch Consulting, a leading executive recruitment firm specialising in the Financial Technology & Market Data sectors.
You can download their FREE comprehensive guide on “The Complete Guide to Hiring Fintech & Data Talent – 5 Proven Steps to Secure the Best Candidates Possible” here. Alternatively you can view the Datasearch Consulting website or contact them directly on firstname.lastname@example.org for a more detailed discussion.
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