h4ufme (Singapore) - - Clips -

As the num­ber of Mil­len­ni­als en­ter­ing the work­force grows and Sin­ga­pore's pop­u­la­tion ages, more than 69% of HR lead­ers sur­veyed said that man­ag­ing an age-di­verse work­force was one of the most daunt­ing chal­lenges they will face this year.

That's 1 of 3 press­ing hu­man cap­i­tal is­sues that em­ploy­ers in Sin­ga­pore are cur­rently fac­ing, ac­cord­ing to Rand­stad Sourceright's 2015 Tal­ent Trends Re­port. The other are: the high mo­bil­ity of tal­ent, and over­all tal­ent scarcity. “With the con­tin­u­ous tight­en­ing of the labour mar­ket and the bur­den this puts on a com­pany's lead­er­ship and tal­ent pipeline, it is in­creas­ingly im­por­tant that com­pa­nies use all the tools avail­able to help plan for the fu­ture,” said Doug Ed­monds, Re­gional Di­rec­tor of Rand­stad Sourceright Asia-Pa­cific.

With un­em­ploy­ment re­main­ing low at 1.9%, the strong job mar­ket in Sin­ga­pore serves as the num­ber one risk to staff re­ten­tion. Nearly one fifth of em­ploy­ers plan to re­cruit from over­seas be­cause of tal­ent scarcity. That fig­ure jumps to 33% for com­pa­nies based in Sin­ga­pore.

“How­ever, em­ploy­ers can ex­ploit mo­bil­ity as tal­ent en­gage­ment tool and in­cor­po­rate it into their em­ployer brand, with as­sign­ments in dif­fer­ent geogra­phies be­ing a big mo­ti­va­tor for em­ploy­ees to de­velop skills and boost their ca­reers,” said Ed­monds. “Em­ploy­ers also win – ben­e­fit­ting from the new skills and ex­pe­ri­ences their in­ter­nal tal­ent gains across dif­fer­ent geogra­phies and cul­tures.”

A shift from labour-in­ten­sive to more skilled work is con­tribut­ing to a sig­nif­i­cant short­age of pro­fes­sional and tech­ni­cal tal­ent – ex­plain­ing why the ma­jor­ity (73%) of HR lead­ers feel “the war for tal­ent” still ac­cu­rately re­flects to­day's tal­ent en­vi­ron­ment.

About 70% of HR lead­ers sur­veyed are turn­ing to tal­ent an­a­lyt­ics and pre­dic­tive work­force in­tel­li­gence in­sights to help them map and ad­dress real and po­ten­tial skills gaps. Ac­cord­ing to Ed­monds, “this in­cludes a data-driven ap­proach to fu­ture work­force plan­ning, fore­cast­ing po­ten­tial tal­ent gaps, spot­ting high-per­form­ers early on, and pre­dict­ing when your work­force is con­sid­er­ing jump­ing ship.”

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