NOTE FROM HR
MANAGING DIVERSITY – A TOP CHALLENGE
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.”