SINGAPORE, 3 APRIL 2009 – According to the recruitment and talent management firm Hudson, expectations to hire in the IT&T sector in Singapore have risen from 21 per cent in Q1 2009 to 22 per cent this quarter.
However, 22 per cent of respondents also say they will reduce headcount, a sharp rise from 10 per cent, the recruitment firm reports.
Hudson has just brought out its Hudson report Q2 2009 which analyses the recruitment trends in Asia in various sectors of the economy. The report covers Asia (Beijing and Shanghai), Japan, Hong Kong and Singapore and is based on surveys of about 3,000 participants.
“Singapore is still seen as a strategic location or IT hub for many companies and some major projects are still underway,” the report states. “However, fewer new projects are being initiated.”
Rate of decline of hiring expectation slower than last quarter
In general, employers remain cautious in recruiting staff even though hiring expectations are falling less sharply than the last quarter, according to the report.
The report says that in this survey of 752 executives across key business sectors, all interviewed during February this year, 20 per cent plan to increase hiring in the second quarter of this year, compared with 23 per cent in Q1 2009, and a majority of respondents (61 per cent) say they will keep headcount steady. For example, 56 per cent of Singapore employers said that they will keep headcounts steady.
“However, employers have implemented HR-related cost reductions in the last six months, the highest figure for all the markets surveyed in Asia. Reducing headcount and cutting bonuses are the most widely used initiatives,” the report says.
Other significant findings in The Hudson Report – Singapore Q2 2009 are:
• 61 per cent say headcount will remain steady, while 19 per cent expect to reduce hiring;
• Overall, 60 per cent of respondents say their organisation has cut HR-related costs in the last six months, the highest figure for the markets surveyed in Asia;
• Employers continue to use a range of recruitment channels, with recruitment consultancies and employee referrals being the most frequently used;
• Open communication and reinforcement messages from the CEO are regarded as the best means of maintaining staff morale in a tough economic environment.
