SINGAPORE: Companies, in particular multinational corporations (MNCs) with operations here, will be more prudent and more conservative in its hiring of staff in the fourth quarter.
This according to Singapore—based human resource consultancy, PrimeStaff Management Services Pte Ltd, which released its Employment Outlook for the fourth quarter on Tuesday.
PrimeStaff said most companies will be implementing hiring freezes.
However, some companies may even retrench staff, depending on the sector they operate in. This could be due to cost control measures or business restructuring.
PrimeStaff added that forward—looking small and medium—sized companies could pick up the talent that have been made redundant by the MNCs.
PrimeStaff noted that Singapore’s unemployment rate is likely to remain status quo but it does not rule out the possibility of a slight increase in the unemployment rate for the fourth quarter.
PrimeStaff said any slowdown in hiring in certain sectors will be balanced out by a pick—up in hiring activities in others.
For example, the hospitality, retail and food & beverage industries would see a higher demand for frontline and operational staff as these are needed to cope with the year—end festive season.
The healthcare industry is also expected to experience strong hiring activity, as there is a continued need for qualified healthcare workers in Singapore.
The sectors that may lay off workers include manufacturing and banking, especially MNCs with headquarters in Europe or the United States. This would be due to the continued economic troubles in the Europe and US markets, and consequent reduction of consumer demand.
PrimeStaff noted that employers who are facing a shortage of manpower will need to look into how to successfully entice locals and PRs to take on the available roles which are predominantly blue—collar in nature.
These companies will need to be more innovative in their strategies to attract local or PR candidates. The strategies could include shortening the working hours of a job originally designed for a six—day workweek to a five—day workweek instead.
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