THE number of job vacancies in Singapore hit a four-year high of 50,200 in September this year, reflecting the buoyant state of the economy.
It is a 36 per cent rise over the 36,900 openings the previous September, when Singapore was recovering from a recession.
Preliminary figures released on Thursday by the Ministry of Manpower show the vast majority (76 per cent) of the vacancies are in the services sector, a situation economists attribute to the sector being the top creator of jobs this year.
In contrast, job openings in manufacturing totalled 8,300 (17 per cent) and in construction, 3,300 (7 per cent).
The hunger for workers is especially acute in the hotel, retail and financial services industries, noted Citigroup economist Kit Wei Zheng. While the services sector is bulging with job openings, employers have found it hard to fill them as a result of government measures restricting the inflow of foreign workers, he said.
Barclays Capital economist Leong Wai Ho suggested that companies focus on retraining their workers to take on more work: 'They should also look at ways to recruit more older workers and also contract workers.'
The Straits Times
Dec 24, 2010
Dec 16, 2010
Levy changes to encourage hiring of local workers
Employers are hiring more older workers and economically inactive women following changes to the foreign worker levy scheme which were announced during the Budget in February.
The levy changes kicked in in stages from July this year till July 2012 to give companies time to adjust and invest in measures to boost productivity.
Speaking to Channel NewsAsia, Singapore National Employers Federation Chief, Stephen Lee, said companies are now looking for better quality and better trained foreign workers, not just for more workers. This also leads to more older workers and women being hired.
"The good news is that the labour participation rate is at an all time high of 77 percent. And one of the contributors of this is more older workers are working and more women are working. It shows that companies are tapping into older workers and the economically inactive women," said Singapore National Employers Federation Chief, Stephen Lee.
Meanwhile, Manpower Minister Gan Kim Yong said that the move to raise foreign worker levy was also aimed at getting employers to hire local workers.
"Other than raising the levy, we have also adjusted the levy tiers so as to encourage the employers to have as low a reliance on foreign workers as possible. We have also over time, raised the entry bar for foreign workers. We have enhanced the requirements for training, experience as well as types of jobs to qualify for skilled workers and S pass," said Mr Gan.
As for high value added, export oriented sectors which need foreign workers, Mr Gan added that these employers will have to pay more.
"For sectors and companies that do need certain foreign talents and foreign workers because their job is very high valued they are export oriented and they have to complete globally, they will continue to have access because we have not adjusted the dependency ratio.
"However, there is a cost to the society and to the nation in employing foreign workers and so they have to bear a higher cost and a higher tier of levy with a tighter dependency ratio if they were to move up the reliance."
Mr Gan said this allows companies flexibility to hire foreign workers but demand is kept in check with a pricing mechanism.
- Channel News Asia
The levy changes kicked in in stages from July this year till July 2012 to give companies time to adjust and invest in measures to boost productivity.
Speaking to Channel NewsAsia, Singapore National Employers Federation Chief, Stephen Lee, said companies are now looking for better quality and better trained foreign workers, not just for more workers. This also leads to more older workers and women being hired.
"The good news is that the labour participation rate is at an all time high of 77 percent. And one of the contributors of this is more older workers are working and more women are working. It shows that companies are tapping into older workers and the economically inactive women," said Singapore National Employers Federation Chief, Stephen Lee.
Meanwhile, Manpower Minister Gan Kim Yong said that the move to raise foreign worker levy was also aimed at getting employers to hire local workers.
"Other than raising the levy, we have also adjusted the levy tiers so as to encourage the employers to have as low a reliance on foreign workers as possible. We have also over time, raised the entry bar for foreign workers. We have enhanced the requirements for training, experience as well as types of jobs to qualify for skilled workers and S pass," said Mr Gan.
As for high value added, export oriented sectors which need foreign workers, Mr Gan added that these employers will have to pay more.
"For sectors and companies that do need certain foreign talents and foreign workers because their job is very high valued they are export oriented and they have to complete globally, they will continue to have access because we have not adjusted the dependency ratio.
"However, there is a cost to the society and to the nation in employing foreign workers and so they have to bear a higher cost and a higher tier of levy with a tighter dependency ratio if they were to move up the reliance."
Mr Gan said this allows companies flexibility to hire foreign workers but demand is kept in check with a pricing mechanism.
- Channel News Asia
Nov 30, 2010
Employment at a high
SINGAPORE'S robust economic recovery and tight labour market over the past year have brought cheer for workers on several fronts, going by data in a just-released report on employment and earnings.
Employment among residents which is at its highest level since 1991 - when the Government started collecting and publishing data on the resident workforce and employment rate - was fuelled in part by more women and older residents being attracted to join the workforce.
Employees were also pocketing slightly higher salaries. The median monthly income for all employed residents was $2,500 as at June this year.
While this was a 3.3 per cent spike compared to $2,420 as at June last year, the real change for workers - after adjusting for inflation - was just 1 per cent.
Still, the increase pushed income levels closer towards the Government's goal of raising Singaporeans' median income to $3,100 by 2020.
Also encouraging in the Singapore Workforce 2010 report, released on Tuesday by the Manpower Ministry, was data which showed a modest drop in the number of low-wage workers - those who earn $1,200 or less a month.
The Straits Times
Employment among residents which is at its highest level since 1991 - when the Government started collecting and publishing data on the resident workforce and employment rate - was fuelled in part by more women and older residents being attracted to join the workforce.
Employees were also pocketing slightly higher salaries. The median monthly income for all employed residents was $2,500 as at June this year.
While this was a 3.3 per cent spike compared to $2,420 as at June last year, the real change for workers - after adjusting for inflation - was just 1 per cent.
Still, the increase pushed income levels closer towards the Government's goal of raising Singaporeans' median income to $3,100 by 2020.
Also encouraging in the Singapore Workforce 2010 report, released on Tuesday by the Manpower Ministry, was data which showed a modest drop in the number of low-wage workers - those who earn $1,200 or less a month.
The Straits Times
Nov 25, 2010
Dyson to boost Singapore headcount
HOME appliance manufacturer Dyson says that it will be raising its headcount in Singapore sevenfold.
Dyson's PR and communications executive Rachel Choong told The Business Times on Thursday that the company's R&D centre in Singapore currently has a staff headcount of 30. This number - mostly made up of scientists and engineers - is expected to increase to over 200. No specific timeframe was mentioned.
The company will also be recruiting for other skilled roles such as acoustics specialists. Headquartered in the UK, Dyson is best known for producing bagless vacuum cleaners, energy efficient hand-dryers and bladeless fans.
Its Singapore facility, which has been developing and manufacturing the company's patented digital motors since 2000, will be tasked with continuing to develop the next generation digital motors, as well as all non-vacuum cleaner products.
Easy pain relief now!
In order to accommodate the expansion, Dyson Singapore will move from its current 480 square metre premises at Science Park III to a 2,700 sq metre facility at Alexandra Technopark. The move to the larger premises is slated for next month.
Dyson chief executive Martin McCourt said Singapore was chosen based on the quality of its engineers.
'Last year Dyson invested 42 million pounds (S$87.2 million) into research and development and this will rise to ?50 million this year. We've got ambitious growth plans: more people, more products and expansion into more markets. And we feel that Singapore is well-placed to find the bright minds that we need to realise our ambitions,' he said.
Besides Singapore, Dyson has facilities in Chicago, Toronto and Johor. The plant in Malaysia is Dyson's manufacturing and assembly base.
The company currently exports to 51 countries.
Ms Choong said that plans are underway to increase exports to as many as 70 countries, including China, where the company had a false start.
- The Business Times
Dyson's PR and communications executive Rachel Choong told The Business Times on Thursday that the company's R&D centre in Singapore currently has a staff headcount of 30. This number - mostly made up of scientists and engineers - is expected to increase to over 200. No specific timeframe was mentioned.
The company will also be recruiting for other skilled roles such as acoustics specialists. Headquartered in the UK, Dyson is best known for producing bagless vacuum cleaners, energy efficient hand-dryers and bladeless fans.
Its Singapore facility, which has been developing and manufacturing the company's patented digital motors since 2000, will be tasked with continuing to develop the next generation digital motors, as well as all non-vacuum cleaner products.
Easy pain relief now!
In order to accommodate the expansion, Dyson Singapore will move from its current 480 square metre premises at Science Park III to a 2,700 sq metre facility at Alexandra Technopark. The move to the larger premises is slated for next month.
Dyson chief executive Martin McCourt said Singapore was chosen based on the quality of its engineers.
'Last year Dyson invested 42 million pounds (S$87.2 million) into research and development and this will rise to ?50 million this year. We've got ambitious growth plans: more people, more products and expansion into more markets. And we feel that Singapore is well-placed to find the bright minds that we need to realise our ambitions,' he said.
Besides Singapore, Dyson has facilities in Chicago, Toronto and Johor. The plant in Malaysia is Dyson's manufacturing and assembly base.
The company currently exports to 51 countries.
Ms Choong said that plans are underway to increase exports to as many as 70 countries, including China, where the company had a false start.
- The Business Times
Nov 3, 2010
Fewer seek CDCs for job help
FEWER new job seekers are approaching the Community Development Councils (CDCs) for help in getting employment - thanks to the improved economy.
There were 18,000 new job seekers registered with the CDCs from January to September, down from 31,000 for the same period in 2009.
During this period, over 3,200 of them were placed into jobs, down from 6,000 a year ago. The drop was partly due to fewer job seekers registering for employment help, as more job openings became available.
The downward trend is also seen in the number of CDC referrals for training. From July to September, the CDC career centres referred over 1,600 job seekers for training, 3 per cent less than the same period last year.
The number seeking social assistance has also declined. Some 10,100 people sought social assistance from the CDCs between July and September 2010 - a drop of 10 per cent from the corresponding period last year, and 3 per cent lower than the previous quarter.
North East District mayor Teo Ser Luck said: 'The numbers reflect the improving economic situation.
'Although we are now seeing pre-recession numbers, in terms of residents seeking for assistance, the positive effect may not have reached some and there will always be those who are in need.'
- The Straits Times
There were 18,000 new job seekers registered with the CDCs from January to September, down from 31,000 for the same period in 2009.
During this period, over 3,200 of them were placed into jobs, down from 6,000 a year ago. The drop was partly due to fewer job seekers registering for employment help, as more job openings became available.
The downward trend is also seen in the number of CDC referrals for training. From July to September, the CDC career centres referred over 1,600 job seekers for training, 3 per cent less than the same period last year.
The number seeking social assistance has also declined. Some 10,100 people sought social assistance from the CDCs between July and September 2010 - a drop of 10 per cent from the corresponding period last year, and 3 per cent lower than the previous quarter.
North East District mayor Teo Ser Luck said: 'The numbers reflect the improving economic situation.
'Although we are now seeing pre-recession numbers, in terms of residents seeking for assistance, the positive effect may not have reached some and there will always be those who are in need.'
- The Straits Times
Nov 1, 2010
Singapore Employers Boost Payrolls, Pulling Unemployment Rate Down to 2.1%
Singapore employers expanded payrolls for a fifth consecutive quarter, pushing the jobless rate to the lowest in 2 1/2 years.
The city-state added an estimated 24,100 jobs in the three months ended September, after the creation of 24,900 positions in the second quarter of 2010, the Ministry of Manpower said in a statement today.
The seasonally adjusted unemployment rate fell to 2.1 percent from 2.2 percent the previous quarter, beating the median estimate of 2.2 percent in a Bloomberg News survey of 12 economists.
Singapore’s services industry is still expanding even after weakening overseas demand for manufactured goods caused the economy to contract last quarter.
The city’s two casino resorts run by Genting Singapore Plc and Las Vegas Sands Corp. have attracted millions to its gaming centers, helping boost spending at malls and restaurants.
“The employment creation came primarily from services,” the Ministry of Manpower said today. “Construction employment rose marginally due to the completion of major building projects earlier in the year.”
The services industry added 24,100 jobs last quarter while construction companies increased hiring by 100, the report showed, citing preliminary data. The manufacturing industry cut 400 jobs. A total of 85,500 jobs have been created in the first nine months of 2010.
Singapore’s central bank this week reiterated the government’s forecast for a 2010 expansion of as much as 15 percent, and said the $182 billion economy will “grow in line with its potential” in 2011, without providing figures.
“Compared to this year, when the manufacturing sector experienced a sharp surge in activity, gross domestic product growth next year will be driven more by the services sector,” the central bank said Oct 27.
- Bloomberg
The city-state added an estimated 24,100 jobs in the three months ended September, after the creation of 24,900 positions in the second quarter of 2010, the Ministry of Manpower said in a statement today.
The seasonally adjusted unemployment rate fell to 2.1 percent from 2.2 percent the previous quarter, beating the median estimate of 2.2 percent in a Bloomberg News survey of 12 economists.
Singapore’s services industry is still expanding even after weakening overseas demand for manufactured goods caused the economy to contract last quarter.
The city’s two casino resorts run by Genting Singapore Plc and Las Vegas Sands Corp. have attracted millions to its gaming centers, helping boost spending at malls and restaurants.
“The employment creation came primarily from services,” the Ministry of Manpower said today. “Construction employment rose marginally due to the completion of major building projects earlier in the year.”
The services industry added 24,100 jobs last quarter while construction companies increased hiring by 100, the report showed, citing preliminary data. The manufacturing industry cut 400 jobs. A total of 85,500 jobs have been created in the first nine months of 2010.
Singapore’s central bank this week reiterated the government’s forecast for a 2010 expansion of as much as 15 percent, and said the $182 billion economy will “grow in line with its potential” in 2011, without providing figures.
“Compared to this year, when the manufacturing sector experienced a sharp surge in activity, gross domestic product growth next year will be driven more by the services sector,” the central bank said Oct 27.
- Bloomberg
Oct 28, 2010
24,100 new jobs in Q3
THE Singapore economy added an estimated 24,100 jobs in the third quarter, bringing total employment to 3,075,500, a Manpower Ministry report said on Friday.
That was about the same as the 24,900 jobs added in the second quarter of 2010, but fewer than the 36,500 jobs gained in the first.
Services contributed to the bulk of the increase in employment, while manufacturing employment fell by 400, though the decline eased from the previous quarter.
Redundancies fell across manufacturing, construction and services sectors. Preliminary estimates put the number of workers retrenched or had contracts terminated prematurely in the third quarter at 1,900, lower than 2,280 in the previous quarter.
The seasonally adjusted overall unemployment rate stood at 2.1 per cent, an improvement from 3.3 per cent a year ago and down slightly from 2.2 per cent in June 2010.
The resident unemployment rate was 3.1 per cent, compared to 4.8 per cent a year ago.
- The Strait Times
That was about the same as the 24,900 jobs added in the second quarter of 2010, but fewer than the 36,500 jobs gained in the first.
Services contributed to the bulk of the increase in employment, while manufacturing employment fell by 400, though the decline eased from the previous quarter.
Redundancies fell across manufacturing, construction and services sectors. Preliminary estimates put the number of workers retrenched or had contracts terminated prematurely in the third quarter at 1,900, lower than 2,280 in the previous quarter.
The seasonally adjusted overall unemployment rate stood at 2.1 per cent, an improvement from 3.3 per cent a year ago and down slightly from 2.2 per cent in June 2010.
The resident unemployment rate was 3.1 per cent, compared to 4.8 per cent a year ago.
- The Strait Times
More than 4 in 10 job seekers lie in their resumes: Hudson report
More than four in 10 job seekers falsify their resumes.
That is what recruitment firm Hudson found out in a recent employment survey of nearly 550 executives across key business sectors.
It said candidates are most likely to falsify job responsibilities and achievements in their job applications.
The survey revealed that exaggerating the extent of one's specific experience is common among candidates at junior levels, as they seek to secure promotion to more senior roles.
Other key areas include skill sets and remuneration.
However, the likelihood of this happening varies between sectors. Candidates in the IT sector are most likely to exaggerate their skill sets.
This is because up-to-date technical knowledge is vital in the industry and candidates may be tempted to claim specific areas of expertise that they do not have.
Hudson's executive general manager, Ms Georgie Chong, described dishonesty in resumes as a "reality" of the market place.
"Most big companies will have in place pre-hiring procedures that includes the candidates certifying that whatever information that is stated in their resume or application is true and where it is found to be untrue, the company reserves the right to take disciplinary actions or to terminate the contract."
The Hudson Report said many employers believe the cost of making an inappropriate hire makes the reference-checking process worthwhile.
But, Ms Chong admitted that sometimes dishonest candidates get away with it.
"While you have in place processes, they may or may not be adhered to in a stringent manner, so they do get away with it.
"Let's say you're conducting a reference check, you need to have certain experience because sometimes it's not what the referee says, it's actually what the referee doesn't say," she said.
Turning to the employment market, Hudson said hiring expectations continue to rise, though at a slower rate.
Fifty eight per cent of respondents across all sectors expect to increase headcount in the current quarter.
And given better economic times, nearly a quarter of companies say they are experiencing turnover rates in excess of 10 per cent.
Most respondents are optimistic about the next six months, with 87 per cent forecasting excellent or good company performance.
- TODAY newspaper
That is what recruitment firm Hudson found out in a recent employment survey of nearly 550 executives across key business sectors.
It said candidates are most likely to falsify job responsibilities and achievements in their job applications.
The survey revealed that exaggerating the extent of one's specific experience is common among candidates at junior levels, as they seek to secure promotion to more senior roles.
Other key areas include skill sets and remuneration.
However, the likelihood of this happening varies between sectors. Candidates in the IT sector are most likely to exaggerate their skill sets.
This is because up-to-date technical knowledge is vital in the industry and candidates may be tempted to claim specific areas of expertise that they do not have.
Hudson's executive general manager, Ms Georgie Chong, described dishonesty in resumes as a "reality" of the market place.
"Most big companies will have in place pre-hiring procedures that includes the candidates certifying that whatever information that is stated in their resume or application is true and where it is found to be untrue, the company reserves the right to take disciplinary actions or to terminate the contract."
The Hudson Report said many employers believe the cost of making an inappropriate hire makes the reference-checking process worthwhile.
But, Ms Chong admitted that sometimes dishonest candidates get away with it.
"While you have in place processes, they may or may not be adhered to in a stringent manner, so they do get away with it.
"Let's say you're conducting a reference check, you need to have certain experience because sometimes it's not what the referee says, it's actually what the referee doesn't say," she said.
Turning to the employment market, Hudson said hiring expectations continue to rise, though at a slower rate.
Fifty eight per cent of respondents across all sectors expect to increase headcount in the current quarter.
And given better economic times, nearly a quarter of companies say they are experiencing turnover rates in excess of 10 per cent.
Most respondents are optimistic about the next six months, with 87 per cent forecasting excellent or good company performance.
- TODAY newspaper
Oct 27, 2010
Hiring expected in banking, healthcare, advertising
More jobs in Singapore's banking, healthcare and advertising sectors look set to be available towards the end of the year.
According to recruitment firm Hudson's latest report, companies' hiring expectations for the current quarter are much higher than those a year ago.
Fifty-eight per cent of respondents the study surveyed said there would be headcount growth from now till December.
This is compared to 34 per cent for the same period last year, and 57 per cent in the previous quarter.
The report also said overall hiring expectations remained at the highest level in nearly a decade.
Other industries that may hire more people include media, life sciences and Information and Technology.
Some 550 firms across various business sectors were surveyed for the report.
The report also found that 46 per cent of respondents have met job candidates who were dishonest in their resumes.
Many falsified their previous employment responsibilities and achievements.
In addition, the survey said about one-quarter of respondents saw an average of more than 10 per cent of their staff quitting in the last six months.
- Channel News Asia
According to recruitment firm Hudson's latest report, companies' hiring expectations for the current quarter are much higher than those a year ago.
Fifty-eight per cent of respondents the study surveyed said there would be headcount growth from now till December.
This is compared to 34 per cent for the same period last year, and 57 per cent in the previous quarter.
The report also said overall hiring expectations remained at the highest level in nearly a decade.
Other industries that may hire more people include media, life sciences and Information and Technology.
Some 550 firms across various business sectors were surveyed for the report.
The report also found that 46 per cent of respondents have met job candidates who were dishonest in their resumes.
Many falsified their previous employment responsibilities and achievements.
In addition, the survey said about one-quarter of respondents saw an average of more than 10 per cent of their staff quitting in the last six months.
- Channel News Asia
Oct 21, 2010
Stanchart to hire 300 more bankers
STANDARD Chartered Private Bank will ramp up hiring over the next three years to capitalise on the growing ranks of wealthy investors in Singapore and other regional centres.
Chief executive Shayne Nelson told a conference yesterday that the Republic is one of the bank's biggest Asian markets while the region as a whole is experiencing 'massive growth in wealth'.
He noted that Stanchart will hire 300 private bankers between now and 2013, and that a 'significant piece of that investment' in staff will be in Singapore and Hong Kong.
Mr Nelson, who is based here, noted that Singapore had a healthy position in the private banking sector and that China's growth will just keep propelling business.
'With the Chinese wanting to pull money out of China and diversify their investments... Singapore is very well placed.'
Indonesia, Malaysia and the Philippines also offered significant opportunities for private banking in Singapore, observed Mr Nelson, who was speaking on the sidelines of the 20th Private Banker International (PBI) Wealth Summit at Shangri-La Hotel.
- The Straits Times
Chief executive Shayne Nelson told a conference yesterday that the Republic is one of the bank's biggest Asian markets while the region as a whole is experiencing 'massive growth in wealth'.
He noted that Stanchart will hire 300 private bankers between now and 2013, and that a 'significant piece of that investment' in staff will be in Singapore and Hong Kong.
Mr Nelson, who is based here, noted that Singapore had a healthy position in the private banking sector and that China's growth will just keep propelling business.
'With the Chinese wanting to pull money out of China and diversify their investments... Singapore is very well placed.'
Indonesia, Malaysia and the Philippines also offered significant opportunities for private banking in Singapore, observed Mr Nelson, who was speaking on the sidelines of the 20th Private Banker International (PBI) Wealth Summit at Shangri-La Hotel.
- The Straits Times
Oct 8, 2010
New training, job-placement programmes
FOUR new training and job-placement programmes will be launched next year to attract younger Singaporeans into the electronics industry.
The National Trades Union Congress (NTUC) is partnering the Institute of Technical Education (ITE) in the tie-ups.
They were announced by NTUC's deputy secretary-general Halimah Yacob at a visit to smartcard maker Gemalto's plant in Ayer Rajah on Friday.
She said the initiatives will also equip workers to take up higher-value jobs in the electronics sector as Singapore's economy becomes more knowledge-intensive.
The four programmes are:
* A six-week specialist training programme to equip those completing full-time national service stints for technician jobs in the industry. It will be conducted by ITE and the NTUC's Employment and Employability Institute, or e2i.
* A36-month apprenticeship programme for job-seekers to work at sponsor companies and study the National ITE Certificate (Nitec) in electronics or mechatronics at the same time.
* A new two-year Nitec semiconductor technology course to be launched at ITE College Central from January, with an initial annual intake of 160 students.
*A three-month industrial attachment programme for ITE students studying electronics and mechatronics.
- The Straits Times
The National Trades Union Congress (NTUC) is partnering the Institute of Technical Education (ITE) in the tie-ups.
They were announced by NTUC's deputy secretary-general Halimah Yacob at a visit to smartcard maker Gemalto's plant in Ayer Rajah on Friday.
She said the initiatives will also equip workers to take up higher-value jobs in the electronics sector as Singapore's economy becomes more knowledge-intensive.
The four programmes are:
* A six-week specialist training programme to equip those completing full-time national service stints for technician jobs in the industry. It will be conducted by ITE and the NTUC's Employment and Employability Institute, or e2i.
* A36-month apprenticeship programme for job-seekers to work at sponsor companies and study the National ITE Certificate (Nitec) in electronics or mechatronics at the same time.
* A new two-year Nitec semiconductor technology course to be launched at ITE College Central from January, with an initial annual intake of 160 students.
*A three-month industrial attachment programme for ITE students studying electronics and mechatronics.
- The Straits Times
Oct 5, 2010
Stanchart to hire 1,200 more
STANDARD Chartered's consumer banking group, which has been aggressively expanding its private and priority banking operations, is now turning to the SME business which it hopes to double in the next three years, said its CEO.
The UK-based emerging markets-focused lender aims to hire 1,200 relationship managers to serve small and medium enterprises in the next three years, and will offer a broader range of services such as managing foreign exchange risks and coping with volatile commodity prices.
'Almost everything we are trying to do, we want to double,' Stanchart's CEO for global consumer banking Steve Bertamini told Reuters in an interview.
Stanchart has been a beneficiary of the global financial crisis, which led to the collapse or government-led bailouts of many larger rivals. Its three-and-a-half-year old private bank is already a big player in Asia while its priority banking business saw a doubling in new customers last year.
In August, the UK bank said it will try to further grow its wealth management business by hiring around 800 bankers for a new service aimed at affluent Asians who do not qualify for priority banking services.
Stanchart's consumer banking business, which includes the private bank and SME business, reported a 24 per cent rise in operating profit to US$643 million (S$846.2 million) in the first six months of this year. Its wholesale bank, which handles larger corporate clients and investment banking, saw operating profit jump 35 per cent to US$2.5 billion.
- Reuters
The UK-based emerging markets-focused lender aims to hire 1,200 relationship managers to serve small and medium enterprises in the next three years, and will offer a broader range of services such as managing foreign exchange risks and coping with volatile commodity prices.
'Almost everything we are trying to do, we want to double,' Stanchart's CEO for global consumer banking Steve Bertamini told Reuters in an interview.
Stanchart has been a beneficiary of the global financial crisis, which led to the collapse or government-led bailouts of many larger rivals. Its three-and-a-half-year old private bank is already a big player in Asia while its priority banking business saw a doubling in new customers last year.
In August, the UK bank said it will try to further grow its wealth management business by hiring around 800 bankers for a new service aimed at affluent Asians who do not qualify for priority banking services.
Stanchart's consumer banking business, which includes the private bank and SME business, reported a 24 per cent rise in operating profit to US$643 million (S$846.2 million) in the first six months of this year. Its wholesale bank, which handles larger corporate clients and investment banking, saw operating profit jump 35 per cent to US$2.5 billion.
- Reuters
Sep 24, 2010
Over 5,200 job seekers in South West CDC got help
More than 5,200 job seekers in the South West District were given assistance between April 2009 and March this year.
The South West Community Development Council (CDC) said this was a 93 per cent increase in placements over the previous financial year.
This is a key highlight of the CDC's report for the financial year 2009/2010.
The report includes updates on employment and social assistance to residents.
The CDC said many of the job applicants that seek help face various barriers, such as not being receptive to the work environment, and not selected by the prospective employers due to skills gaps.
To help the job seekers overcome these barriers, the CDC embarked on various job placement and training services initiatives, to enhance their employability skills.
In addition, there were also workshops conducted to moderate their mindsets and expectations of jobs offers.
In total, nearly 2,160 jobseekers were sent for training between April 2009 and March this year.
This was a 61 per cent increase from the previous financial year.
The CDC has also organised more job fairs and recruitment exercises.
A district dialogue will be held on Saturday to engage residents on strengthening community bonding and integration.
- Channel News Asia
The South West Community Development Council (CDC) said this was a 93 per cent increase in placements over the previous financial year.
This is a key highlight of the CDC's report for the financial year 2009/2010.
The report includes updates on employment and social assistance to residents.
The CDC said many of the job applicants that seek help face various barriers, such as not being receptive to the work environment, and not selected by the prospective employers due to skills gaps.
To help the job seekers overcome these barriers, the CDC embarked on various job placement and training services initiatives, to enhance their employability skills.
In addition, there were also workshops conducted to moderate their mindsets and expectations of jobs offers.
In total, nearly 2,160 jobseekers were sent for training between April 2009 and March this year.
This was a 61 per cent increase from the previous financial year.
The CDC has also organised more job fairs and recruitment exercises.
A district dialogue will be held on Saturday to engage residents on strengthening community bonding and integration.
- Channel News Asia
He sent 100 applications, but can't find a job
Armed with a university degree, he sent out 100 job applications in hope of finding a better job, but is still unemployed after five months of job hunting.
Lianhe Wanbao reported that Mr Zeng Yong Guang, 41, studied part-time for six and a half years to get his degree from a private university in Singapore.
After leaving his former job as a computer technician in April this year, Mr Zeng has been actively looking for a job in the months since.
He and his wife, who live in Seng Kang, have been relying on his wife's monthly salary of $1,500 in the past five months. But after his wife got pregnant, his job hunt became even more urgent.
Mr Zeng told Wanbao that he thought looking for a job would be easier with a degree, so he started studying part-time in 2002, and graduated in 2008. So far, his plan has backfired.
"For almost half a year, I mailed and emailed more than 100 applications to IT firms, requesting for a salary of $3,000 or more, but I was not even offered an interview."
With no income for the past few months, Mr Zeng has found it hard to pay for daily expenses. Eventually, he had to pawn a watch and diamond ring - gifts from him to his wife - just to pay for their utilities.
He says that he has lowered his expectations, and now just wants a stable income to support his family.
"We have been fighting a lot about money recently. She said I have not been proactive enough in my job hunt," said Mr Zeng.
He also says that the couple, who have been married for 12 years, have always had a good relationship until he became unemployed.
Worried about their finances, his wife even wanted to go for an abortion as she was not sure they could afford to care for the baby.
But Mr Zeng says that he managed to dissuade her from doing that and hopes to find a job soon so they can start saving up for the baby.
Due to the financial pressure he is facing, he even told potential employers he only has an O level certificate in the hope of finding a job to tide them over. So far, that has also yielded no results.
"The restaurant manager asked me if I had any experience in the service industry, the KTV lounge manager asked me if I was a good drinker. When I said no, they lost interest. They are also not willing to let me start afresh."
Mr Zeng told Wanbao that he knows companies today want qualified and young applicants who are willing to work for lower salaries, and he feels that his age is a disadvantage when looking for a job.
But despite that, he stressed that he is willing to learn, and work hard, and hopes that some company out there will give him a chance to prove himself.
Lianhe Wanbao reported that Mr Zeng Yong Guang, 41, studied part-time for six and a half years to get his degree from a private university in Singapore.
After leaving his former job as a computer technician in April this year, Mr Zeng has been actively looking for a job in the months since.
He and his wife, who live in Seng Kang, have been relying on his wife's monthly salary of $1,500 in the past five months. But after his wife got pregnant, his job hunt became even more urgent.
Mr Zeng told Wanbao that he thought looking for a job would be easier with a degree, so he started studying part-time in 2002, and graduated in 2008. So far, his plan has backfired.
"For almost half a year, I mailed and emailed more than 100 applications to IT firms, requesting for a salary of $3,000 or more, but I was not even offered an interview."
With no income for the past few months, Mr Zeng has found it hard to pay for daily expenses. Eventually, he had to pawn a watch and diamond ring - gifts from him to his wife - just to pay for their utilities.
He says that he has lowered his expectations, and now just wants a stable income to support his family.
"We have been fighting a lot about money recently. She said I have not been proactive enough in my job hunt," said Mr Zeng.
He also says that the couple, who have been married for 12 years, have always had a good relationship until he became unemployed.
Worried about their finances, his wife even wanted to go for an abortion as she was not sure they could afford to care for the baby.
But Mr Zeng says that he managed to dissuade her from doing that and hopes to find a job soon so they can start saving up for the baby.
Due to the financial pressure he is facing, he even told potential employers he only has an O level certificate in the hope of finding a job to tide them over. So far, that has also yielded no results.
"The restaurant manager asked me if I had any experience in the service industry, the KTV lounge manager asked me if I was a good drinker. When I said no, they lost interest. They are also not willing to let me start afresh."
Mr Zeng told Wanbao that he knows companies today want qualified and young applicants who are willing to work for lower salaries, and he feels that his age is a disadvantage when looking for a job.
But despite that, he stressed that he is willing to learn, and work hard, and hopes that some company out there will give him a chance to prove himself.
Sep 17, 2010
1m jobs in aviation
THE aviation industry is set to be a major player in the job market in the next two decades, with more than a million vacancies to be created for pilots and aircraft maintenance crew.
About four in 10 of the positions will be based in the Asia-Pacific, said aircraft-maker Boeing, which released its 20-year manpower forecast for the industry.
At a briefing in Singapore yesterday, the chief customer officer of Boeing Training and Flight Services, Mr Roei Ganzarski, said that the big demand for cockpit and ground crew is to support a fast-growing industry.
By 2029, the global aircraft fleet is expected to nearly double from 18,890 last year to 36,300 as demand for air travel grows by an average of 5.3 per cent a year.
But while the industry has been ramping up training programmes for pilots and maintenance crew, recruitment may still be tough, said Mr Ganzarski, because of a lack of facilities.
There is also the risk that quality may be compromised as airlines, aircraft maintenance companies and other players race to meet the projected needs of 466,650 pilots, twice the number now, and 596,500 maintenance crew, which is about six times more than the number of workers today, over the next 20 years.
- The Straits Times
About four in 10 of the positions will be based in the Asia-Pacific, said aircraft-maker Boeing, which released its 20-year manpower forecast for the industry.
At a briefing in Singapore yesterday, the chief customer officer of Boeing Training and Flight Services, Mr Roei Ganzarski, said that the big demand for cockpit and ground crew is to support a fast-growing industry.
By 2029, the global aircraft fleet is expected to nearly double from 18,890 last year to 36,300 as demand for air travel grows by an average of 5.3 per cent a year.
But while the industry has been ramping up training programmes for pilots and maintenance crew, recruitment may still be tough, said Mr Ganzarski, because of a lack of facilities.
There is also the risk that quality may be compromised as airlines, aircraft maintenance companies and other players race to meet the projected needs of 466,650 pilots, twice the number now, and 596,500 maintenance crew, which is about six times more than the number of workers today, over the next 20 years.
- The Straits Times
Sep 16, 2010
Re-hiring of old a must
SINGAPORE employers will be required to offer older worker re-employment contracts of up to a year once they hit the minimum statutory or contractual retirement age from 2012.
This is provided in the proposed re-employment legislation, which is open for public feedback till Sept 29.
The Ministry of Manpower (MOM) on Thursday released a consultation paper on the conditions and obligations for re-hiring older employees so that they can work longer.
In view of the nation's ageing population and workforce, the legislation will enable companies to tap on the skills and experience of older employees.
The re-employment legislation aims to 'strike a balance between providing older employees with the opportunity to work longer' as well as keep companies 'competitive by providing flexibility in the implementation of re-employment', said MOM in a statement.
Under the proposals, employees who satisfy the re-employment criteria of being medically fit to continue working and having satisfactory or better work performances must be offered re-employment contracts by the same employer when they reach retirement age.
Re-employment contracts must be for at least a year.
Flexibility in re-employment is another key area provided in the proposed legislation. This will help companies remain competitive. Employers and employees have the flexibility to renegotiate job scope, wages and benefits.
The proposal also makes it compulsory for employers to pay retiring workers an Employment Assistant Payment (EAP) if they are unable to let them continue working in the company.
MOM's proposed legislation was released as a follow up to the Tripartite Guidelines on Re-employment of Older Employees in March.
The key features of the proposed re-employment legislation can be viewed on the REACH website.
- The Straits Times
This is provided in the proposed re-employment legislation, which is open for public feedback till Sept 29.
The Ministry of Manpower (MOM) on Thursday released a consultation paper on the conditions and obligations for re-hiring older employees so that they can work longer.
In view of the nation's ageing population and workforce, the legislation will enable companies to tap on the skills and experience of older employees.
The re-employment legislation aims to 'strike a balance between providing older employees with the opportunity to work longer' as well as keep companies 'competitive by providing flexibility in the implementation of re-employment', said MOM in a statement.
Under the proposals, employees who satisfy the re-employment criteria of being medically fit to continue working and having satisfactory or better work performances must be offered re-employment contracts by the same employer when they reach retirement age.
Re-employment contracts must be for at least a year.
Flexibility in re-employment is another key area provided in the proposed legislation. This will help companies remain competitive. Employers and employees have the flexibility to renegotiate job scope, wages and benefits.
The proposal also makes it compulsory for employers to pay retiring workers an Employment Assistant Payment (EAP) if they are unable to let them continue working in the company.
MOM's proposed legislation was released as a follow up to the Tripartite Guidelines on Re-employment of Older Employees in March.
The key features of the proposed re-employment legislation can be viewed on the REACH website.
- The Straits Times
2,000 jobs at new mall
ABOUT 2,000 jobs ranging from those in retail sales and services to food outlets will become available when a new mall in Serangoon Central opens in November.
A recruitment drive to find Singaporeans and permanent residents to fill these positions has begun, organised jointly by the mall, nex, and the Employment and Employability Institute (e2i).
Job seekers who show up at the Braddell Heights Community Club, near nex, attend an introduction to the mall and briefings by participating mall tenants. They are then screened for job suitability.
Those found suitable but need training are recommended courses to attend, the cost of which is subsidised for Singaporeans and permanent residents who are not working.
Turning up for this first phase of the recruitment drive does not guarantee placement in a job. Shortlisted job seekers will still have to undergo interviews with the individual mall tenants next month, under Phase 2 of the recruitment drive.
About a fifth of nex's roughly 350 tenants, including Wendy's, BreadTalk, Isetan and Popular, are taking part in the drive.
- The Straits Times
A recruitment drive to find Singaporeans and permanent residents to fill these positions has begun, organised jointly by the mall, nex, and the Employment and Employability Institute (e2i).
Job seekers who show up at the Braddell Heights Community Club, near nex, attend an introduction to the mall and briefings by participating mall tenants. They are then screened for job suitability.
Those found suitable but need training are recommended courses to attend, the cost of which is subsidised for Singaporeans and permanent residents who are not working.
Turning up for this first phase of the recruitment drive does not guarantee placement in a job. Shortlisted job seekers will still have to undergo interviews with the individual mall tenants next month, under Phase 2 of the recruitment drive.
About a fifth of nex's roughly 350 tenants, including Wendy's, BreadTalk, Isetan and Popular, are taking part in the drive.
- The Straits Times
Sep 14, 2010
24,900 new jobs in Q2
OVERALL employment in Singapore rose for the fourth straight quarter from April to June while redundancies remained at a pre-recessionary low level, helping to stabilise the jobless rate at 2.2 per cent.
Some 24,900 jobs were added in the second quarter, bringing the total gains in the first half year to 61,400, against a loss of 13,800 jobs a year ago.
With the growing manpower demand, job openings have outnumbered job seekers for the first time in this economic recovery, said the Ministry of Manpower in its Q2 labour market report on Wednesday.
The services sector added 25,400 workers in the second quarter, fewer than the 33,400 jobs added in the earlier quarter. Construction took in 2,000 more workers, compared to a drop of 400 in the first quarter. However, manufacturing jobs fell by 2,300, after rising by 3,100 in the first quarter.
'Unemployment has stabilised, after declining sharply at the end of 2009,' said MOM, noting that the seasonally adjusted unemployment rates were unchanged over the quarter at 2.2 per cent (overall) and 3.2 per cent for residents in June, reflecting significant improvements from the 3.2 per cent and 4.5 per cent respectively from a year ago.
There were 84,400 jobless residents in June. Seasonally adjusted, the number was 65,500, comparable to 66,200 in March, but is down 27 per cent from 90,300 a year ago.
MOM added that long-term unemployment also improved significantly. The number of residents who had been looking for work for at least 25 weeks fell substantially from 25,800 or 1.3 per cent of the resident labour force in June last year to 16,500 or 0.8 this June. Their share among the pool of job seekers also improved from 22 per cent to 20 per cent over the year.
Redundancies remained at around pre-recessionary quarterly levels, with 2,280 workers made redundant in the second quarter. This is slightly lower than the 2,400 in the earlier quarter. Redundancies in manufacturing rose over the quarter from 1,120 to 1,220, while that in construction and services fell from 340 to 150 and 940 to 920 respectively.
- The Straits Times
Some 24,900 jobs were added in the second quarter, bringing the total gains in the first half year to 61,400, against a loss of 13,800 jobs a year ago.
With the growing manpower demand, job openings have outnumbered job seekers for the first time in this economic recovery, said the Ministry of Manpower in its Q2 labour market report on Wednesday.
The services sector added 25,400 workers in the second quarter, fewer than the 33,400 jobs added in the earlier quarter. Construction took in 2,000 more workers, compared to a drop of 400 in the first quarter. However, manufacturing jobs fell by 2,300, after rising by 3,100 in the first quarter.
'Unemployment has stabilised, after declining sharply at the end of 2009,' said MOM, noting that the seasonally adjusted unemployment rates were unchanged over the quarter at 2.2 per cent (overall) and 3.2 per cent for residents in June, reflecting significant improvements from the 3.2 per cent and 4.5 per cent respectively from a year ago.
There were 84,400 jobless residents in June. Seasonally adjusted, the number was 65,500, comparable to 66,200 in March, but is down 27 per cent from 90,300 a year ago.
MOM added that long-term unemployment also improved significantly. The number of residents who had been looking for work for at least 25 weeks fell substantially from 25,800 or 1.3 per cent of the resident labour force in June last year to 16,500 or 0.8 this June. Their share among the pool of job seekers also improved from 22 per cent to 20 per cent over the year.
Redundancies remained at around pre-recessionary quarterly levels, with 2,280 workers made redundant in the second quarter. This is slightly lower than the 2,400 in the earlier quarter. Redundancies in manufacturing rose over the quarter from 1,120 to 1,220, while that in construction and services fell from 340 to 150 and 940 to 920 respectively.
- The Straits Times
Sep 6, 2010
1 in 4 firms want to hire
THE economy may be slowing as projected but jobseekers in the coming months can draw hope from a new employment survey of 700 Singapore companies.
It shows 25 per cent plan to hire more workers while only three per cent intend to cut their headcount in the last quarter of this year.
So overall, the net employment outlook is a seasonally adjusted 23 per cent, according to findings of a quarterly survey released on Monday by Manpower Staffing Services, the Singapore office of global human resources consultancy Manpower Inc.
This is an improvement on the 15 per cent reported for the final quarter of 2009, reflecting the improved hiring sentiments in the wake of the rebound in Singapore's economy. However, when compared to other Asia-Pacific countries, the optimism of Singapore bosses rank behind those of China (47 per cent), Taiwan (40 per cent), and India (38 per cent).
In all, Manpower polled 62,000 employers in 36 countries and territories.
For Singapore, it surveyed 699 companies in seven industry sectors. Of these, 7 out of 10 companies plan to maintain their staff strength, with two per cent saying they are unsure.
- The Straits Times
It shows 25 per cent plan to hire more workers while only three per cent intend to cut their headcount in the last quarter of this year.
So overall, the net employment outlook is a seasonally adjusted 23 per cent, according to findings of a quarterly survey released on Monday by Manpower Staffing Services, the Singapore office of global human resources consultancy Manpower Inc.
This is an improvement on the 15 per cent reported for the final quarter of 2009, reflecting the improved hiring sentiments in the wake of the rebound in Singapore's economy. However, when compared to other Asia-Pacific countries, the optimism of Singapore bosses rank behind those of China (47 per cent), Taiwan (40 per cent), and India (38 per cent).
In all, Manpower polled 62,000 employers in 36 countries and territories.
For Singapore, it surveyed 699 companies in seven industry sectors. Of these, 7 out of 10 companies plan to maintain their staff strength, with two per cent saying they are unsure.
- The Straits Times
Aug 18, 2010
Mentors for white-collars
A MENTORING programme for jobless white-collar workers has worked out so well that its organiser is upping the intake by 50 per cent.
The Northeast Community Development Council (CDC) on Wednesday announced that it will raise the intake of the second run of its mentoring programme to 18.
As part of its programmes to help residents find jobs, the CDC last November launched a six-month programme pairing selected white-collar job seekers with experienced mentors. The mentors, who range from senior business executives to grassroots leaders, will offer the job-hunter advice on his search as well as a sympathetic ear.
The initial run, launched last November, had 12 job-seekers, picked from those who had registered with the CDC asking for help finding work. The 18 selected for the new run will meet their mentors on Wednesday evening at the Safra Tampines clubhouse.
- The Straits Times
The Northeast Community Development Council (CDC) on Wednesday announced that it will raise the intake of the second run of its mentoring programme to 18.
As part of its programmes to help residents find jobs, the CDC last November launched a six-month programme pairing selected white-collar job seekers with experienced mentors. The mentors, who range from senior business executives to grassroots leaders, will offer the job-hunter advice on his search as well as a sympathetic ear.
The initial run, launched last November, had 12 job-seekers, picked from those who had registered with the CDC asking for help finding work. The 18 selected for the new run will meet their mentors on Wednesday evening at the Safra Tampines clubhouse.
- The Straits Times
More rehiring older workers
UNIONISED companies here are picking up the pace when it comes to rehiring their older workers.
Some 34.5 per cent more people aged 62 and older find work past their retirement age compared to last year. These companies have hired 9,413 older employees as of July 31. Last year, 6,999 workers were offered re-employment.
These workers come from 957 out of over 1,000 companies under the National Trades Union Congress (NTUC) that have committed themselves to re-hiring older workers who must first meet performance and medical fitness standards.
'People can no longer assume that they can save enough to retire on, because they are living longer and investments can go awry,' said Minister in the Prime Minister's Office Lim Boon Heng, at a National Day Observance Ceremony for Active Agers on Wednesday.
Earlier this week, Mr Lim has called on employers and workers to prepare themselves for the 2012 law which makes it compulsory for companies to re-employ workers who reach the age of 62. But, even the unionised companies have some ways to go in terms of coming up with a structured process for re-hiring these older workers.
An NTUC survey of 100 unionised companies conducted about two months ago found that only half, or 52 per cent, had made it standard operating procedure to hold consultations with their older workers on what the company can offer them when they retire, and what the worker should do if they want to be re-hired.
- The Straits Times
Some 34.5 per cent more people aged 62 and older find work past their retirement age compared to last year. These companies have hired 9,413 older employees as of July 31. Last year, 6,999 workers were offered re-employment.
These workers come from 957 out of over 1,000 companies under the National Trades Union Congress (NTUC) that have committed themselves to re-hiring older workers who must first meet performance and medical fitness standards.
'People can no longer assume that they can save enough to retire on, because they are living longer and investments can go awry,' said Minister in the Prime Minister's Office Lim Boon Heng, at a National Day Observance Ceremony for Active Agers on Wednesday.
Earlier this week, Mr Lim has called on employers and workers to prepare themselves for the 2012 law which makes it compulsory for companies to re-employ workers who reach the age of 62. But, even the unionised companies have some ways to go in terms of coming up with a structured process for re-hiring these older workers.
An NTUC survey of 100 unionised companies conducted about two months ago found that only half, or 52 per cent, had made it standard operating procedure to hold consultations with their older workers on what the company can offer them when they retire, and what the worker should do if they want to be re-hired.
- The Straits Times
Jul 31, 2010
Q2 rise in job ads here sparked by better hiring scene
HIRING appears to be the theme in the market as Singapore saw a 13.7 per cent rise in job ads in the second quarter compared to the first quarter, according to a survey.
Robert Walters, the global recruitment consultancy, yesterday said that there has been an increase especially in human-resource job ads in Singapore - up 7.8 per cent from the previous quarter - as many companies have started hiring, implementing succession plans and starting new projects as businesses begin to grow again.
The agency noted that advertising numbers have seen a small decline in the finance/accounting and information- technology sectors. This can be explained by the tendency of employers in these sectors to use confidential search and headhunting techniques, rather than advertising.
Also, IT is no longer being viewed as a support function, but as an integral part of business operations. Positions there are thus at senior levels as well, it said.
Ms Andrea Ross, managing director of Robert Walters Singapore, said: "We haven't seen dips anywhere - (the number of job ads in) financial services and commerce is the strongest we have seen since pre-crisis levels." She added that the rise in the consumer-confidence level has affected the consumer-banking business positively.
"We may see a slowdown at the end of the third quarter as this is traditionally a time when candidates in the financial-services sector are less likely to move, as we approach the bonus season."
The job index tracks advertisement volumes for professional positions across the leading job boards and national newspapers in Hong Kong, Singapore, China and Japan.
The agency said the general picture across all the territories is one of maintained growth and increased stability.
Ads in Asia increased a remarkable 85.9 per cent in the second quarter over the same period last year and 35.8 per cent over the previous quarter.
Candidates and employers are expressing more positive attitudes and there has been an increase in counter-offers and rehiring.
- mypaper
Robert Walters, the global recruitment consultancy, yesterday said that there has been an increase especially in human-resource job ads in Singapore - up 7.8 per cent from the previous quarter - as many companies have started hiring, implementing succession plans and starting new projects as businesses begin to grow again.
The agency noted that advertising numbers have seen a small decline in the finance/accounting and information- technology sectors. This can be explained by the tendency of employers in these sectors to use confidential search and headhunting techniques, rather than advertising.
Also, IT is no longer being viewed as a support function, but as an integral part of business operations. Positions there are thus at senior levels as well, it said.
Ms Andrea Ross, managing director of Robert Walters Singapore, said: "We haven't seen dips anywhere - (the number of job ads in) financial services and commerce is the strongest we have seen since pre-crisis levels." She added that the rise in the consumer-confidence level has affected the consumer-banking business positively.
"We may see a slowdown at the end of the third quarter as this is traditionally a time when candidates in the financial-services sector are less likely to move, as we approach the bonus season."
The job index tracks advertisement volumes for professional positions across the leading job boards and national newspapers in Hong Kong, Singapore, China and Japan.
The agency said the general picture across all the territories is one of maintained growth and increased stability.
Ads in Asia increased a remarkable 85.9 per cent in the second quarter over the same period last year and 35.8 per cent over the previous quarter.
Candidates and employers are expressing more positive attitudes and there has been an increase in counter-offers and rehiring.
- mypaper
Jul 30, 2010
26,500 new jobs in Q2
THE Singapore economy added 26,500 jobs in the second quarter, bringing total employment to 3,053,000, a Manpower Ministry report said on Friday.
That was fewer than the 36,500 jobs gained in the first quarter of 2010.
Services contributed to the bulk of the increase in employment, while manufacturing employment fell by 2,400 after increasing by 3,100 in the previous quarter.
Redundancies fell across manufacturing, construction and services sectors. Preliminary estimates put the number of workers retrenched or had contracts terminated prematurely in the second quarter at 1,900, lower than 2,400 in the previous quarter.
Unemployment has stabilised after falling sharply at the end of last year. The seasonally adjusted overall unemployment rate stood at 2.3 per cent, an improvement from 3.2 per cent a year ago.
The resident unemployment rate was 3.3 per cent, compared to 4.5 per cent a year ago.
- The Straits Times
That was fewer than the 36,500 jobs gained in the first quarter of 2010.
Services contributed to the bulk of the increase in employment, while manufacturing employment fell by 2,400 after increasing by 3,100 in the previous quarter.
Redundancies fell across manufacturing, construction and services sectors. Preliminary estimates put the number of workers retrenched or had contracts terminated prematurely in the second quarter at 1,900, lower than 2,400 in the previous quarter.
Unemployment has stabilised after falling sharply at the end of last year. The seasonally adjusted overall unemployment rate stood at 2.3 per cent, an improvement from 3.2 per cent a year ago.
The resident unemployment rate was 3.3 per cent, compared to 4.5 per cent a year ago.
- The Straits Times
Jul 29, 2010
Having more foreign workers must not dilute productivity efforts: Lim Swee Say
Labour chief Lim Swee Say has said that any additional intake of foreign manpower should not dilute Singapore’s efforts in productivity improvement.
He was speaking at a conference of employers and trade union leaders organised by the Singapore National Employers Federation (SNEF) on Wednesday.
The conference discussed the recent news that Singapore would likely need some 100,000 foreign workers to meet the demands of various industries.
Mr Lim urged employers not to have pre—conceived ideas that unionists are against foreign workers.
He said: "The labour movement adopts a fairly pragmatic approach. If the growth opportunities are there and there is a shortage of workers, then obviously the foreign workers do come in as additional source of manpower.... (They) served as a buffer during the downturn in 2009."
Mr Lim went on to say: "What we are concerned about is that this additional intake of foreign manpower should not dilute our efforts in productivity improvement.
"If we keep taking in foreign manpower, which are unskilled and low—wage and bring them in big numbers, if we end up discouraging enterprises from upgrading their workforce, I think that would be not welcomed by the labour movement.
"What we would like to see is this movement towards higher productivity should apply both to the local and foreign workforce.
"Yes, we want the local workers to become better skilled, more productive. At the same time we must place the same expectation and demand on the foreign workers as well.
"So, as we take in foreign workers, let’s bring in those who are more employable, more trainable.
"Together these foreign and local workers can go through the process of productivity improvement.....so that over the next 10 years we can achieve our target of 2—3 percent growth."
Manpower Minister Gan Kim Yong, who was also at the conference, said: "Exactly how many (foreign workers) will come will depend on the growth of the second half. At the same time it is important for companies to think about how we can do things in a different way so that we can rely on fewer manpower to achieve the same output.
"We hope companies will take this in their stride and see how we can introduce productivity measures so that we can reduce our dependence on low skilled manpower so that we can produce the same or more with fewer resources needed.
"As the economy picks up, companies focus on fulfilling orders immediately. While there is flexibility in the labour market to allow you to do so, at the same time let’s not lose sight of the long term strategic move of raising productivity. Only then can we sustain wage improvements."
— Channel News Asia
He was speaking at a conference of employers and trade union leaders organised by the Singapore National Employers Federation (SNEF) on Wednesday.
The conference discussed the recent news that Singapore would likely need some 100,000 foreign workers to meet the demands of various industries.
Mr Lim urged employers not to have pre—conceived ideas that unionists are against foreign workers.
He said: "The labour movement adopts a fairly pragmatic approach. If the growth opportunities are there and there is a shortage of workers, then obviously the foreign workers do come in as additional source of manpower.... (They) served as a buffer during the downturn in 2009."
Mr Lim went on to say: "What we are concerned about is that this additional intake of foreign manpower should not dilute our efforts in productivity improvement.
"If we keep taking in foreign manpower, which are unskilled and low—wage and bring them in big numbers, if we end up discouraging enterprises from upgrading their workforce, I think that would be not welcomed by the labour movement.
"What we would like to see is this movement towards higher productivity should apply both to the local and foreign workforce.
"Yes, we want the local workers to become better skilled, more productive. At the same time we must place the same expectation and demand on the foreign workers as well.
"So, as we take in foreign workers, let’s bring in those who are more employable, more trainable.
"Together these foreign and local workers can go through the process of productivity improvement.....so that over the next 10 years we can achieve our target of 2—3 percent growth."
Manpower Minister Gan Kim Yong, who was also at the conference, said: "Exactly how many (foreign workers) will come will depend on the growth of the second half. At the same time it is important for companies to think about how we can do things in a different way so that we can rely on fewer manpower to achieve the same output.
"We hope companies will take this in their stride and see how we can introduce productivity measures so that we can reduce our dependence on low skilled manpower so that we can produce the same or more with fewer resources needed.
"As the economy picks up, companies focus on fulfilling orders immediately. While there is flexibility in the labour market to allow you to do so, at the same time let’s not lose sight of the long term strategic move of raising productivity. Only then can we sustain wage improvements."
— Channel News Asia
Thousands of housing agents get the axe
Real estate firms have axed thousands of housing agents ahead of enhanced regulations aimed at improving the professionalism of the industry.
Under a new regulatory framework to be implemented by the Ministry of National Development (MND), a statutory board known as the Council for Estate Agencies will be set up. MediaCorp understands that a Bill could be introduced in Parliament as early as October.
When contacted, MND would only say that a Bill will be introduced later this year, with the council operational by the end of the year. Under the new framework, all agents must register with the council before they are allowed to practice. In the meantime, MND had asked estate agencies to submit their agents' particulars and qualifications.
Some firms have taken the opportunity to do some housekeeping. Dennis Wee Group (DWG) updated the particulars of all its 5,000 agents earlier this month. They were also briefed on the new requirements.
DWG director Chris Koh said as a result of the exercise, some 1,500 agents were axed. They were mostly inactive or part-time agents.
"With the new central registry, where a member of public can turn to the registry and see if you are an agent, it's going to be difficult for those with a full-time job to moonlight as an agent."
Under the new guidelines, agents will also be required to pass a mandatory industry exam.
Only those with an industry certification will be exempted.
Rather than wait, DWG has asked all its agents to equip themselves - either with the Certified Estate Agent Course or the Common Examination for Salespersons.
Another real estate agency, PropNex, has also taken action.
Its CEO, Mohamed Ismail, said some 1,200 agents were terminated, either because they're inactive or unwilling to take up personal indemnity insurance. The insurance covers any financial liabilities arising from housing transactions.
Agents who are associated with moneylending have also been let go. "We have made it a policy that any PropNex agent, who has a moneylending licence, will not be allowed to practice because we do see a conflict of interest."
ERA, which has about 3,000 active agents, says it removes about 100 inactive agents from its database every month. Associate director of ERA Asia-Pacific, Mr Eugene Lim, said the company has also been training its agents for the Common Examination for Salespersons. To date, more than 2,500 ERA agents have taken the exam.
HSR, which represents about 7,000 agents, says it regularly checks its database for inactive agents, who are then put on a passive list and sent reminders to go for retraining.
There are an estimated 30,000 housing agents in Singapore.
- TODAY newspaper
Under a new regulatory framework to be implemented by the Ministry of National Development (MND), a statutory board known as the Council for Estate Agencies will be set up. MediaCorp understands that a Bill could be introduced in Parliament as early as October.
When contacted, MND would only say that a Bill will be introduced later this year, with the council operational by the end of the year. Under the new framework, all agents must register with the council before they are allowed to practice. In the meantime, MND had asked estate agencies to submit their agents' particulars and qualifications.
Some firms have taken the opportunity to do some housekeeping. Dennis Wee Group (DWG) updated the particulars of all its 5,000 agents earlier this month. They were also briefed on the new requirements.
DWG director Chris Koh said as a result of the exercise, some 1,500 agents were axed. They were mostly inactive or part-time agents.
"With the new central registry, where a member of public can turn to the registry and see if you are an agent, it's going to be difficult for those with a full-time job to moonlight as an agent."
Under the new guidelines, agents will also be required to pass a mandatory industry exam.
Only those with an industry certification will be exempted.
Rather than wait, DWG has asked all its agents to equip themselves - either with the Certified Estate Agent Course or the Common Examination for Salespersons.
Another real estate agency, PropNex, has also taken action.
Its CEO, Mohamed Ismail, said some 1,200 agents were terminated, either because they're inactive or unwilling to take up personal indemnity insurance. The insurance covers any financial liabilities arising from housing transactions.
Agents who are associated with moneylending have also been let go. "We have made it a policy that any PropNex agent, who has a moneylending licence, will not be allowed to practice because we do see a conflict of interest."
ERA, which has about 3,000 active agents, says it removes about 100 inactive agents from its database every month. Associate director of ERA Asia-Pacific, Mr Eugene Lim, said the company has also been training its agents for the Common Examination for Salespersons. To date, more than 2,500 ERA agents have taken the exam.
HSR, which represents about 7,000 agents, says it regularly checks its database for inactive agents, who are then put on a passive list and sent reminders to go for retraining.
There are an estimated 30,000 housing agents in Singapore.
- TODAY newspaper
Jul 27, 2010
Bumper jobs for NTU's graduating class
A SURVEY by the Nanyang Technological University has found that 71.7 per cent of its graduating class of 2010 had secured jobs prior to their convocation, up from 67.1 per cent for the Class of 2009 during the same period last year.
NTU president Su Guaning, speaking yesterday morning at the university's Convocation Ceremony 1, added that the strong showing by this year's graduating students sets the stage for them to better the already-impressive 97.3 per cent of the Class of 2009 who received one or more job offers within four months of graduation last year.
- mypaper
NTU president Su Guaning, speaking yesterday morning at the university's Convocation Ceremony 1, added that the strong showing by this year's graduating students sets the stage for them to better the already-impressive 97.3 per cent of the Class of 2009 who received one or more job offers within four months of graduation last year.
- mypaper
Jul 22, 2010
Worker influx is good
THE influx of more than 100,000 foreign workers this year shows the strength of job creation in Singapore and is not cause for concern, labour chief Lim Swee Say said on Wednesday.
Local workers should not fear, for the labour movement will still focus on upgrading their skills, he added.
Prime Minister Lee Hsien Loong said on July 14 that more than 100,000 extra foreigners are set to enter the workforce this year.
Commenting on this, Mr Lim said: 'It's a good sign, because it shows that at a time when many countries are having a shortage of jobs, we are having a shortage of workers.'
Speaking to reporters at the launch of a training scheme for the cleaning industry, Mr Lim added that the focus should not be on the number of foreign workers, but on their quality.
The 100,000 new workers will differ from the thousands who have entered over the past three to five years: they will be higher-skilled and more productive.
- The Straits Times
Local workers should not fear, for the labour movement will still focus on upgrading their skills, he added.
Prime Minister Lee Hsien Loong said on July 14 that more than 100,000 extra foreigners are set to enter the workforce this year.
Commenting on this, Mr Lim said: 'It's a good sign, because it shows that at a time when many countries are having a shortage of jobs, we are having a shortage of workers.'
Speaking to reporters at the launch of a training scheme for the cleaning industry, Mr Lim added that the focus should not be on the number of foreign workers, but on their quality.
The 100,000 new workers will differ from the thousands who have entered over the past three to five years: they will be higher-skilled and more productive.
- The Straits Times
Headhunters go to geomancers
COMPANIES in Singapore are turning to feng shui masters to help conduct interviews of candidates applying for senior management and financial officers posts, reported Sin Chew Daily.
Singapore Feng Shui Master Xu Yi Ting said this was because the two positions are crucial to a company and because the company could be in trouble if someone greedy was hired.
The daily quoted Ms Xu as saying that some corporations also requested feng shui masters to observe their working partners to see if they were sincere and could be trusted.
'Bosses have requested me to accompany them to dinners so I could observe their partners,' she said.
The daily reported that a woman who applied for a secretary's post was rejected because a feng shui master hired by the employer said she had a 'peach blossom face'.
A folklore expert, identified only as Mr Dong, said a woman who has moist eyes, fine crow's feet and upward-slanting lips would be good at interpersonal relationships, but she could have affairs with male colleagues or her employer. Such applicants were normally rejected, he said.
- The Straits Times
Singapore Feng Shui Master Xu Yi Ting said this was because the two positions are crucial to a company and because the company could be in trouble if someone greedy was hired.
The daily quoted Ms Xu as saying that some corporations also requested feng shui masters to observe their working partners to see if they were sincere and could be trusted.
'Bosses have requested me to accompany them to dinners so I could observe their partners,' she said.
The daily reported that a woman who applied for a secretary's post was rejected because a feng shui master hired by the employer said she had a 'peach blossom face'.
A folklore expert, identified only as Mr Dong, said a woman who has moist eyes, fine crow's feet and upward-slanting lips would be good at interpersonal relationships, but she could have affairs with male colleagues or her employer. Such applicants were normally rejected, he said.
- The Straits Times
Singaporeans optimistic over job prospects over the next 12 months
Singaporeans are no longer worried about getting a job.
In fact, they are the second-most optimistic lot in the Asia-Pacific region when it comes to job prospects over the next 12 months, according to market research firm Nielsen.
Eighty-three per cent of Singaporeans polled by Nielsen for its latest Global Consumer Confidence Index survey feel positive about their employment prospects.
As such, consumers here say this is the right time to start spending on holidays, clothes as well as investing in stocks and unit trusts.
Still, 70 per cent say they will put aside spare cash after they have covered essential living expenses.
When it came to concerns, work-life balance and the economy came out tops.
Managing director of Nielsen Singapore Joan Koh said the continued concern over the economy could be due to the fact that it has just begun to stabilise.
- TODAY newspaper
In fact, they are the second-most optimistic lot in the Asia-Pacific region when it comes to job prospects over the next 12 months, according to market research firm Nielsen.
Eighty-three per cent of Singaporeans polled by Nielsen for its latest Global Consumer Confidence Index survey feel positive about their employment prospects.
As such, consumers here say this is the right time to start spending on holidays, clothes as well as investing in stocks and unit trusts.
Still, 70 per cent say they will put aside spare cash after they have covered essential living expenses.
When it came to concerns, work-life balance and the economy came out tops.
Managing director of Nielsen Singapore Joan Koh said the continued concern over the economy could be due to the fact that it has just begun to stabilise.
- TODAY newspaper
Jul 20, 2010
Job security, attractive compensation help SMEs attract talent: survey
Job security and attractive compensation are common attributes that employees seek in a company.
This is according to a survey by the Singapore National Employers Federation (SNEF) and local brand strategy firm, StrategiCom, which was done over two periods - at the height of the recession in 2008 and when Singapore was experiencing economic recovery in March this year.
In 2008, 30 senior management staff were surveyed while in 2010, 150 respondents comprising MBA students, undergrads and working professionals were surveyed.
Six in 10 workers in Singapore work in an SME.
The survey found that in 2008, during the recession, some key attributes which helped SMEs attract and retain talent include allowing employees freedom to work on their own initiative, recognising their work, and an attractive compensation and benefits package.
But with the economy improving in 2010, apart from an attractive package, the survey found that employees also looked for opportunities for career progression.
The survey added that while employees were more willing to take up contract positions in 2008, they were now seeking long term positions in areas where they were able to develop their careers.
Training & development has also remained among the top five attributes to attract talent. The survey said this reinforced the need for SME employers to train and develop their staff so as to remain competitive.
Job security was also cited as a common attribute.
"We need to study this in its entirety, so that job security must be coupled with the employer being very focussed on employees' personal development and his valuable contribution to the organisation," said Wilson Chew, CEO of StrategiCom.
One attribute which did not show up in the 2008 survey but has emerged in this year's results is the issue of worklife balance. The survey findings said this could probably be a reflection of the expectations of a younger generation of the workforce.
As the economy recovers, the survey has also revealed that employees are less concerned with personal autonomy and job scope variety.
Therefore, attributes like recognising and appreciating their work and allow them a lot of freedom to work on their own initiative have dropped out of the top five positions to attract and retain talent in a booming economy.
The survey findings will be discussed at CEO and Employers summit held as part of SNEF's 30th anniversary celebrations at the end of this month.
Both Prime Minister Lee Hsien Loong and Minister Mentor Lee Kuan Yew will address the CEOs gathering while Manpower Minister Gan Kim Yong and NTUC Chief Lim Swee Say will join Stephen Lee during a tripartite dialogue.
The summit will focus on challenges in leadership and management for productivity and sustainable growth for the next 10 years.
Its findings will be used by SNEF to chart some of the challenges which need to be addressed to achieve the goal of 2-3 per cent productivity growth for Singapore in the next 10 years.
- Channel News Asia
This is according to a survey by the Singapore National Employers Federation (SNEF) and local brand strategy firm, StrategiCom, which was done over two periods - at the height of the recession in 2008 and when Singapore was experiencing economic recovery in March this year.
In 2008, 30 senior management staff were surveyed while in 2010, 150 respondents comprising MBA students, undergrads and working professionals were surveyed.
Six in 10 workers in Singapore work in an SME.
The survey found that in 2008, during the recession, some key attributes which helped SMEs attract and retain talent include allowing employees freedom to work on their own initiative, recognising their work, and an attractive compensation and benefits package.
But with the economy improving in 2010, apart from an attractive package, the survey found that employees also looked for opportunities for career progression.
The survey added that while employees were more willing to take up contract positions in 2008, they were now seeking long term positions in areas where they were able to develop their careers.
Training & development has also remained among the top five attributes to attract talent. The survey said this reinforced the need for SME employers to train and develop their staff so as to remain competitive.
Job security was also cited as a common attribute.
"We need to study this in its entirety, so that job security must be coupled with the employer being very focussed on employees' personal development and his valuable contribution to the organisation," said Wilson Chew, CEO of StrategiCom.
One attribute which did not show up in the 2008 survey but has emerged in this year's results is the issue of worklife balance. The survey findings said this could probably be a reflection of the expectations of a younger generation of the workforce.
As the economy recovers, the survey has also revealed that employees are less concerned with personal autonomy and job scope variety.
Therefore, attributes like recognising and appreciating their work and allow them a lot of freedom to work on their own initiative have dropped out of the top five positions to attract and retain talent in a booming economy.
The survey findings will be discussed at CEO and Employers summit held as part of SNEF's 30th anniversary celebrations at the end of this month.
Both Prime Minister Lee Hsien Loong and Minister Mentor Lee Kuan Yew will address the CEOs gathering while Manpower Minister Gan Kim Yong and NTUC Chief Lim Swee Say will join Stephen Lee during a tripartite dialogue.
The summit will focus on challenges in leadership and management for productivity and sustainable growth for the next 10 years.
Its findings will be used by SNEF to chart some of the challenges which need to be addressed to achieve the goal of 2-3 per cent productivity growth for Singapore in the next 10 years.
- Channel News Asia
Jul 7, 2010
New training centre to enhance job opportunities for the disabled: MOM
Two companies will pioneer a new training initiative for persons with disabilities.
They will operate Centres for Training and Integration (CTI) to enhance the employability and job readiness of these people in two sectors- call centres and hospitality.
The programme's being coordinated by the Enabling Employers Network, which helps people with disabilities get jobs.
Double degree holder Steve Tee Wee Leong is visually impaired. But that has not dampened the 28-year-old's drive to master skills in call centre operations to get a job.
Mr Tee says: "Our system has enhanced voice synthesizers where the software reads out whatever is on the screen. We also use enlarged fonts which enables me to read whatever is on the screen. All the call centres are pretty much re-engineered to our needs. As each of us in the call centre have different kinds of visual needs and so all the systems have been well organised and catered to our needs."
Eureka Call Centre Systems and Holiday Inn Singapore Orchard City Centre will pioneer the training and integration centres.
Launching the two centres, Manpower Minister Gan Kim Yong says these centres will provide specific skills training for the disabled from special education schools and voluntary welfare organisations, after which they will undergo on-the-job training.
Mr Gan says with this, more persons with disabilities can be equipped with relevant vocational skills through on-the-job training and contribute to the workforce.
He urged more companies to offer employment opportunities for trained persons with disabilities as this would help them attain self-reliance and integrate more fully into society.
Mr Gan noted that the Eureka Call Centre Systems started its own initiative in 2007 to modify its call centre to facilitate employment of persons with disabilities.
The initiative has since paid off with more than 10 people with disabilities being trained and hired at the call centre since last year.
Holiday Inn Singapore employs persons with disabilities in many of its operations, from housekeeping, laundry to F&B services.
The centres will run for four years and train 150 people with disabilities for other hotels and call centres.
The Enabling Employers Network also plans to introduce a special award to reward employers who have been supportive in training people with disabilities and giving them jobs.
Shantha de Silva, chairman, Enabling Employers Network, says: "They have been really loyal to us and when they get an opportunity they are diligent in what they do and they are thankful for the opportunities and for us we see them as very committed employees without distractions.
"It's about making it known, making it public and for us to act as ambassadors in our industries and share our knowledge and experience with our colleagues. Then people will quietly overcome their biasness about people and employ them."
To recognise employers who are supportive in training and employing people with disabilities, the Enabling Employers Network plans to introduce a special award.
- Channel News Asia
They will operate Centres for Training and Integration (CTI) to enhance the employability and job readiness of these people in two sectors- call centres and hospitality.
The programme's being coordinated by the Enabling Employers Network, which helps people with disabilities get jobs.
Double degree holder Steve Tee Wee Leong is visually impaired. But that has not dampened the 28-year-old's drive to master skills in call centre operations to get a job.
Mr Tee says: "Our system has enhanced voice synthesizers where the software reads out whatever is on the screen. We also use enlarged fonts which enables me to read whatever is on the screen. All the call centres are pretty much re-engineered to our needs. As each of us in the call centre have different kinds of visual needs and so all the systems have been well organised and catered to our needs."
Eureka Call Centre Systems and Holiday Inn Singapore Orchard City Centre will pioneer the training and integration centres.
Launching the two centres, Manpower Minister Gan Kim Yong says these centres will provide specific skills training for the disabled from special education schools and voluntary welfare organisations, after which they will undergo on-the-job training.
Mr Gan says with this, more persons with disabilities can be equipped with relevant vocational skills through on-the-job training and contribute to the workforce.
He urged more companies to offer employment opportunities for trained persons with disabilities as this would help them attain self-reliance and integrate more fully into society.
Mr Gan noted that the Eureka Call Centre Systems started its own initiative in 2007 to modify its call centre to facilitate employment of persons with disabilities.
The initiative has since paid off with more than 10 people with disabilities being trained and hired at the call centre since last year.
Holiday Inn Singapore employs persons with disabilities in many of its operations, from housekeeping, laundry to F&B services.
The centres will run for four years and train 150 people with disabilities for other hotels and call centres.
The Enabling Employers Network also plans to introduce a special award to reward employers who have been supportive in training people with disabilities and giving them jobs.
Shantha de Silva, chairman, Enabling Employers Network, says: "They have been really loyal to us and when they get an opportunity they are diligent in what they do and they are thankful for the opportunities and for us we see them as very committed employees without distractions.
"It's about making it known, making it public and for us to act as ambassadors in our industries and share our knowledge and experience with our colleagues. Then people will quietly overcome their biasness about people and employ them."
To recognise employers who are supportive in training and employing people with disabilities, the Enabling Employers Network plans to introduce a special award.
- Channel News Asia
1,200 new jobs in logistics
BUSINESSES in the logistics sector spent a total of $481 million last year creating 1,200 skilled jobs in Singapore, said the Economic Development Board.
Despite the recession, this was close to the $484 million businesses spent in 2008, when about 800 skilled jobs were created, including supply chain management planners, research engineers and managers said Mr Julian Ho, EDB's assistant managing director.
He was speaking on the release of a yearly review of the logistics sector at Raffles City Tower.
Mr Ho added that he expects companies to spend between $400 to $500 million this year.
Besides the traditional air and sea logistics hub services, Singapore is also growing as a freeport for secure storage of art and other valuables, and as a cold chain service provider, for the transport of cold perishables such as food and pharmaceutical drugs, Mr Ho said.
Sustainability along the supply chain is also becoming an increasingly important issue for companies, he added.
- The Straits Times
Despite the recession, this was close to the $484 million businesses spent in 2008, when about 800 skilled jobs were created, including supply chain management planners, research engineers and managers said Mr Julian Ho, EDB's assistant managing director.
He was speaking on the release of a yearly review of the logistics sector at Raffles City Tower.
Mr Ho added that he expects companies to spend between $400 to $500 million this year.
Besides the traditional air and sea logistics hub services, Singapore is also growing as a freeport for secure storage of art and other valuables, and as a cold chain service provider, for the transport of cold perishables such as food and pharmaceutical drugs, Mr Ho said.
Sustainability along the supply chain is also becoming an increasingly important issue for companies, he added.
- The Straits Times
Jun 29, 2010
More job seekers refusing job offers: survey
Many Singapore employers are getting rejections from candidates whom they've made offers to, given the buoyant job market.
According to recruitment firm, Hudson, 40 per cent of employers in Singapore it surveyed said that candidates had declined offers of jobs made to them in the last six months.
This is almost twice as many as the 21 per cent who said that they had not received any refusals at all in this period.
And as hiring expectations continue to rise, workers will be spoilt for choice.
Hudson's Executive GM, Georgie Chong, said this makes the recruitment process more challenging.
"That good candidate in the current market is going to be very protected by the current employer. If you look at Europe and the US, the economic outlook there is still weak. Therefore, most of the growth is going to be piled into Asia. The budget for Asia is more aggressive compared to the headquarters," said Chong.
The single most important reason for refusing a job offer was the expectation of higher salaries.
However, Chong pointed out that employers would be willing to meet these expectations for key positions.
She added that companies may need to pay at least 20 per cent more to attract these candidates.
Chong said: "In certain sectors, for example in banking, compliance roles for instance where we need very specialist knowledge or critical revenue generation positions, and faced with a very tight talent pool, candidates have an upper hand.
"We've even offered candidates 30 - 40 per cent more but they still won't move because their employers come back with very aggressive counter measures."
Such counter offers from the present employer are a significant issue, being mentioned by 38 per cent of employers in the survey.
The Hudson Report also indicated that many employers recognise they must increase salaries to retain top talent.
Nearly half of respondents are prepared to offer increments of more than 10 per cent.
Other reasons cited for turning down job offers include candidates having accepted job offers from other companies.
In addition, the report showed that hiring expectations in Singapore are at their highest levels in nearly a decade.
57 per cent of respondents across all sectors forecast headcount growth in the third quarter.
- Channel News Asia
According to recruitment firm, Hudson, 40 per cent of employers in Singapore it surveyed said that candidates had declined offers of jobs made to them in the last six months.
This is almost twice as many as the 21 per cent who said that they had not received any refusals at all in this period.
And as hiring expectations continue to rise, workers will be spoilt for choice.
Hudson's Executive GM, Georgie Chong, said this makes the recruitment process more challenging.
"That good candidate in the current market is going to be very protected by the current employer. If you look at Europe and the US, the economic outlook there is still weak. Therefore, most of the growth is going to be piled into Asia. The budget for Asia is more aggressive compared to the headquarters," said Chong.
The single most important reason for refusing a job offer was the expectation of higher salaries.
However, Chong pointed out that employers would be willing to meet these expectations for key positions.
She added that companies may need to pay at least 20 per cent more to attract these candidates.
Chong said: "In certain sectors, for example in banking, compliance roles for instance where we need very specialist knowledge or critical revenue generation positions, and faced with a very tight talent pool, candidates have an upper hand.
"We've even offered candidates 30 - 40 per cent more but they still won't move because their employers come back with very aggressive counter measures."
Such counter offers from the present employer are a significant issue, being mentioned by 38 per cent of employers in the survey.
The Hudson Report also indicated that many employers recognise they must increase salaries to retain top talent.
Nearly half of respondents are prepared to offer increments of more than 10 per cent.
Other reasons cited for turning down job offers include candidates having accepted job offers from other companies.
In addition, the report showed that hiring expectations in Singapore are at their highest levels in nearly a decade.
57 per cent of respondents across all sectors forecast headcount growth in the third quarter.
- Channel News Asia
Jun 21, 2010
More home-based jobs in future?
BESIDES faster Internet access, Singapore's ultra high-speed broadband highway could also help alleviate the peak-hour rush as authorities are now looking into having more home-based jobs when the new network is in place.
The Infocomm Development Authority of Singapore (IDA) and the Ministry of Manpower are in discussions to see how they can potentially increase the number of work-from-home options with the arrival of the Next Gen NBN (Next-Generation Nationwide Broadband Network), said Acting Minister for Information, Communications and the Arts Lui Tuck Yew.
Homemakers can also participate or rejoin the workforce through such flexible working arrangements, he added.
Mr Lui was speaking at the opening of Infocomm Experience (iExperience) Centre yesterday, a new 435 square-metre facility which has been set up by the IDA.
Located at the new Esplanade Xchange, it aims to give Singaporeans a glimpse of what high-speed broadband connectivity can bring to homes and businesses.
Singapore is in the midst of being wired up with new fibre-optic links by a company called OpenNet, a joint venture between Singapore Telecommunications, Canadian firm Axia Netmedia, Singapore Press Holdings and SP Telecom. The company expects to reach 60 per cent of local homes by the end of this year.
Once completed in end 2012, it will boost local Internet speeds by ten times or more and power new services such as telemedicine and high-definition videoconferencing.
A sample of these applications is currently on show at the new centre, which the public can visit for free from next month.
The IDA declined to reveal the amount it invested into the project but said it hopes to attract a 'few hundred thousand visitors' a year.
'Many people have asked what the Next Gen NBN is about. The iExperience Centre provides some of the answers to these questions,' said Mr Lui.
- The Business Times
The Infocomm Development Authority of Singapore (IDA) and the Ministry of Manpower are in discussions to see how they can potentially increase the number of work-from-home options with the arrival of the Next Gen NBN (Next-Generation Nationwide Broadband Network), said Acting Minister for Information, Communications and the Arts Lui Tuck Yew.
Homemakers can also participate or rejoin the workforce through such flexible working arrangements, he added.
Mr Lui was speaking at the opening of Infocomm Experience (iExperience) Centre yesterday, a new 435 square-metre facility which has been set up by the IDA.
Located at the new Esplanade Xchange, it aims to give Singaporeans a glimpse of what high-speed broadband connectivity can bring to homes and businesses.
Singapore is in the midst of being wired up with new fibre-optic links by a company called OpenNet, a joint venture between Singapore Telecommunications, Canadian firm Axia Netmedia, Singapore Press Holdings and SP Telecom. The company expects to reach 60 per cent of local homes by the end of this year.
Once completed in end 2012, it will boost local Internet speeds by ten times or more and power new services such as telemedicine and high-definition videoconferencing.
A sample of these applications is currently on show at the new centre, which the public can visit for free from next month.
The IDA declined to reveal the amount it invested into the project but said it hopes to attract a 'few hundred thousand visitors' a year.
'Many people have asked what the Next Gen NBN is about. The iExperience Centre provides some of the answers to these questions,' said Mr Lui.
- The Business Times
Jun 15, 2010
36,500 jobs added in Q1
SINGAPORE employers added 36,500 more jobs in the first quarter, pushing the unemployment rate to the lowest level in almost two years as robust economic recovery spurred firms to hire again.
The seasonally adjusted jobless rate fell to 2.2 per cent in March, from 2.3 per cent in December, according to figures released by the Ministry of Manpower on Tuesday.
The job gains - for the third straight quarter - were comparable to the seasonal high of 37,500 in the last quarter of 2009. Employment fell by 6,200 in the first quarter a year ago due to the global economic downturn.
"The labour market strengthened in the first quarter of 2010, driven by the robust rebound from the economic downturn. Employment grew strongly, contributing to an improvement in unemployment for the second straight quarter as redundancies remained at pre-recessionary levels," said MOM in a statement.
"Amid rising job vacancies, labour turnover rose further signalling a tightening of the labour market. Reflecting the cyclical upturn, labour productivity grew strongly."
The bulk or 33,400 new jobs came from the services sector - thanks to the opening of Singapore's two casino resorts early this year, which boosted tourism and fuelled employment. The gains were higher than 31,500 in the fourth quarter and 7,500 in the first quarter of 2009.
Manufacturing added 3,100 workers, the second consecutive quarter of increase after shedding workers from the fourth quarter of 2008 to the third quarter of 2009. Construction lost 400 workers, after 20 successive quarters of employment gains.
The strong job gains pushed the seasonally adjusted overall unemployment rate declined to 2.2 per cent in March. Similarly, among the resident labour force, the unemployment rate dipped to 3.2 per cent Q1, from from 3.3 per cent in December. An estimated 63,300 residents were unemployed in March, compared to the the seasonally adjusted 66,200.
Long-term unemployment also improved. The number of residents who had been looking for work for at least 25 weeks shrank to 14,600 in March, from 16,600 a year ago, forming 0.7 per cent of the resident labour force.
MOM said 1,800 workers were retrenched and 600 workers had their contracts terminated prematurely. This was comparable to 2,220 in the fourth quarter of 2009 and only one-fifth of the record number - 12,760 - laid off in the first quarter of last year.
- The Straits Times
The seasonally adjusted jobless rate fell to 2.2 per cent in March, from 2.3 per cent in December, according to figures released by the Ministry of Manpower on Tuesday.
The job gains - for the third straight quarter - were comparable to the seasonal high of 37,500 in the last quarter of 2009. Employment fell by 6,200 in the first quarter a year ago due to the global economic downturn.
"The labour market strengthened in the first quarter of 2010, driven by the robust rebound from the economic downturn. Employment grew strongly, contributing to an improvement in unemployment for the second straight quarter as redundancies remained at pre-recessionary levels," said MOM in a statement.
"Amid rising job vacancies, labour turnover rose further signalling a tightening of the labour market. Reflecting the cyclical upturn, labour productivity grew strongly."
The bulk or 33,400 new jobs came from the services sector - thanks to the opening of Singapore's two casino resorts early this year, which boosted tourism and fuelled employment. The gains were higher than 31,500 in the fourth quarter and 7,500 in the first quarter of 2009.
Manufacturing added 3,100 workers, the second consecutive quarter of increase after shedding workers from the fourth quarter of 2008 to the third quarter of 2009. Construction lost 400 workers, after 20 successive quarters of employment gains.
The strong job gains pushed the seasonally adjusted overall unemployment rate declined to 2.2 per cent in March. Similarly, among the resident labour force, the unemployment rate dipped to 3.2 per cent Q1, from from 3.3 per cent in December. An estimated 63,300 residents were unemployed in March, compared to the the seasonally adjusted 66,200.
Long-term unemployment also improved. The number of residents who had been looking for work for at least 25 weeks shrank to 14,600 in March, from 16,600 a year ago, forming 0.7 per cent of the resident labour force.
MOM said 1,800 workers were retrenched and 600 workers had their contracts terminated prematurely. This was comparable to 2,220 in the fourth quarter of 2009 and only one-fifth of the record number - 12,760 - laid off in the first quarter of last year.
- The Straits Times
Job vacancies up 4.3%
Job vacancies up 4.3%
JOB vacancies rose by 4.3 per cent, or 37,300 in March, for the fourth straight quarter, as labour turnover continued to rise, signalling a tightening of the labour market.
The job openings were 63 higher than the low of 22,900 a year ago, said the Ministry of Manpower which released the first quarter labour market report on Tuesday.
Coupled with the reduction in unemployment, the seasonally adjusted ratio of job vacancies to unemployed persons went up to 0.90, from the low of 0.36 in March last year.
Based on CPF records, MOM said half of the residents made redundant in the fourth quarter of 2009 were re-employed by March. This re-employment rate within six months of redundancy was broadly comparable to the 52 per cent in December and 51 per cent in September 2009, after improving from the low of 43 per cent last June.
'Labour turnover continued to increase. The average monthly recruitment and resignation rates rose significantly to 2.6 per cent and 2 per cent respectively in the first quarter - from 1.9 per cent and 1.8 per cent in the same period last year. After adjusting for seasonality, both the recruitment and resignation rates rose for the third successive quarter.
Driven by the cyclical upturn, labour productivity rose over the year by 13 per cent in the first quarter, improving sharply from the growth of 2.7 per cent in the fourth quarter and 0.6 per cent in the third quarter last year.
The average nominal monthly earnings grew over the year by 3.7 per cent in the first quarter, following four consecutive quarters of decline. After adjusting for inflation (0.9 per cent), the rise in real earnings was 2.8 per cent.
On the back of strong productivity growth, the overall unit labour cost (ULC) for the whole economy fell by 8.7 per cent in the first quarter, steeper than the 6.1 per cent decline in the preceding quarter.
- The Straits Times
JOB vacancies rose by 4.3 per cent, or 37,300 in March, for the fourth straight quarter, as labour turnover continued to rise, signalling a tightening of the labour market.
The job openings were 63 higher than the low of 22,900 a year ago, said the Ministry of Manpower which released the first quarter labour market report on Tuesday.
Coupled with the reduction in unemployment, the seasonally adjusted ratio of job vacancies to unemployed persons went up to 0.90, from the low of 0.36 in March last year.
Based on CPF records, MOM said half of the residents made redundant in the fourth quarter of 2009 were re-employed by March. This re-employment rate within six months of redundancy was broadly comparable to the 52 per cent in December and 51 per cent in September 2009, after improving from the low of 43 per cent last June.
'Labour turnover continued to increase. The average monthly recruitment and resignation rates rose significantly to 2.6 per cent and 2 per cent respectively in the first quarter - from 1.9 per cent and 1.8 per cent in the same period last year. After adjusting for seasonality, both the recruitment and resignation rates rose for the third successive quarter.
Driven by the cyclical upturn, labour productivity rose over the year by 13 per cent in the first quarter, improving sharply from the growth of 2.7 per cent in the fourth quarter and 0.6 per cent in the third quarter last year.
The average nominal monthly earnings grew over the year by 3.7 per cent in the first quarter, following four consecutive quarters of decline. After adjusting for inflation (0.9 per cent), the rise in real earnings was 2.8 per cent.
On the back of strong productivity growth, the overall unit labour cost (ULC) for the whole economy fell by 8.7 per cent in the first quarter, steeper than the 6.1 per cent decline in the preceding quarter.
- The Straits Times
Graduates less sought after
THE strong economic recovery has given jobs to more people, but degree holders are not getting them fast enough. Those snapped up quickest are diploma holders. Their jobless rate shrunk the most, halving from 4.1 per cent during the recession in March last year to 2.1 per cent a year later.
In contrast, graduates were less sought after as their jobless rate had barely improved. It dipped slightly, from 3 per cent to 2.8 per cent during the same period, according to the Ministry of Manpower's (MOM) first quarter labour market report released on Tuesday.
What makes diploma holders more attractive to employers is that they tend to command lower salaries, say analysts. As for degree holders, they may also be a little more picky with jobs.
As labour economist, Professor Chew Soon Beng from the Nanyang Technological University, puts it: 'The degree holders want a better job so they are not in a hurry to find jobs. If you are not as educated, you know this is the best you can do, so better grab it.'
He was commenting on the labour report which fleshes out earlier estimates which showed that 36,500 jobs were added in the midst of a robust rebound in January to March.
The strong job gains soaked up more job seekers, resulting in the unemployment rate for residents heading south. It moved from 4.6 per cent last March to 3.2 per cent a year later.
- The Straits Times
In contrast, graduates were less sought after as their jobless rate had barely improved. It dipped slightly, from 3 per cent to 2.8 per cent during the same period, according to the Ministry of Manpower's (MOM) first quarter labour market report released on Tuesday.
What makes diploma holders more attractive to employers is that they tend to command lower salaries, say analysts. As for degree holders, they may also be a little more picky with jobs.
As labour economist, Professor Chew Soon Beng from the Nanyang Technological University, puts it: 'The degree holders want a better job so they are not in a hurry to find jobs. If you are not as educated, you know this is the best you can do, so better grab it.'
He was commenting on the labour report which fleshes out earlier estimates which showed that 36,500 jobs were added in the midst of a robust rebound in January to March.
The strong job gains soaked up more job seekers, resulting in the unemployment rate for residents heading south. It moved from 4.6 per cent last March to 3.2 per cent a year later.
- The Straits Times
Jun 4, 2010
More rehire retirees
MOST bosses believe in keeping their workers beyond the retirement age of 62, but there is still some way to go in getting more to rehire their retirees.
Nearly two-thirds of private sector companies allow their workers to stay on after 62, but the rest do not have any re-employment measures in place, a new Government survey has shown.
The most commonly cited reason for not doing so is: None of their workers have reached the age of 62. But a sizable number of employers have also not thought about this issue, or do not see any need for such a measure.
These findings emerged in a retirement and re-employment practices report which was released by the Manpower Ministry. The ministry polled 3,200 private sector companies which employ over 800,000 workers.
The survey, conducted between last October and December, provides a good gauge of how companies view the issue of re-employment ahead of the legislation that will be put in place in 2012. It will compel companies to offer to rehire their workers beyond 62.
Commenting on the findings, Manpower Minister Gan Kim Yong said: 'We are quite encouraged by the progress of our efforts to improve the employment of older workers... but we must not become complacent.'
- The Straits Times
Nearly two-thirds of private sector companies allow their workers to stay on after 62, but the rest do not have any re-employment measures in place, a new Government survey has shown.
The most commonly cited reason for not doing so is: None of their workers have reached the age of 62. But a sizable number of employers have also not thought about this issue, or do not see any need for such a measure.
These findings emerged in a retirement and re-employment practices report which was released by the Manpower Ministry. The ministry polled 3,200 private sector companies which employ over 800,000 workers.
The survey, conducted between last October and December, provides a good gauge of how companies view the issue of re-employment ahead of the legislation that will be put in place in 2012. It will compel companies to offer to rehire their workers beyond 62.
Commenting on the findings, Manpower Minister Gan Kim Yong said: 'We are quite encouraged by the progress of our efforts to improve the employment of older workers... but we must not become complacent.'
- The Straits Times
May 26, 2010
Hiring pace of 2007 back for private banks
Private banks are hiring with a vengeance, with some headhunters saying the frenzy of the heyday of 2007 is back. Also being heard is an old complaint that expats are coming here to boss over the locals.
But a check with several private banks revealed that they have been hiring mainly locals though the high demand does mean suitable foreign bankers will get some of the jobs here.
'We have never been busier, to be honest. We have just had three successive best months, pipeline is as healthy as I have ever seen it in my 10 years of recruitment in Singapore,' said James Rushworth, managing director, Profile Search & Selection.
He said it seems bizarre given how tough last year was for most people. 'Candidates are getting multiple ideas and offers, increasing wage demands - sometimes totally unrealistic . . . (and with) more firms having to 'buy back' talent, so retention is a real battle for HR/senior management again,' said Mr Rushworth.
'Seems like we have done a full circle and back to the crazy recruitment days of 2007,' he said.
While demand is hot, private banks are also getting a lot of resumes from candidates in Europe as Singapore's financial centre reputation gains traction.
David Lim, Bank Julius Baer head, private banking South East Asia and deputy CEO, Singapore, said the bank is not yet done with its hiring spree.
This, after the Swiss private bank said earlier in the month that it had hired two dozen people, a11 of them senior bankers, for its Singapore office as it continues to build up its Asian business. This is on top of the six senior bankers it has already added over the last four months.
'Our hires are mostly locals,' said Mr Lim, though in the resumes the bank has received, there are those from Hong Kong and Europe.
'We're finding resumes of bankers in Hong Kong, some are Singaporeans who were there, now looking for a role in Singapore; there are also European specialists looking to relocate here,' said Mr Lim.
Veteren bankers from elsewhere are heading here as they see that the business in Singapore and South Asia has a strong momentum, unlike in China which is trying to rein in the hot money flows.
'They are anticipating a slowdown in North Asia . . . there's more consistency in South Asia in the sense that the economies like Indonesia are more stable,' said Mr Lim.
One banker said the industry does have a long history of sending people from head office to head the business here.
'But things have changed, Asia has developed its talent, local contracts are more common,' she said.
The complaint about expats coming to lord it over locals could be more perception than widespread reality due to more overseas bankers trying their luck at getting work in Singapore.
Said one headhunter: 'It is true that there are far too many white men in senior positions in private banking here as a result of them having found jobs here when they lost their jobs in Europe in 2008.'
He noted however that more banks are localising and pointed to Julius Baer's recent hires.
An RBS Coutts executive said its recent new additions are mostly from Singapore, with some from India and a few internal transfers from the UK.
He was referring to the 65 people, 12 of them bankers, recruited in the first quarter of this year.
One banker said the private banking world is 'ethnic' based; so, for instance, Indian clients are typically served by Indian bankers.
A Bank of Singapore (BOS) spokeswoman said the bank gets applications from across various locations in Asia and Europe as well as from Singapore.
BOS - the former ING Asia Private Bank and now owned by OCBC Bank - is looking for over 100 relationship managers across the region over three years. It has hired 11 bankers to date, she said.
On the difficulty of getting suitable people, she said:
'The hiring landscape is competitive but we are continuing to attract interesting talents with BOS's unique differentiating proposition, that is we are a wholly owned subsidiary of a Singapore-headquartered banking group, dedicated to private banking.'
- The Business Times
But a check with several private banks revealed that they have been hiring mainly locals though the high demand does mean suitable foreign bankers will get some of the jobs here.
'We have never been busier, to be honest. We have just had three successive best months, pipeline is as healthy as I have ever seen it in my 10 years of recruitment in Singapore,' said James Rushworth, managing director, Profile Search & Selection.
He said it seems bizarre given how tough last year was for most people. 'Candidates are getting multiple ideas and offers, increasing wage demands - sometimes totally unrealistic . . . (and with) more firms having to 'buy back' talent, so retention is a real battle for HR/senior management again,' said Mr Rushworth.
'Seems like we have done a full circle and back to the crazy recruitment days of 2007,' he said.
While demand is hot, private banks are also getting a lot of resumes from candidates in Europe as Singapore's financial centre reputation gains traction.
David Lim, Bank Julius Baer head, private banking South East Asia and deputy CEO, Singapore, said the bank is not yet done with its hiring spree.
This, after the Swiss private bank said earlier in the month that it had hired two dozen people, a11 of them senior bankers, for its Singapore office as it continues to build up its Asian business. This is on top of the six senior bankers it has already added over the last four months.
'Our hires are mostly locals,' said Mr Lim, though in the resumes the bank has received, there are those from Hong Kong and Europe.
'We're finding resumes of bankers in Hong Kong, some are Singaporeans who were there, now looking for a role in Singapore; there are also European specialists looking to relocate here,' said Mr Lim.
Veteren bankers from elsewhere are heading here as they see that the business in Singapore and South Asia has a strong momentum, unlike in China which is trying to rein in the hot money flows.
'They are anticipating a slowdown in North Asia . . . there's more consistency in South Asia in the sense that the economies like Indonesia are more stable,' said Mr Lim.
One banker said the industry does have a long history of sending people from head office to head the business here.
'But things have changed, Asia has developed its talent, local contracts are more common,' she said.
The complaint about expats coming to lord it over locals could be more perception than widespread reality due to more overseas bankers trying their luck at getting work in Singapore.
Said one headhunter: 'It is true that there are far too many white men in senior positions in private banking here as a result of them having found jobs here when they lost their jobs in Europe in 2008.'
He noted however that more banks are localising and pointed to Julius Baer's recent hires.
An RBS Coutts executive said its recent new additions are mostly from Singapore, with some from India and a few internal transfers from the UK.
He was referring to the 65 people, 12 of them bankers, recruited in the first quarter of this year.
One banker said the private banking world is 'ethnic' based; so, for instance, Indian clients are typically served by Indian bankers.
A Bank of Singapore (BOS) spokeswoman said the bank gets applications from across various locations in Asia and Europe as well as from Singapore.
BOS - the former ING Asia Private Bank and now owned by OCBC Bank - is looking for over 100 relationship managers across the region over three years. It has hired 11 bankers to date, she said.
On the difficulty of getting suitable people, she said:
'The hiring landscape is competitive but we are continuing to attract interesting talents with BOS's unique differentiating proposition, that is we are a wholly owned subsidiary of a Singapore-headquartered banking group, dedicated to private banking.'
- The Business Times
May 21, 2010
Stanchart to hire 2000
STANDARD Chartered Bank, seizing the economic pickup in the region, on Friday announced plans to hire a whopping 2,000 more staff in Singapore by 2012.
It also pledged to boost its staff in South-east Asia by double-digit growth in countries such as Indonesia, Malaysia and Vietnam.
The bank, which earns at least three-quarters of its profit in Asia, currently employs about 6,000 staff in Singapore.
The new hires will include relationship managers, technology, risk management, and compliance personnel. A mix of junior to senior roles will be added.
And in a further stamp of confidence in Singapore's infrastructure capabilities, Stanchart on Friday became the latest bank to open a new facility in Changi Business Park. The 225,000 sq ft new building complements its planned new premises in Marina Bay Financial Centre.
Other financial institutions which have operations there include DBS, Credit Suisse, Barclays and Citibank.
- The Straits Times
It also pledged to boost its staff in South-east Asia by double-digit growth in countries such as Indonesia, Malaysia and Vietnam.
The bank, which earns at least three-quarters of its profit in Asia, currently employs about 6,000 staff in Singapore.
The new hires will include relationship managers, technology, risk management, and compliance personnel. A mix of junior to senior roles will be added.
And in a further stamp of confidence in Singapore's infrastructure capabilities, Stanchart on Friday became the latest bank to open a new facility in Changi Business Park. The 225,000 sq ft new building complements its planned new premises in Marina Bay Financial Centre.
Other financial institutions which have operations there include DBS, Credit Suisse, Barclays and Citibank.
- The Straits Times
May 4, 2010
More in north-east find jobs
MORE jobseekers living in north-east Singapore are returning to the workplace again.
Over 1,200 residents found new jobs in the first quarter of this year, up from 488 people in the same period in 2009 - a whopping 150 per cent rise, said the North-east CDC on Tuesday.
Compared to the last quarter of 2009, the placement rate rose by 27 per cent, with 648 residents finding jobs in February alone.
In a sign that the economy was recovering, more jobs also came onto the market in the first quarter of the year. The 3,115 openings were almost 80 per cent more than what was available in the last quarter of 2009.
Attributing the increase to its ability to train job seekers and match them according to the needs of hirers, the CDC added that more residents had benefited from its employment assistance services.
Since November, the CDC has shared its jobs database and provided additional funds for three Local Job Placement Centres to help more unemployed residents.
It also saw less people seeking social assistance, with 1,107 cases in the first quarter compared to 1,600 cases in the same period in 2009.
- The Straits Times
Over 1,200 residents found new jobs in the first quarter of this year, up from 488 people in the same period in 2009 - a whopping 150 per cent rise, said the North-east CDC on Tuesday.
Compared to the last quarter of 2009, the placement rate rose by 27 per cent, with 648 residents finding jobs in February alone.
In a sign that the economy was recovering, more jobs also came onto the market in the first quarter of the year. The 3,115 openings were almost 80 per cent more than what was available in the last quarter of 2009.
Attributing the increase to its ability to train job seekers and match them according to the needs of hirers, the CDC added that more residents had benefited from its employment assistance services.
Since November, the CDC has shared its jobs database and provided additional funds for three Local Job Placement Centres to help more unemployed residents.
It also saw less people seeking social assistance, with 1,107 cases in the first quarter compared to 1,600 cases in the same period in 2009.
- The Straits Times
Bosses to hire more
MORE Singapore bosses expect to ramp up recruitment between April and June, and the proportion doing so is nearing the pre-recession peaks seen in 2007.
A survey of 564 top executives at multinational corporations in March shows 54 per cent expect to hire, buoyed by the strong economy recovery.
This figure is slightly below the 56 per cent peak between January and June 2007, when the economy was booming, said global recruitment firm Hudson in its latest quarterly report released on Tuesday.
The sectors most keen to recruit are banking and financial services, healthcare and life sciences, and manufacturing and industrial.
Only 3 per cent say they will cut headcount, compared to 19 per cent a year ago. They are from IT and telecommunications, media, public relations and advertising.But the optimism of bosses and strong economy did not lift the morale of Singapore workers as much as their counterparts in other parts of Asia.
In Singapore, 35 per cent say employee morale has improved while 34 per cent say it has declined and 31 per cent report no change, said Hudson, which carried out the survey in March amid a surging economy. But in China, for instance, the corresponding figures are: 45, 17 and 38 per cent.
- The Straits Times
A survey of 564 top executives at multinational corporations in March shows 54 per cent expect to hire, buoyed by the strong economy recovery.
This figure is slightly below the 56 per cent peak between January and June 2007, when the economy was booming, said global recruitment firm Hudson in its latest quarterly report released on Tuesday.
The sectors most keen to recruit are banking and financial services, healthcare and life sciences, and manufacturing and industrial.
Only 3 per cent say they will cut headcount, compared to 19 per cent a year ago. They are from IT and telecommunications, media, public relations and advertising.But the optimism of bosses and strong economy did not lift the morale of Singapore workers as much as their counterparts in other parts of Asia.
In Singapore, 35 per cent say employee morale has improved while 34 per cent say it has declined and 31 per cent report no change, said Hudson, which carried out the survey in March amid a surging economy. But in China, for instance, the corresponding figures are: 45, 17 and 38 per cent.
- The Straits Times
May 1, 2010
100,000 new jobs: PM
MORE than 100,000 new jobs will be created this year, with many going to Singaporeans, if the economy grows by 7 to 9 per cent as forecast, Prime Minister Lee Hsien Loong said on Saturday.
But some proportion of these job openings have to be filled by foreigners on employment and work passes.
Said Mr Lee: 'I hope Singaporeans will understand this. If we want the buoyancy and bonuses which go with high growth, then we must accept a temporary inflow of foreign workers.'
Foreign workers are needed as they enable the economy to grow rapidly during an upswing and cushion the impact of a downturn on Singaporean workers, as was the case last year, he added. And given the projected strong economic growth this year, 'a higher inflow of foreign workers is unavoidable'.
But in the longer term, he said Singapore will cut back its reliance on foreign manpower as it makes a basic shift in economic strategy, following recommendations from the Economic Strategies Committee in February.
The previous strategy of relying on productivity growth and growing of the workforce through Singapore's population and foreign workers, which make up one-third of the workforce, is reaching its limits, said Mr Lee.
- The Straits Times
But some proportion of these job openings have to be filled by foreigners on employment and work passes.
Said Mr Lee: 'I hope Singaporeans will understand this. If we want the buoyancy and bonuses which go with high growth, then we must accept a temporary inflow of foreign workers.'
Foreign workers are needed as they enable the economy to grow rapidly during an upswing and cushion the impact of a downturn on Singaporean workers, as was the case last year, he added. And given the projected strong economic growth this year, 'a higher inflow of foreign workers is unavoidable'.
But in the longer term, he said Singapore will cut back its reliance on foreign manpower as it makes a basic shift in economic strategy, following recommendations from the Economic Strategies Committee in February.
The previous strategy of relying on productivity growth and growing of the workforce through Singapore's population and foreign workers, which make up one-third of the workforce, is reaching its limits, said Mr Lee.
- The Straits Times
Apr 30, 2010
34,000 jobs added in Q1
SINGAPORE employers added 34,000 workers to their payrolls in the first three months as companies step up hiring in tandem with the robust economic recovery.
This is the third quarterly increase after two quarters of decline in the first half of last year, said the Ministry of Manpower, which released the latest jobs update on Friday morning.
Q1's employment growth is still slightly lower than the 37,500 in the last quarter of 2009, which hit a seasonal high due to the year-end festivities. But the labour market has made a strong rebound from the same quarter a year ago when 6,200 jobs were axed due to the global economic downturn.
With the strong job gains, the seasonally adjusted overall unemployment rate dipped to 2.2 per cent in March - the lowest level since the first quarter of 2008 when the jobless rate was at 1.9 per cent, and 2.3 per cent in the fourth quarter of last year.
Among the resident labour force, the unemployment rate fell to 3.2 per cent from a revised 3.3 per cent last December and 4.8 per cent in the third quarter. The bulk of the Q1 employment gains continued to come from services which added 31,200 jobs, while manufacturing hired 3,400 more workers - for the second straight quarter after shedding workers for four consecutive quarters.
Construction hiring slowed down slightly, adding 800 workers, after 20 successive quarters of employment gains from Q1 of 2005. MOM said 1,600 workers were retrenched and 500 contracts were terminated prematurely during the first quarter, resulting in 2,100 workers made redundant from January to March.
- The Straits Times
This is the third quarterly increase after two quarters of decline in the first half of last year, said the Ministry of Manpower, which released the latest jobs update on Friday morning.
Q1's employment growth is still slightly lower than the 37,500 in the last quarter of 2009, which hit a seasonal high due to the year-end festivities. But the labour market has made a strong rebound from the same quarter a year ago when 6,200 jobs were axed due to the global economic downturn.
With the strong job gains, the seasonally adjusted overall unemployment rate dipped to 2.2 per cent in March - the lowest level since the first quarter of 2008 when the jobless rate was at 1.9 per cent, and 2.3 per cent in the fourth quarter of last year.
Among the resident labour force, the unemployment rate fell to 3.2 per cent from a revised 3.3 per cent last December and 4.8 per cent in the third quarter. The bulk of the Q1 employment gains continued to come from services which added 31,200 jobs, while manufacturing hired 3,400 more workers - for the second straight quarter after shedding workers for four consecutive quarters.
Construction hiring slowed down slightly, adding 800 workers, after 20 successive quarters of employment gains from Q1 of 2005. MOM said 1,600 workers were retrenched and 500 contracts were terminated prematurely during the first quarter, resulting in 2,100 workers made redundant from January to March.
- The Straits Times
Apr 25, 2010
Fewer laid off in 4Q; half of laid-off rehired
Fewer workers were laid off in the last quarter of 2009 compared to early part of the year, and redundancies stayed below previous recession levels, said the Manpower Ministry on Monday.
Some 2,220 employers lost their jobs in the fourth quarter, down for the third successive quarter.
For the whole year, over 23,000 workers - or 14 in every 1,000 employees - were made redundant, below previous recession levels of 33 and 26 per 1,000 employees in 1998 and 2001 respectively.
The numbers include those who were retrenched or had their contracts prematurely terminated.
Professionals, Managers, Executives & Technicians (PMETs) were especially hard hit, with 9,570 suffering job losses in 2009. This was up from 6,200 in 2008.
The bulk of lay-offs came in the manufacturing sector, where six in 10 workers faced the axe.
Of those laid off, Singapore residents formed six in 10 of them, about the same as in 2008, said MOM.
More than half of those who lost their jobs in the third quarter of last year were re-employed by the year-end.
The 52 per cent re-employment rate improved from the 43 per cent in June last year.
However, those who found jobs within six months of redundancy was still lower than in 2008.
Nearly two thirds of Singapore residents made redundant in the first three quarters of 2009 were re-employed by December.
The 65 per cent re-employment rate was lower than 2008's 77 per cent but comparable to previous downturns in 2001 (65 per cent) and 1998 (68 per cent).
More details can be found at http://www.mom.gov.sg/mrsd/publication.
- The Straits Times
Some 2,220 employers lost their jobs in the fourth quarter, down for the third successive quarter.
For the whole year, over 23,000 workers - or 14 in every 1,000 employees - were made redundant, below previous recession levels of 33 and 26 per 1,000 employees in 1998 and 2001 respectively.
The numbers include those who were retrenched or had their contracts prematurely terminated.
Professionals, Managers, Executives & Technicians (PMETs) were especially hard hit, with 9,570 suffering job losses in 2009. This was up from 6,200 in 2008.
The bulk of lay-offs came in the manufacturing sector, where six in 10 workers faced the axe.
Of those laid off, Singapore residents formed six in 10 of them, about the same as in 2008, said MOM.
More than half of those who lost their jobs in the third quarter of last year were re-employed by the year-end.
The 52 per cent re-employment rate improved from the 43 per cent in June last year.
However, those who found jobs within six months of redundancy was still lower than in 2008.
Nearly two thirds of Singapore residents made redundant in the first three quarters of 2009 were re-employed by December.
The 65 per cent re-employment rate was lower than 2008's 77 per cent but comparable to previous downturns in 2001 (65 per cent) and 1998 (68 per cent).
More details can be found at http://www.mom.gov.sg/mrsd/publication.
- The Straits Times
Apr 13, 2010
NWC will be "cautiously optimistic" with recommendations: experts
Cautiously optimistic - that is what observers are saying about the next round of recommendations to be released by the National Wages Council (NWC).
Salary increments are expected to be around three to four per cent. But experts said workers should manage their expectations.
The signs of a rebound are all there, with a higher GDP forecast of between 4.5 and 6.5 per cent for 2010, higher tourism numbers and employment gains of 2.2 per cent in 2009.
This is in stark contrast to the economic situation in June last year when the National Wages Council last issued its guidelines.
In a rare move last year, the council issued fresh guidelines mid-term, reflecting the fluidity in the economy. It called for measures like wage cuts and shorter work weeks to help businesses save costs.
With the turnaround in the economy, the question is - will the guidelines this time round be less conservative?
Experts said companies should reward their workers for swallowing the bitter pill by restoring pay, but only for those which can afford to. That is because there is still a lot of uncertainty about how the second half of the year will pan out.
Executive vice president of Asia Pacific at Right Managament, Ronnie Tan, said: "Most businesses are looking at the second half of the year from a global perspective, particularly in the US, how the situation is going to be like.
"I think the larger economies seem positive, but until consumers start spending, the real solid recovery is going to be a question of timing."
Peter Lee, managing consultant at Remuneration Data Specialists added: "Companies doing well will be asked to reward their staff by restoring wage cuts, pay a sustainable wage increase and pay extras in the form of bonuses rather than hefty built-in increases."
Increments are also on the cards, but it will unlikely be broad-based as the NWC is expected to continue urging companies to raise the variable component of wages.
Fermin Diez, partner, Mercer, said: "What it means to an employee's point of view is that more pay is at risk and less pay is certain as a percentage.
"So let's say you're going to get a five per cent increase which includes restoring, it may be that you don't get the full five per cent in salary but what you get is maybe two or 2.5 per cent in salary and the rest goes into your bonus. But you have to earn the bonus.
"The employees don't necessarily like this idea and in fact they will rather much have base salary than none because inflation is still going up and if I get some salary increase below inflation, I'm still not keeping up with the cost of living, particularly if I was one of 2 or 3 who either got their salary either frozen or cut."
Companies will also need to grapple with the implications of restoring pay.
Mr Fermin Diez added: "If you restore, you have to make up two years. It's two years of wage increases - because restoring assumes you (had) cut (wages) and about a third of the companies in Singapore (had done that).
"About another third froze (salaries) which means another third still increased. There were wage increases during 2009. There are new wage increases for 2010 so anybody that cut or froze has to restore it and provide twice as much."
Talent retention will remain an issue as the job market picks up. Experts said companies should look into retention programmes that go beyond pay, which includes leadership effectiveness and engagement with employees.
Ronnie Tan, executive VP, Asia Pacific, Right Management, said: "Employers have to look beyond just money. Companies have to look at what would keep employees engaged.
"What would keep employee's engaged comes form several areas. The most direct area is in terms of leadership effectiveness in the company - the type of leaders people work for. People say that they join a company, but they leave the leader.
"The second part is in terms of a big push in career development and growth. If you look at companies now, we are looking at a multi generational workforce and people are having different expectations of their jobs.
"Organisations have to start getting much more innovative and creative in terms of how they would retain these performers other than just using money.
"A more stable workforce will certainly be a good thing for productivity. As people start to stay in their jobs a while longer, productivity - coming up from familiarity in the job - will definitely fill the uptake.
"If turnover starts to pick up again and we see a lot of job hopping around, there is going to be a negative productivity impact."
The NWC is expected to issue its latest guidelines in the middle of this year.
- Channel News Asia
Salary increments are expected to be around three to four per cent. But experts said workers should manage their expectations.
The signs of a rebound are all there, with a higher GDP forecast of between 4.5 and 6.5 per cent for 2010, higher tourism numbers and employment gains of 2.2 per cent in 2009.
This is in stark contrast to the economic situation in June last year when the National Wages Council last issued its guidelines.
In a rare move last year, the council issued fresh guidelines mid-term, reflecting the fluidity in the economy. It called for measures like wage cuts and shorter work weeks to help businesses save costs.
With the turnaround in the economy, the question is - will the guidelines this time round be less conservative?
Experts said companies should reward their workers for swallowing the bitter pill by restoring pay, but only for those which can afford to. That is because there is still a lot of uncertainty about how the second half of the year will pan out.
Executive vice president of Asia Pacific at Right Managament, Ronnie Tan, said: "Most businesses are looking at the second half of the year from a global perspective, particularly in the US, how the situation is going to be like.
"I think the larger economies seem positive, but until consumers start spending, the real solid recovery is going to be a question of timing."
Peter Lee, managing consultant at Remuneration Data Specialists added: "Companies doing well will be asked to reward their staff by restoring wage cuts, pay a sustainable wage increase and pay extras in the form of bonuses rather than hefty built-in increases."
Increments are also on the cards, but it will unlikely be broad-based as the NWC is expected to continue urging companies to raise the variable component of wages.
Fermin Diez, partner, Mercer, said: "What it means to an employee's point of view is that more pay is at risk and less pay is certain as a percentage.
"So let's say you're going to get a five per cent increase which includes restoring, it may be that you don't get the full five per cent in salary but what you get is maybe two or 2.5 per cent in salary and the rest goes into your bonus. But you have to earn the bonus.
"The employees don't necessarily like this idea and in fact they will rather much have base salary than none because inflation is still going up and if I get some salary increase below inflation, I'm still not keeping up with the cost of living, particularly if I was one of 2 or 3 who either got their salary either frozen or cut."
Companies will also need to grapple with the implications of restoring pay.
Mr Fermin Diez added: "If you restore, you have to make up two years. It's two years of wage increases - because restoring assumes you (had) cut (wages) and about a third of the companies in Singapore (had done that).
"About another third froze (salaries) which means another third still increased. There were wage increases during 2009. There are new wage increases for 2010 so anybody that cut or froze has to restore it and provide twice as much."
Talent retention will remain an issue as the job market picks up. Experts said companies should look into retention programmes that go beyond pay, which includes leadership effectiveness and engagement with employees.
Ronnie Tan, executive VP, Asia Pacific, Right Management, said: "Employers have to look beyond just money. Companies have to look at what would keep employees engaged.
"What would keep employee's engaged comes form several areas. The most direct area is in terms of leadership effectiveness in the company - the type of leaders people work for. People say that they join a company, but they leave the leader.
"The second part is in terms of a big push in career development and growth. If you look at companies now, we are looking at a multi generational workforce and people are having different expectations of their jobs.
"Organisations have to start getting much more innovative and creative in terms of how they would retain these performers other than just using money.
"A more stable workforce will certainly be a good thing for productivity. As people start to stay in their jobs a while longer, productivity - coming up from familiarity in the job - will definitely fill the uptake.
"If turnover starts to pick up again and we see a lot of job hopping around, there is going to be a negative productivity impact."
The NWC is expected to issue its latest guidelines in the middle of this year.
- Channel News Asia
Apr 11, 2010
Bosses hiring foreigners over S'poreans? Not true
MORE Singaporeans are complaining that employers prefer to hire foreigners over them.
But investigations by a tripartite panel that looks at work discrimination issues found that the accusations were invariably unfounded.
'In the cases we have intercepted, employers say this is based on the qualifications of the person and not nationalities,' said Madam Halimah Yacob, a labour MP who is co-chairman of the Tripartite Alliance for Fair Employment Practices (Tafep).
The alliance does not keep track of the number of complaints, but 'we do see more of them', she told reporters at the sidelines of a conference on fair employment practices.
Noting the concern expressed by Singaporeans who feel they have lost out, Madam Halimah said: 'We tell employers to be very careful and not say they prefer a certain nationality as Singaporeans get alarmed. Their ads should be based strictly on their needs.'
Her comments highlight an issue that has sparked tension in Singapore owing to the surge of foreigners in recent years.
Some netizens have posted job ads online, circling parts of them which specify that only certain nationalities need apply for a position.
Madam Halimah, however, feels the problem is counter-intuitive: 'Wise employers know they should look strictly at merit so that they get the best talent for the organisation.'
Her Tafep co-chairman Bob Tan, who is also vice-president of the Singapore National Employers Federation, agreed.
'From an employer's point of view, we want to hire the best. All things being equal, I would prefer to hire a Singaporean. A Singaporean has roots here. Whatever investments we put in, he will stay,' he said.
'Very often, there is some misunderstanding on why foreigners are hired over Singaporeans. It has got to do with the job requirements.'
Asked if cost is a factor as some foreigners tend to be less costly to hire than Singaporeans, Mr Tan said: 'Not necessarily so. In this tight labour market situation, I don't think anyone is being discriminated against.'
With the Government making clear it is slowing the flow of foreigners into Singapore, he added: 'It makes it more urgent for employers to hire and retain as many Singaporeans as possible.'
- The Straits Times
But investigations by a tripartite panel that looks at work discrimination issues found that the accusations were invariably unfounded.
'In the cases we have intercepted, employers say this is based on the qualifications of the person and not nationalities,' said Madam Halimah Yacob, a labour MP who is co-chairman of the Tripartite Alliance for Fair Employment Practices (Tafep).
The alliance does not keep track of the number of complaints, but 'we do see more of them', she told reporters at the sidelines of a conference on fair employment practices.
Noting the concern expressed by Singaporeans who feel they have lost out, Madam Halimah said: 'We tell employers to be very careful and not say they prefer a certain nationality as Singaporeans get alarmed. Their ads should be based strictly on their needs.'
Her comments highlight an issue that has sparked tension in Singapore owing to the surge of foreigners in recent years.
Some netizens have posted job ads online, circling parts of them which specify that only certain nationalities need apply for a position.
Madam Halimah, however, feels the problem is counter-intuitive: 'Wise employers know they should look strictly at merit so that they get the best talent for the organisation.'
Her Tafep co-chairman Bob Tan, who is also vice-president of the Singapore National Employers Federation, agreed.
'From an employer's point of view, we want to hire the best. All things being equal, I would prefer to hire a Singaporean. A Singaporean has roots here. Whatever investments we put in, he will stay,' he said.
'Very often, there is some misunderstanding on why foreigners are hired over Singaporeans. It has got to do with the job requirements.'
Asked if cost is a factor as some foreigners tend to be less costly to hire than Singaporeans, Mr Tan said: 'Not necessarily so. In this tight labour market situation, I don't think anyone is being discriminated against.'
With the Government making clear it is slowing the flow of foreigners into Singapore, he added: 'It makes it more urgent for employers to hire and retain as many Singaporeans as possible.'
- The Straits Times
Apr 6, 2010
Job fair draws 700 seniors
BEING a senior citizen does not mean losing the zest to work. More than 700 job seekers aged over 50 proved this as they gathered at Bishan Community Club for a job fair held by the Chinese Development Assistance Council (CDAC).
More than 1,300 jobs, which included positions in the food and beverage, retail, cleaning, hospitality and security industries, were put up by 25 participating companies looking to entice senior job seekers.
Mr Ong Kong Eauw, 59, for instance, was looking to work as a store assistant. Having worked before as a store supervisor until six years ago when his company closed down its warehouse, Mr Ong decided to search for a similar job as he felt more comfortable in this line of work.
'Previously I was drawing about $2,000, but now I'm willing to settle for less. My two children are both working; I'm just looking for a job to keep myself active,' he added.
Information on skills upgrading courses was also provided at a fair booth. These CDAC-subsidised courses, which aim to help seniors who want to acquire skills such as word processing or to brush up on conversational English, attracted scores of applicants.
This is not the first such job fair by the CDAC. Jobs For Seniors was first held last November at Sengkang Comunity Club, drawing more than 500 applicants then.
- The Straits Times
More than 1,300 jobs, which included positions in the food and beverage, retail, cleaning, hospitality and security industries, were put up by 25 participating companies looking to entice senior job seekers.
Mr Ong Kong Eauw, 59, for instance, was looking to work as a store assistant. Having worked before as a store supervisor until six years ago when his company closed down its warehouse, Mr Ong decided to search for a similar job as he felt more comfortable in this line of work.
'Previously I was drawing about $2,000, but now I'm willing to settle for less. My two children are both working; I'm just looking for a job to keep myself active,' he added.
Information on skills upgrading courses was also provided at a fair booth. These CDAC-subsidised courses, which aim to help seniors who want to acquire skills such as word processing or to brush up on conversational English, attracted scores of applicants.
This is not the first such job fair by the CDAC. Jobs For Seniors was first held last November at Sengkang Comunity Club, drawing more than 500 applicants then.
- The Straits Times
Apr 5, 2010
Grads get jobs in 6 months
DESPITE the recession, nine out of 10 students who graduated from the three local universities last year found jobs within six months of graduation, according to Ministry of Education (MOE) statistics released yesterday.
And there was even better news for those in teaching, nursing and dental surgery, with graduates posting a 100 per cent employment rate in those sectors.
The MOE's Graduate Employment Survey, conducted annually, looked at those who graduated from the National University of Singapore (NUS), Singapore Management University (SMU) and the Nanyang Technological University (NTU) last year and what fraction landed a job within six months.
It also looked at the mean salary across faculties.
Apart from teaching graduates from NTU's National Institute of Education, and nursing and dental surgery graduates from NUS, those from NUS' business administration (accountancy) programmes, and SMU's economics and accountancy programmes were also largely recession-proof.
But last year's economic gloom did affect salaries, with average wages last year lower than those in 2008.
- The Straits Times
And there was even better news for those in teaching, nursing and dental surgery, with graduates posting a 100 per cent employment rate in those sectors.
The MOE's Graduate Employment Survey, conducted annually, looked at those who graduated from the National University of Singapore (NUS), Singapore Management University (SMU) and the Nanyang Technological University (NTU) last year and what fraction landed a job within six months.
It also looked at the mean salary across faculties.
Apart from teaching graduates from NTU's National Institute of Education, and nursing and dental surgery graduates from NUS, those from NUS' business administration (accountancy) programmes, and SMU's economics and accountancy programmes were also largely recession-proof.
But last year's economic gloom did affect salaries, with average wages last year lower than those in 2008.
- The Straits Times
Mar 28, 2010
Subdued job outlook for finance workers
FIRMS are still cautious about hiring finance and accounting staff, especially for entry-level positions, despite the recent rebound in the economy and financial markets, a new survey shows.
About two-thirds of the 273 Singapore respondents to a regional survey by recruitment firm Robert Half said that they expect no big change to the number of finance and accounting staff at their organisations in the next 12 months.
But another 31 per cent said they expected their firms to increase the number of such staff in the next year, with only 3 per cent expecting a decrease.
Most - 94 per cent - said that any new finance and accounting staff recruited would be to fill new positions, while 55 per cent said new hires would be to replace staff who left or were fired in the downturn. Only 30 per cent said they would recruit finance and accounting staff to fill graduate or entry-level positions.
Finance managers were the most in demand, with 52 per cent of the Singapore respondents saying they expect to hire for that position.
A slim majority - 51 per cent - said they expect their organisation to increase salaries for finance and accounting staff in the next 12 months, but 61 per cent also said their firms had cut or frozen pay for such staff during the downturn. And any pay increases are likely to be small - 72 per cent of the Singapore respondents said that they expected the increment to be in the range of 2.5-6.4 per cent; another 13 per cent expected even less, and just 14 per cent said that pay increments of 8.5 per cent or more were likely.
The survey, which polled 1,281 human resources and finance and accounting managers in Singapore, Hong Kong, Australia and New Zealand in the first quarter of this year - found that half the Singapore respondents felt that the economic downturn was not over, against 42 per cent who said it was. The rest were unsure.
'The general market sentiment is that the global recovery is still largely uncertain at this point,' said Tim Hird, managing director of Robert Half Singapore. 'That said, companies are taking the opportunity to rethink their staffing strategies, and many are in fact ramping up their hiring now in order to lure valuable talent to their firms and position themselves for the full recovery.'
- The Business Times
About two-thirds of the 273 Singapore respondents to a regional survey by recruitment firm Robert Half said that they expect no big change to the number of finance and accounting staff at their organisations in the next 12 months.
But another 31 per cent said they expected their firms to increase the number of such staff in the next year, with only 3 per cent expecting a decrease.
Most - 94 per cent - said that any new finance and accounting staff recruited would be to fill new positions, while 55 per cent said new hires would be to replace staff who left or were fired in the downturn. Only 30 per cent said they would recruit finance and accounting staff to fill graduate or entry-level positions.
Finance managers were the most in demand, with 52 per cent of the Singapore respondents saying they expect to hire for that position.
A slim majority - 51 per cent - said they expect their organisation to increase salaries for finance and accounting staff in the next 12 months, but 61 per cent also said their firms had cut or frozen pay for such staff during the downturn. And any pay increases are likely to be small - 72 per cent of the Singapore respondents said that they expected the increment to be in the range of 2.5-6.4 per cent; another 13 per cent expected even less, and just 14 per cent said that pay increments of 8.5 per cent or more were likely.
The survey, which polled 1,281 human resources and finance and accounting managers in Singapore, Hong Kong, Australia and New Zealand in the first quarter of this year - found that half the Singapore respondents felt that the economic downturn was not over, against 42 per cent who said it was. The rest were unsure.
'The general market sentiment is that the global recovery is still largely uncertain at this point,' said Tim Hird, managing director of Robert Half Singapore. 'That said, companies are taking the opportunity to rethink their staffing strategies, and many are in fact ramping up their hiring now in order to lure valuable talent to their firms and position themselves for the full recovery.'
- The Business Times
Mar 27, 2010
Strong turnout on first day of JobsDB career fair
More than 20,000 job seekers turned up on the first day of the JobsDB career fair at Suntec Convention Centre on Friday.
About 500 companies are recruiting - double the number of last year.
The newly-opened Resorts World Sentosa has more than 2,000 job vacancies available.
The job seekers include fresh graduates from the universities and polytechnics, as well as those looking for better prospects.
Steven Seek, managing director, JobsDB Singapore, said: "Now that the economy is getting better, they would like to see what other better opportunities (are there)...And of course, there is another group of people who would like to switch from another industry to more emerging industries like the service sector."
- Channel News Asia
About 500 companies are recruiting - double the number of last year.
The newly-opened Resorts World Sentosa has more than 2,000 job vacancies available.
The job seekers include fresh graduates from the universities and polytechnics, as well as those looking for better prospects.
Steven Seek, managing director, JobsDB Singapore, said: "Now that the economy is getting better, they would like to see what other better opportunities (are there)...And of course, there is another group of people who would like to switch from another industry to more emerging industries like the service sector."
- Channel News Asia
Mar 23, 2010
Economist suggests recording how often job-seekers reject offers
SINGAPOREANS who complain about foreigners taking away their jobs may be protesting too much, a well-known Singapore economist has said.
Dr Tan Khee Giap, associate professor at the Lee Kuan Yew School of Public Policy, yesterday cited figures showing that as of last September, about three out of 10 job vacancies - or 10,140 openings - had been unfilled for at least six months.
This was roughly the same level as the year before and implies that Singaporeans are turning their noses up at some jobs, he said at a seminar on Budget 2010.
To verify this 'voluntary unemployment', he suggested that every resident worker who is unemployed for more than three months should be made to register with the Workforce Development Agency (WDA), which will have to help him find a job based on his last drawn pay.
The WDA can then track how many times each unemployed person turns down a job - much like the statistics the Housing Board recently revealed of new flat buyers turning down flat options.
Dr Tan believes the WDA rejection rate will be fairly high, and that this will quash the perception there are not enough jobs to go around for Singaporeans. In this way, it would have the same effect as the HDB figures had in terms of public housing.
- The Straits Times
Dr Tan Khee Giap, associate professor at the Lee Kuan Yew School of Public Policy, yesterday cited figures showing that as of last September, about three out of 10 job vacancies - or 10,140 openings - had been unfilled for at least six months.
This was roughly the same level as the year before and implies that Singaporeans are turning their noses up at some jobs, he said at a seminar on Budget 2010.
To verify this 'voluntary unemployment', he suggested that every resident worker who is unemployed for more than three months should be made to register with the Workforce Development Agency (WDA), which will have to help him find a job based on his last drawn pay.
The WDA can then track how many times each unemployed person turns down a job - much like the statistics the Housing Board recently revealed of new flat buyers turning down flat options.
Dr Tan believes the WDA rejection rate will be fairly high, and that this will quash the perception there are not enough jobs to go around for Singaporeans. In this way, it would have the same effect as the HDB figures had in terms of public housing.
- The Straits Times
Mar 21, 2010
Temp jobs becoming a norm
AMID the depths of the recession last year, accounts executive Wayne Ng counted his lucky stars that he had managed to secure a job with one of the big four accounting firms.
There was just one snag though - it was not a permanent job but a two-year contract.
'Obviously, I would have preferred a permanent job, but this was a chance to work with one of the most prestigious firms. It would perk up my CV... and I knew it would give me valuable exposure,' said Mr Ng.
Human resource experts agree that working under such contracts is becoming the norm, especially as the concept of a 'flexible workforce' becomes increasingly in vogue.
'It is highly likely that contract employment is here for the long run, especially with an increasingly mobile workforce,' said Mr Dhirendra Shantilal, senior vice-president Asia Pacific, Kelly Services.
And this is not necessarily a bad thing - for both employees and employers.
- The Straits Times
There was just one snag though - it was not a permanent job but a two-year contract.
'Obviously, I would have preferred a permanent job, but this was a chance to work with one of the most prestigious firms. It would perk up my CV... and I knew it would give me valuable exposure,' said Mr Ng.
Human resource experts agree that working under such contracts is becoming the norm, especially as the concept of a 'flexible workforce' becomes increasingly in vogue.
'It is highly likely that contract employment is here for the long run, especially with an increasingly mobile workforce,' said Mr Dhirendra Shantilal, senior vice-president Asia Pacific, Kelly Services.
And this is not necessarily a bad thing - for both employees and employers.
- The Straits Times
Big turnout at job fair
FROM as early as 8am, dozens of job seekers queued up to register at Sengkang Community Club for a Healthcare Career Fair yesterday - two hours before the event even started.
By noon, the place was packed with hundreds of people, mostly Singaporeans wanting to learn more about the jobs on offer and whether they were eligible to apply.
A total of 1,103 job seekers registered for the fair eventually.
The huge turnout, and the kind of people who turned up, showed a willingness in Singaporeans to try out for different jobs and undergo training for specialised occupations in the health-care sector.
Among those looking for a fresh start in the industry is Mr Sivakumar Munusamy, 38, who comes from a retail background and is currently a part-time sales assistant.
Mr Munusamy, who is keen on a job as an operating theatre assistant or health-care attendant, says he is open to switching industries as long as on-the-job training is provided.
- The Straits Times
By noon, the place was packed with hundreds of people, mostly Singaporeans wanting to learn more about the jobs on offer and whether they were eligible to apply.
A total of 1,103 job seekers registered for the fair eventually.
The huge turnout, and the kind of people who turned up, showed a willingness in Singaporeans to try out for different jobs and undergo training for specialised occupations in the health-care sector.
Among those looking for a fresh start in the industry is Mr Sivakumar Munusamy, 38, who comes from a retail background and is currently a part-time sales assistant.
Mr Munusamy, who is keen on a job as an operating theatre assistant or health-care attendant, says he is open to switching industries as long as on-the-job training is provided.
- The Straits Times
Mar 18, 2010
More than 1,600 jobs to be created
It was a vital sector that buoyed up manufacturing in a troubled 2009, and drew $1.2 billion in total fixed asset investment as well as $700 million in total business spending for Singapore in the midst of a global downturn.
Now, poised to grow between 5 and 10 per cent this year, the biomedical science sector also promises to create more than 1,600 jobs once these commitments are fully implemented.
The catch? The bulk of positions at the senior level will likely go to foreigners, as the Republic continues to grapple with the need for more experienced and qualified local talent.
According to the Economic Development Board (EDB), the sector's manufacturing output grew 2.5 per cent to some $21 billion last year in spite of the recession. This is more than triple the output in 2000.
Singapore's biomedical industry employs more than 13,000 people, and recruitment has increased over the past two years, according to analysts: Executive search firm ScienTec Consulting reported a 65-per-cent increase in senior management hires.
About half of the latter are foreigners, said ScienTec's managing director Karen Tok. "Lack of talent with both leadership and specialised biomedical sciences background such as in pharmaceutical, medical and scientific areas are the main reasons that companies look for talent from countries like Australia, Europe and the United States," she said.
While local talents may have the skills, they do not have the 20 years of experience required of some senior positions, as Singapore's biomedical sector has only grown over the last five years, Ms Tok added. Also required of senior managers these days is international exposure and commercial experience.
The problem is less severe at the junior level, where two to three years' experience is the norm and 20 per cent of hires are foreigners, Ms Tok said.
One problem that has surfaced in the past has been the shortage of PhD qualifications, needed in most research positions. Last month, a subcommittee of the Economic Strategies Committee noted that Singapore has about 1.5 PhD holders per 1,000 in the labour force, and only 35 per cent of the PhDs in local universities are citizens or permanent residents.
The job opportunities, nevertheless, are there to be had, for those with the qualifications.
Biomedical job postings on online portal JobsDB total 1,013 at the senior, middle and entry level positions, for professionals, managers, engineers, scientists and research engineers. Big advertisers include Zuellig Pharma, Astra-Zeneca and SingHealth.
Some of the big commitments made last year included Quintiles Transnational, which planned to double its presence here to more than 500; Roche, which opened a $699 million biologic manufacturing site; and Medtronic, which sank $80 million in a plant here and expects to hire more than 100 staff in two years.
To meet demand for clinical researchers, the EDB has partnered companies like Quintiles to launch training positions for Singapore residents keen on joining the sector; while the Workforce Development Agency has been developing a specialist track for clinical research professionals by the second quarter.
The industry, however, is not without head winds. In the past year, for instance, biomedical firm Rockeby announced the liquidation of its subsidiaries here, citing restructuring plans to better manage its finances.
There is also the brewing competition in the biomedical sectors of India, China and Malaysia, said DBS Group Research economist Irvin Seah. But these should not pose a big concern, he said; as the industry matures, it is natural that new players will enter while others exit.
While countries like the US have a longer history, track record and intellectual property, Singapore should remain attractive given the strong government support, vibrant business environment and infrastructure it offers biomedical companies. "At the end of the day, it is a very human capital-intensive industry - and the fact that we are able to attract global talent is a sign of the strength we have," Mr Seah said.
While the biomedical sector is likely to moderate due to over-capacity in the pharmaceutical industry, the EDB is confident it will meet its output target of $25 billion by 2015. Medical technology is seen as the likely growth segment.
More than 4,300 researchers are carrying out biomedical sciences R&D in 50 companies and 30 public-sector institutes that expend more than S$1 billion each year in R&D.
- TODAY newspaper
Now, poised to grow between 5 and 10 per cent this year, the biomedical science sector also promises to create more than 1,600 jobs once these commitments are fully implemented.
The catch? The bulk of positions at the senior level will likely go to foreigners, as the Republic continues to grapple with the need for more experienced and qualified local talent.
According to the Economic Development Board (EDB), the sector's manufacturing output grew 2.5 per cent to some $21 billion last year in spite of the recession. This is more than triple the output in 2000.
Singapore's biomedical industry employs more than 13,000 people, and recruitment has increased over the past two years, according to analysts: Executive search firm ScienTec Consulting reported a 65-per-cent increase in senior management hires.
About half of the latter are foreigners, said ScienTec's managing director Karen Tok. "Lack of talent with both leadership and specialised biomedical sciences background such as in pharmaceutical, medical and scientific areas are the main reasons that companies look for talent from countries like Australia, Europe and the United States," she said.
While local talents may have the skills, they do not have the 20 years of experience required of some senior positions, as Singapore's biomedical sector has only grown over the last five years, Ms Tok added. Also required of senior managers these days is international exposure and commercial experience.
The problem is less severe at the junior level, where two to three years' experience is the norm and 20 per cent of hires are foreigners, Ms Tok said.
One problem that has surfaced in the past has been the shortage of PhD qualifications, needed in most research positions. Last month, a subcommittee of the Economic Strategies Committee noted that Singapore has about 1.5 PhD holders per 1,000 in the labour force, and only 35 per cent of the PhDs in local universities are citizens or permanent residents.
The job opportunities, nevertheless, are there to be had, for those with the qualifications.
Biomedical job postings on online portal JobsDB total 1,013 at the senior, middle and entry level positions, for professionals, managers, engineers, scientists and research engineers. Big advertisers include Zuellig Pharma, Astra-Zeneca and SingHealth.
Some of the big commitments made last year included Quintiles Transnational, which planned to double its presence here to more than 500; Roche, which opened a $699 million biologic manufacturing site; and Medtronic, which sank $80 million in a plant here and expects to hire more than 100 staff in two years.
To meet demand for clinical researchers, the EDB has partnered companies like Quintiles to launch training positions for Singapore residents keen on joining the sector; while the Workforce Development Agency has been developing a specialist track for clinical research professionals by the second quarter.
The industry, however, is not without head winds. In the past year, for instance, biomedical firm Rockeby announced the liquidation of its subsidiaries here, citing restructuring plans to better manage its finances.
There is also the brewing competition in the biomedical sectors of India, China and Malaysia, said DBS Group Research economist Irvin Seah. But these should not pose a big concern, he said; as the industry matures, it is natural that new players will enter while others exit.
While countries like the US have a longer history, track record and intellectual property, Singapore should remain attractive given the strong government support, vibrant business environment and infrastructure it offers biomedical companies. "At the end of the day, it is a very human capital-intensive industry - and the fact that we are able to attract global talent is a sign of the strength we have," Mr Seah said.
While the biomedical sector is likely to moderate due to over-capacity in the pharmaceutical industry, the EDB is confident it will meet its output target of $25 billion by 2015. Medical technology is seen as the likely growth segment.
More than 4,300 researchers are carrying out biomedical sciences R&D in 50 companies and 30 public-sector institutes that expend more than S$1 billion each year in R&D.
- TODAY newspaper
Mar 15, 2010
Jobless rate falls to 2.1%
THE Singapore labour market showed resilience and grew for the first time amid an economic recession in 2009, with overall unemployment rate falling to 2.1 per cent last December.
It weathered the 2009 recession better than previous downturns, supported by the Resilience Package and concerted tripartite efforts to save jobs.
Employment rebounded in the second half of the year, with employment gains for residents while the foreigners' share fell, according to a labour market report for 2009 released by the Ministry of Manpower on Monday morning.
Total employment in 2009 grew by 37,600 or 1.3 per cent last year despite the economy contracting by 2.2 per cent. Local employment rose by 41,800 or 2.2 per cent, with most gains in the fourth quarter, propelled by hiring in the services sector for the year-end festivities and integrated resorts.
Employment only started to fall in the first quarter, three quarters after gross domestic product (GDP) started declining in the second quarter of 2008. This was unlike previous downturns in 2001 and 1997/98 when employment lagged GDP by two quarters, said the report.
With strong employment growth in the last quarter, the overall unemployment rate fell from a seasonally adjusted 3.4 per cent in September to 2.1 per cent in December. As the economy emerged from the recession, redundancies fell for the third successive quarter to 2,220 in Q4, returning to to pre-recession quarterly levels.
- The Straits Times
It weathered the 2009 recession better than previous downturns, supported by the Resilience Package and concerted tripartite efforts to save jobs.
Employment rebounded in the second half of the year, with employment gains for residents while the foreigners' share fell, according to a labour market report for 2009 released by the Ministry of Manpower on Monday morning.
Total employment in 2009 grew by 37,600 or 1.3 per cent last year despite the economy contracting by 2.2 per cent. Local employment rose by 41,800 or 2.2 per cent, with most gains in the fourth quarter, propelled by hiring in the services sector for the year-end festivities and integrated resorts.
Employment only started to fall in the first quarter, three quarters after gross domestic product (GDP) started declining in the second quarter of 2008. This was unlike previous downturns in 2001 and 1997/98 when employment lagged GDP by two quarters, said the report.
With strong employment growth in the last quarter, the overall unemployment rate fell from a seasonally adjusted 3.4 per cent in September to 2.1 per cent in December. As the economy emerged from the recession, redundancies fell for the third successive quarter to 2,220 in Q4, returning to to pre-recession quarterly levels.
- The Straits Times
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