Over half of Singapore companies have hiring plans this year: Report

SINGAPORE: A recent survey conducted by Reenracoen Group has revealed that more than half of Singaporean businesses are gearing up for significant hiring activities throughout the year.

This surge in hiring enthusiasm, with approximately 60% of local companies actively seeking new talent, highlights the growth potential of Singapore’s economy.

The study, which encompassed insights from 159 businesses, illuminated the diverse motives behind these hiring initiatives. The predominant reasons cited by respondents include filling existing vacancies, expanding business operations, and the pursuit of individuals with specialized skillsets.

Reenracoen CEO Kenji Naito highlighted the substantial expansion of smaller-sized companies, emphasizing Singapore’s pivotal role as a hub for dynamic business development.

Among the surveyed businesses, nearly half expressed intentions to hire one to three new employees, while 7 per cent were looking to onboard four to six individuals. A notable 2.5 per cent of respondents indicated plans to hire more than ten new employees, signifying robust growth aspirations within certain sectors.

Replacement roles emerged as the most prevalent driver for hiring, constituting 36 per cent  of respondents’ primary motivations, closely followed by business expansion at 34 per cent. The need for personnel with specialized skillsets accounted for 14 per cent of the hiring impetus, underlining the growing importance of niche expertise in the contemporary job market.

In addressing these hiring needs, recruitment agencies emerged as the preferred choice for a staggering 88 per cenr of businesses surveyed. The efficiency and effectiveness of external agencies in sourcing qualified candidates appear to resonate with a majority of Singaporean firms. The MyCareersFuture program claimed the second spot, with a third of businesses expressing a preference for the Government-linked initiative.

The survey also revealed that nearly three-fourths of respondents successfully secured new hires through recruitment agencies in the past year. A notable 2.5 per cent of businesses even managed to recruit more than ten employees through this channel.