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backASIAtalk May, 2012

Singapore: Skill shortage remains a problem

Local employers are still struggling to find the right talent, especially those with skills in chemical engineering, marketing, business development and supply chain.

"Employers are looking at new strategies in an effort to address the talent challenge, particularly as many employers have become reliant on foreign workers to fill many of their vacancies," Chris Mead, regional director of Hays in SEA, said.

"Although in some sectors such as banking there remains little interest in relocating offshore candidates due to the associated costs, in others the domestic shortage has forced employers to look overseas."

According to the latest Hays Quarterly Report, within the HR sector, those in business partnering roles, including at the regional level, and learning and development professionals are in the highest demand for Q2 2012.

Marketing and business development managers are also well sought after, as companies in the sales and marketing industry focused on growth and expansion this quarter. Additionally, the demand for digital and social media specialists remains high as companies look to drive new financial focus and innovation.

Within the banking and financial services sector, skills such as cost accounting and regulatory reporting, as well as risk and compliance specialists, are needed.

Mead said in order for companies to adapt and keep up with business demands, employers have to adopt new strategies such as "the up-skilling of existing staff, recruiting candidates based on potential and then offering training, and retaining mature-age workers".

Furthermore, with the government's new regulations surrounding the employment of foreign talent, Mead advises companies to prepare for the current pool of suitable candidates to shrink.

"With foreigners only allowed to make up a reduced percentage of the workforce, employers will need to look at other strategies to overcome the local skills shortage," he added.

Other skills in high demand include corporate legal counsel and legal managers, and supply chain and procurement professionals.

Source: Human Resources online - GAI

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