The outlook for Singapore is expected to remain relatively unchanged from last year.
Start-up, eCommerce, Fintech, Gaming, Digital and Technology are likely to be the fast growing sectors, with government support to boost and help start up investment in these sectors.
Funding and networking programs are put into action to support locally-based start-ups setting the path for growth. Employers across these sectors are likely to continue hiring actively, using short term hiring experts from either recruitment firms or freelancers filling niche roles.
Contracting remains popular among start–ups, especially in the areas of development, operations, finance, technology and business support. Using contract workers offers start-ups flexibility in terms of managing cash flow and expenses.
But searching for these candidates remains very challenging since they require specific skills including geographical knowledge and extensive task experience. Although raising the bar for suitable candidates might be beneficial from a business perspective, the practice may not be sustainable due to the lack of supply of candidates fitting these profiles.
Longer hiring processes cost more and leave too large a time gap to catch up with the market development. This also frustrates the business, since leaving roles open for long periods may compromise growth. Employers may need to rethink the whole hiring strategy and adopt an open-minded practice in order to get the right talent on board.
Instead of waiting for the perfect fit, investing into training and development of employees could be the solution. This approach will not only build up the talent pool, but also sets the stage for employee retention and employer branding.