Talent acquisition is a critical function for organisations aiming to secure a competitive edge in today’s dynamic business environment. In Singapore, with its diverse and evolving workforce, employing effective talent acquisition strategies is essential for attracting and retaining top talent. This blog outlines the top five talent acquisition strategies for Singapore, supported by relevant statistics and examples.

1. Embrace Digital Recruitment Platforms
Digital recruitment platforms are revolutionising the way organisations find and hire talent. These platforms offer access to a vast pool of candidates and streamline the hiring process through automation and data analytics.

Strategies:

• Leverage Social Media: Use platforms like LinkedIn, Facebook, and Instagram to post job openings and engage with potential candidates.
• Utilise Recruitment Software: Implement Applicant Tracking Systems (ATS) to manage job postings, applications, and candidate communication efficiently.

Statistics:

• According to LinkedIn’s Future of Recruiting report, 84% of organisations are using social media for recruitment, highlighting its importance in reaching passive candidates.
• The Singapore Business Federation found that 70% of companies using digital recruitment tools reported a reduction in hiring time and costs.

Example:

• Shopee: Shopee, a leading e-commerce platform in Southeast Asia, uses Facebook and other social media channels to attract top talent. Their strategic use of digital recruitment platforms has helped them scale their workforce rapidly to meet growing business demands.

 

2. Focus on Employer Branding
A strong employer brand attracts top talent by showcasing the company’s culture, values, and benefits. A positive employer brand not only attracts candidates but also improves retention rates.

Strategies:

• Highlight Company Culture: Use your website, social media, and job postings to showcase your company culture, employee testimonials, and success stories.
• Engage in Corporate Social Responsibility (CSR): Promote your CSR initiatives to appeal to candidates who value social and environmental responsibility.

Statistics:

• Glassdoor reports that 86% of job seekers research company reviews and ratings before applying for a job.
• A LinkedIn survey found that companies with a strong employer brand see a 50% reduction in cost per hire.

Example:

• DBS Bank: DBS Bank consistently highlights its innovative and inclusive culture through various channels. Their commitment to sustainability and employee development has earned them a strong employer brand, making them one of the most desirable employers in Singapore.

 

3. Invest in Employee Referral Programs
Employee referral programs leverage existing employees to find potential candidates, often leading to higher quality hires and improved retention rates.

Strategies:

• Incentivise Referrals: Offer bonuses or other incentives to employees who refer successful candidates.
• Simplify the Referral Process: Make it easy for employees to refer candidates through an intuitive online portal or application.

Statistics:

• A study by the Society for Human Resource Management (SHRM) found that employee referrals have a higher retention rate, with 45% staying for more than four years compared to 25% of those hired through job boards.
• LinkedIn’s Global Recruiting Trends report shows that 48% of companies find their best hires through employee referrals.

Example:

• Google Singapore: Google’s employee referral program is a key component of their hiring strategy. They offer substantial referral bonuses and have an easy-to-use referral system, resulting in high-quality hires and enhanced employee engagement.

 

4. Develop a Strong Internship and Graduate Program
Internship and graduate programmes are essential for building a pipeline of young talent. These programs provide valuable work experience to students and recent graduates while allowing companies to identify and groom future leaders.

Strategies:

• Collaborate with Educational Institutions: Partner with universities and colleges to create internship and co-op programs.
• Offer Comprehensive Training: Provide interns and graduates with structured training and mentorship to enhance their skills and integrate them into the company culture.

Statistics:

• The National University of Singapore (NUS) reports that 90.5% of their graduates secure employment within six months of completing their studies.
• According to the Ministry of Manpower (MOM), companies that invest in training programs for young professionals see a 20% increase in employee retention.

Example:

Singapore Airlines: Singapore Airlines runs a robust internship and graduate program, offering extensive training and career development opportunities. Their focus on nurturing young talent has helped them maintain a strong talent pipeline and leadership succession plan.

 

5. Leverage Data Analytics in Recruitment
Data analytics can provide insights into recruitment processes, helping organisations make data-driven decisions and improve hiring outcomes.

Strategies:

• Analyse Hiring Metrics: Track metrics such as time-to-hire, cost-per-hire, and candidate source effectiveness to identify areas for improvement.
• Predictive Analytics: Use predictive analytics to forecast future hiring needs and identify the best sources for top talent.

Statistics:

• A report by Deloitte found that companies using data analytics in recruitment are twice as likely to improve their recruiting efforts.
• According to LinkedIn, 64% of talent professionals say that data-driven recruiting strategies improve the hiring process and quality of hire.

Example:

• Grab: Grab uses data analytics to streamline their recruitment process, track hiring metrics, and predict future talent needs. Their data-driven approach has significantly enhanced their ability to attract and retain top talent in a competitive market.

 

Conclusion

Effective talent acquisition strategies are crucial for organisations aiming to thrive in Singapore’s dynamic business environment. By embracing digital recruitment platforms, focusing on employer branding, investing in employee referral programs, developing strong internship and graduate programs, and leveraging data analytics, companies can attract and retain the best talent. These strategies, supported by relevant statistics and examples, highlight the importance of a comprehensive and innovative approach to talent acquisition.

In summary, the future of talent acquisition in Singapore lies in the ability to adapt to changing trends, utilise technology effectively, and create a compelling employer brand. By implementing these top strategies, organisations can build a strong, resilient workforce ready to meet the challenges of tomorrow.

 

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Reference links:

https://business.linkedin.com/talent-solutions/resources/future-of-recruiting

https://www.sbf.org.sg/docs/default-source/advocacy-policy/sbf-research-reports/post-budget-business-surveys-polls/sbf_survey_on_business_sentiments__support_that_businesses_may_require_in_the_on-going_phase_2_post-circuit_breaker_period.pdf?sfvrsn=86635925_1

https://www.glassdoor.com/employers/blog/most-important-employer-branding-statistics/

https://www.linkedin.com/pulse/how-employer-branding-impacts-recruitment-hrvisionevent#:~:text=Hiring%20on%20the%20Cheap%3A%20Companies,saves%20a%20bunch%20of%20cash

https://www.shrm.org/topics-tools/news/talent-acquisition/employee-referrals-remain-top-source-hires

https://www.apollotechnical.com/recruitment-statistics/#:~:text=According%20to%20LinkedIn%20Recruitment%20statistics,is%20referrals%20from%20current%20employees

https://news.nus.edu.sg/strong-employment-outcomes-and-higher-starting-salaries-for-nus-graduates-amidst-economic-uncertainty/

https://www.mom.gov.sg/-/media/mom/documents/employment-practices/work-life-harmony-report.pdf

https://www.linkedin.com/pulse/10-key-competencies-every-recruiter-should-master-brian-ferguson#:~:text=According%20to%20a%20study%20by%20Deloitte%2C%20companies%20that%20use%20data,in%20cost%2Dper%2Dhire

https://www.linkedin.com/pulse/how-data-ai-can-transform-your-talent-acquisition-process-ganguly-nyntf