A study by Randstad showed that there will be an increase in job openings next year, and HR leaders should take heed of these 3 priorities to support the expected increase.

1) HR policies should be crafted based on flexibility and enhance work-life balance

According to the latest survey findings by Milieu Insight, having the flexibility to work remotely is the preferred choice amongst Singapore employees with the majority (78%) leaning towards a hybrid work arrangement.

Therefore, companies with a flexible working policy are more likely to attract quality talent as employees are looking for jobs that allow them to work from home (WFH). Hybrid work arrangements also enhance productivity amongst employees as they have more chances to test new digital solutions and technology.

2) Developing the local workforce via upskilling

Due to rapid digitalisation, what qualifies as a highly-skilled worker has been redefined. Companies are now looking for talents with “excellent middle-management leadership skills and the ability to communicate effectively to drive stronger business partnering” and can “plug and play” to fulfill immediate business needs. Of course, these highly skilled talents also come with high price tags.

HR leaders should thus focus on developing the incumbent workforce and upskilling their employees instead of searching for the perfect dream candidate. Additional focus should also be on training mature employees with practical digital skills that can be applied to their roles. Offering training and development opportunities would also be attractive to new talents as well.

3) Developing agile and flexible workforce strategies

Singapore’s population decreased by 4.1 percent to 5.45 million this year, which raised concerns about the labour shortage and its ability to meet companies’ growing ambitions.

Companies and HR leaders should seek long-term solutions by cultivating relationships with potential job candidates and alumni instead of hiring professionals on a contract basis to meet urgent business needs. Invest in the growth and learning potential of job seekers so as to help them become competent and loyal employees and create innovative recruitment solutions that could uncover “hidden potential” in the current company’s workforce.

How is your company’s HR policies tailored towards attracting and retaining the best talents in view of the upcoming changes in the local workforce? Are there practical steps to start today at your organization?