SEEK, having merged its Asia Pacific employment marketplaces – SEEK, Jobstreet and Jobsdb – will operate under a single platform powered by SEEK’s world-class AI technology, while retaining the individual brands. This integration brings together millions of jobseekers and employers across APAC to connect more of the right people with the right work.
As the leading Career partner in Singapore, SEEK aims to provide a comprehensive suite of career enablement offerings ranging from job listings, a resume database, bespoke career resources, and company profiles. The Jobstreet CareerHub, powered by seekMAX, is a new feature designed to help professionals connect and grow. It’s an in-app platform that offers edutainment content and a community forum. Here, professionals can engage with each other and industry leaders, fostering ongoing learning and career discussions. The goal is to create a community where individuals can continually improve their skills and prepare for the future job market. This initiative not only builds a more future-ready workforce but also enhances the relevance of job matches for employers throughout the region.
As a market leader, it facilitates regional job mobility, contributing substantially to economic growth by connecting both job seekers and employers with opportunities – providing valuable data insights on job trends and labour market dynamics. Through its services, Jobstreet by SEEK plays a fundamental role in fostering career opportunities and enhancing the efficiency of the Asia Pacific employment ecosystem.
Introducing Jobstreet by SEEK’s Hiring, Compensation & Benefits Report 2024
The recently released Hiring, Compensation, & Benefits Report 2024, authored by Jobstreet, is an annual hallmark publication. The report captures data collected from 673 hiring professionals in Singapore in September 2023. It extensively covers hiring activities and holistic HR-related aspects such as remuneration, annual leaves, general benefits, and working conditions among others.
To ensure objectivity, the report includes a diverse range of industries and company sizes. The data is meticulously analysed and weighed according to Jobstreet by SEEK Singapore’s employer network, ensuring a fair representation. Key findings from the report include insights into hiring trends across Malaysia, Singapore, the Philippines, Indonesia, and Vietnam, as well as compensation benchmarks and trends across various industries and job roles. Additionally, the report offers an analysis of benefits packages provided by top employers and their strategies to attract and retain talent, making it a valuable resource for businesses and job seekers alike.
Talent management strategies and trends
Talent management is critical for attracting, retaining, and developing top talent in competitive markets. Consequently, companies with effective talent management strategies are 2.9 times more likely to succeed at leadership development, and 3.8 times more likely to enhance employee performance and productivity and organisational innovation.
While key talent management strategies include offering competitive compensation, fostering a positive culture, and providing growth opportunities, it is worthwhile to note that employee motivation can be achieved through recognition and career advancement – a motion that remains crucial for retention. Specifically, 83.6% of employees, especially among the group of highly motivated employees, believe that receiving recognition influences their drive to succeed at work. If they receive recognition often, 77.9% of employees said they would be more productive and engaged.
Moreover, following the COVID-19 pandemic, flexible work arrangements have become more popular, allowing employees to work efficiently while maintaining their work-life balance and well-being and enhancing job satisfaction. Consequently, traditional working models have become obsolete, and a shift towards hybridisation might be inevitable. Additionally, prioritising diversity and inclusion initiatives also attract diverse talents and foster an inclusive culture, improving engagement and retention.
Therefore, effective talent management involves a holistic approach to meet the evolving needs of employees and organisations for sustained success in today’s dynamic market.
Leveraging the insights of the Hiring, Compensation, & Benefits Report 2024 for better talent management
The implications of the Hiring, Compensation, & Benefits Report 2024 for employers are significant, offering actionable insights to optimise recruitment and retention strategies. Understanding the intricate trends of the different markets is crucial for gaining a competitive edge in strategic recruitment. With a noticeable decline in confidence for the second half of 2024, attributed to higher uncertainty influenced by economic conditions and global events, employers must adapt to changing landscapes.
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Large companies, which are more inclined to conduct compensation and benefits reviews, should leverage this advantage to effectively attract and retain talent. Moreover, with the growing preference for hybrid workplace arrangements, especially in high-demand sectors such as technology, companies can enhance their appeal by considering the adoption of flexible work options.
The report also sheds light on workplace stress factors, with the majority (76%) rating their companies as moderately stressful, citing heavy workload (34%), insufficient resources (27%), and lack of growth opportunities as top stressors. To address these challenges, employers can conduct comprehensive employee satisfaction surveys and engage in benefits benchmarking to refine compensation and benefits strategies, enhancing job satisfaction and fostering a competitive work environment. Moreover, fostering transparency in bonus pay-outs and prioritising leaves such as birthdays, family care, and parental leave can strengthen employer-employee relationships and support employee well-being.
Looking ahead, there is a growing emphasis on flexible benefits, indicating a shift towards more customisable financial perks to suit individual employee needs and preferences. Employers must adapt their strategies accordingly to stay ahead in talent management and create an attractive workplace environment conducive to talent retention and organisational success.
A glimpse into Jobstreet by SEEK’s Hiring, Compensation & Benefits Report 2024
Jobstreet by SEEK’s Hiring, Compensation, & Benefits Report 2024 offers crucial insights into Singapore’s job market, highlighting deal breakers for job seekers, including financial compensation, work-life balance, and relationships with bosses. It also identifies Singaporeans’ preferences for hybrid work models over full-time office or remote work, emphasising the need for flexibility. Despite a reluctance to return to full-time office work, 38% are open to the idea, indicating a shifting hiring paradigm.
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Additionally, the report underscores Singaporeans’ preference for a traditional 5-day workweek, aligning with global trends. These findings underscore the importance for employers to adapt their recruitment and retention strategies to meet the evolving preferences of Singaporean workers, offering flexible work arrangements while also ensuring a positive workplace environment and competitive compensation packages.
To gain more detailed insights and actionable strategies, download Jobstreet by SEEK’s Hiring, Compensation, & Benefits Report 2024 for further information.
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This article is produced by the e27 team, sponsored by Jobstreet
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