Singapore businesses must look at increasing employment rates among women and older workers and diversify their work practices in the midst of today’s changing regulatory environment. This means that employers would need to cast a wider net to find employees while at the same time be more flexible and agile to recruit and retain top talent, as the Government moves to strengthen employee protection, promote work-life balance and keep Singaporeans at the core of the workforce.
According to recently launched, Randstad Singapore Workpocket 2015/16 which has been developed in partnership with leading legal firm WongPartnership LLP, this comprehensive guide provides practical advice for HR managers and business owners to manage complex talent challenges. It includes up-to-date information on labour market trends and guidance for employers on how to remain compliant with ever-changing reforms and employment and workplace legislation.
Mr Michael Smith, Randstad Country Director for Singapore, said that constant regulation is taking place through an ongoing commitment to tripartism, where unions, employers and the Government work in partnership to develop labour market policy frameworks.
This guide is launched at a time when Singapore’s labour market will see one person over the age of 65 for every four working age people by 2020, compelling the Government to introduce policies to grow workforce participation rates among women and older workers.
Smith added: “In the face of these changes, employers need to be receptive to less traditional methods to fill talent gaps. These include nurturing graduates, offering more project work for contractors, or creating more flexible work arrangements such as compressed work schedules or enabling employees to telecommute.”
The Workpocket 2015/16 will provide employers with advice on how to access government schemes that support flexibility, such applying for funding from the Work-Life Grant under the WorkPro scheme.
Ms Jenny Tsin, co-head of the Employment Practice at WongPartnership LLP, said that the Randstad Singapore Workpocket 2015/16 is an effective tool for businesses facing an increasingly complex workplace environment. “The Government is responding to changes in labour market demographics through a range of measures, including mandating the re-employment of mature-aged workers, and extending greater legal protections to contractors, freelancers and low-salaried workers. This however means that businesses in Singapore are facing increasing regulatory reforms.”
With Singapore being poised for economic growth – driven by the financial services, technology and healthcare sectors – and with the nation at almost full employment, the battle for talent will remain fierce in the next 12 months.
Smith added: “Employers will need to continue to broaden their employment strategies to keep pace with the restructuring of traditional industries, rapid technological change, and growing productivity and capacity constraints.” This tool will enable businesses to negotiate and manage the talent attraction challenges that lay ahead.