Randstad’s Take on Slow Employment Growth and Increasing Redundancy across All Sectors

December 22, 201511:23 am330 views
Randstad’s Take on Slow Employment Growth and Increasing Redundancy across All Sectors
Randstad’s Take on Slow Employment Growth and Increasing Redundancy across All Sectors

Jaya Dass, Randstad Country Director – Singapore, commented on the MOM Labour Market Q3 2015 Report and delves deeper into the key issues such as slow employment growth, difficulties re-entering employment after age 40 and increasing redundancy experienced across all broad sectors.

On slow employment growth

“For the first three quarters this year, the Government has been going full force in developing a strong Singaporean core, while reducing the reliance on foreign manpower. The Government’s focus on increasing productivity and transitioning to a more service and quality-based economy is also making Singapore less manpower-reliant. These initiatives, coupled with the slowdown in core sectors like manufacturing and construction, have contributed to slower employment growth.

“However, initiatives such as SkillsFuture, which aims to deepen the skills of Singaporean workers, will continue to provide better career opportunities in the coming year.

“It is also important that in the current business environment, business leaders focus on optimising employee productivity. One key way to keep productivity levels high is for employers to understand the motivations of their employees. This can include career progression and having a healthy work-life balance, which all work together to keep employees motivated,” Dass said.

On redundancy increasing across all broad sectors

Business leaders in Singapore are increasingly looking to align job scopes and leverage technology to reduce labour costs. This focus is driven by a growing focus on workforce productivity and efficiency, particularly in the services and construction sectors. This is a key contributor to the rise of redundancies and layoffs in the last quarter.

“The rise in redundancies highlights the significance of upskilling to remain competitive in the workforce. To remain relevant in today’s changing world of work where technology is beginning to dominate most roles, employees need to constantly update their skills. They can do so by going on career training programmes or signing up for external courses,” Dass said

On those aged over 40 having difficulties re-entering employment

“Employees over the age of 40 bring with them a wealth of experience and expertise developed over many years of working. This is highly valuable to the workforce as they can impart these skills and knowledge to the younger generation of workers, who will eventually be leaders in the workforce.

“As well as leveraging existing Government initiatives, providing flexible working options is one way to attract older workers. At the same time, it is also important that these workers continuously update their skills so that they have an advantageous edge when looking for new roles. The new Private Placement Provider Programme by the Workforce Development Agency (WDA) and private search and placement firms is also an avenue in which these workers can seek help to re-enter the workforce. Alternatively, these older workers can also consider contract work,” concluded Dass.

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