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Are we facing a lack of job talents? Fewer Singaporean workers are looking for a new job even though more employers are actively hiring.
This is reflected in the job vacancies reaching a record high of 91,100 in June 2021, where the ratio of job vacancies to unemployed persons increased to 1.63, rising above 1 since March 2019.
This trend of people leaving their jobs could be in line with the “Great Resignation” as the pandemic redefined needs and demands but there is insufficient basis to prove an unusual trend in turnover rate.
That said, it’s still a fact that there are sufficient job openings and a lack of people who are actively looking for jobs in Singapore. So how can businesses overcome this challenge?
Solution #1: Develop current talents for senior roles
Current talents are definitely easier to work with than hiring new ones because they are already accustomed to the company and have their know-how on business operations. These people should be given an opportunity to advance upwards in their careers and fill senior roles.
As they are already used to the company, offering them a senior role is a good solution on top of improving employee retention. It also helps to buy time to look for quality talents that are truly needed.
The pandemic has brought in the demand for workers and the solution will mean that companies will not have to hire for the sake of filling job roles. Companies could then focus their effort on looking for qualified talent that is actually needed.
Solution #2: Tapping into the untapped labour market (SAHM)
As stay-at-home mothers (SAHM), their priorities lie in caring for their family but had to leave the workforce due to time constraints. This makes SAHM part of the underutilised labour despite having the desired professional skills.
Therefore, businesses can tap into this labour force provided that flexibility is offered as an incentive. This will most likely encourage SAHM to return to work. Prior to leaving their jobs, these SAHMs already have a certain level of standard and experience. Thus, employers do not have to spend much time on training compared to hiring fresh graduates.
It is a win-win situation whereby businesses that offer job flexibility can meet the demand of these SAHMs for them to balance work and family commitments while businesses are able to tap into a previously underutilised pool of talents with portfolios and experiences that they might need.
Solution #3: Gig workers
Another solution is to take on a more flexible hiring approach which is to hire gig workers. There are many benefits as to why gig workers are an attractive option and businesses could try to incorporate this labour pool as part of their workforce.
The unprecedented COVID-19 pandemic is steadily driving up the contingent workforce growth. Singaporeans experiencing income or career setbacks are now turning towards gig economy work to keep afloat.
That said, this labour pool consists of skilled workers who are looking for additional income or those looking into making the most out of their time. Thus, this helps to enrich and develop the growing labour market with skilled workers.
It is an attractive and cost-effective option when businesses require certain skills such as proficiency in Photoshop for a short period of time than hiring a full-timer.
Outside is Singapore’s leading community micro-job platform that creates micro (l)earning opportunities for students, homemakers and seniors.
As a two-sided platform, Outside provides an all-in-one outsourcing management platform for businesses, assisting in breaking down jobs into smaller simpler pieces and improving operations efficiency. For job seekers, Outside provides flexible job opportunities that users can easily pick up and complete within the Outside app, allowing them to work conveniently and earn reliably.