Employers say job creation in H2 likely to slow down - Singapore
By S Ramesh,
Employers say job creation in H2 likely to slow down
SINGAPORE: Expect a slowdown in job creation and hiring in the second half of this year, said manpower planners and employers on Monday, in view of mixed economic signals and a general global slowdown.
Singapore’s Trade and Industry Ministry (MTI) said full-year economic growth is likely to come in at the lower end of the revised 4 to 5 per cent range. The ministry added that Singapore is in for a rough ride ahead, although it will stay above water.
Singapore’s job market continues to remain buoyant, even though it is not as overheated as last year, with companies more cautious in hiring and expanding.
Stephen Lee, president of Singapore National Employers Federation (SNEF), said: “We need to be cautious. We need to keep our recurring basic pay low and reward workers well through variables. By keeping our basic costs low, we maintain our competitiveness.”
Philippe Andre Capsie, country manager, Manpower Staffing Services, said: “Overall, I should say employers will continue recruiting according to their needs, but they will be much more conscious about the productivity of the existing employees.
“For the longer term, they would have a wait-and-see mode, wanting to understand better the impact of the US crisis and the European turmoil on the Singapore economy.”
SNEF feels there will not be large-scale retrenchments.
“Companies continue to churn in order to stay ahead and be competitive. That type of restructuring retrenchment is expected to continue, but the figures are not very big,” said Lee.
Manpower planners and SNEF said although the government has revised the economic growth for 2008, new graduates will not find it difficult to get a job. They would, however, need to moderate their salary expectations.
Lee said: “We have heard stories and comments from HR of companies that new grads’ salary expectations remain fairly high because they have seen the data released by the universities last year.”
Graduates have also been urged not to be choosy and to take on part-time jobs to build up their working experience.
- CNA/so
Source : Channel NewsAsia - 12 Aug 2008
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