- POSTED: 19 Dec 2013 23:39
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Recruitment experts say the labour shortage is forecast to put upward pressure on wages going forward.
SINGAPORE: Singapore firms will have to adopt more competitive hiring strategies, with a tight labour market expected to persist in 2014.
Recruitment experts have said the labour shortage is forecast to put upward pressure on wages going forward.
But more job opportunities are expected to come from certain sectors like healthcare and pharmaceuticals.
Singapore's unemployment rate currently stands at a low 1.8 per cent.
The tightness in the labour market is expected to persist into 2014, as experts said there continues to be a shortage of talent.
Brad Adams, head of product management and research at CEB Asia, said: "We see in our labour market data an increasing concern among business executives that they won't have the talent they need in order to drive their businesses forward.
"Within that, we see high demand for those highly-skilled workers, for those who can drive strategy, create innovation."
In particular, higher demand for labour is expected to come from growing sectors like healthcare and pharmaceuticals.
Ian Grundy, head of marketing and communications for Asia at Adecco Asia, said: "There are a lot of companies operating in that area right now. Singapore is a regional hub so there is a lot of business.
"Those organisations are growing, we are continuing to see their manufacturing facilities grow, and they just need more people to meet their demand."
With Asia's rising importance in the global economy, talent is expected to continue to flow into the region.
Mr Adams said: "Singapore continues to be, within the Asia context, one of the most appealing destinations for talent in other regions and will continue to, through its policies, through the environment here, attract top talent to work in businesses within Singapore."
But Singapore businesses will still need to adopt more competitive hiring strategies with growing opportunities in recovering developed economies.
Mr Grundy said: "In Singapore, it is going to be really competitive next year. Organisations are going to have to offer market rates... good benefits, good compensation, good remuneration packages to really bring in the best people. If they do not do that, there is enough choice in the market for candidates to go elsewhere."
Experts said these measures could put upward pressure on wages next year.