The substantial departure of expatriates as a result of the pandemic led to a severe talent shortage in Singapore, which continues to impact the city-state. Even now, the challenge of recruiting foreign talent persists, worsened by recent government initiatives such as the COMPASS Employment Pass framework. These set of special circumstances have pushed company strategies for acquiring and retaining talent to evolve in tandem, resulting to unique opportunities for local talent to reconsider their career paths.
With the year-end approaching and the prospect of Annual Wage Supplements (AWS) and bonuses on the horizon, the question looms: should you wait to make your next move?
From 2021 to now, employers face countless difficulties retaining and attracting talent. They realized that:
Job opportunities must not only be appealing but also offer a clear path for long-term career development.
Transparency regarding job openings, particularly in replacement roles, along with addressing role-specific challenges, became essential.
Companies also focused on enhancing their remuneration packages and benefits, streamlining their hiring processes, and maintaining open communication with candidates to expedite decision-making.
Why should this matter to job seekers in Singapore eagerly anticipating their bonus and/or AWS between December and Q1 of 2024?
Year end is the period hiring companies are planning and budgeting for attrition and new hires, underscoring their reliance on external partners. Even if you are not actively seeking new employment, nurturing and cultivating relationships with trusted headhunters is advantageous. Staying in regular contact with recruiters and providing updates is an effective way to stay top of mind.
Here's how you can leverage this moment to your advantage:
Industry Insights: Gain valuable insights into your potential employers by understanding their growth trends in 2023, their projected growth for 2024, and their anticipated hiring needs for the coming year. This information offers you the time to upskill in areas that are in high demand.
Optimize Your Compensation and Benefits: Use this opportunity to express your preferences regarding compensation and benefits. Highlight the types of job opportunities that pique your interest, positioning yourself to be among the first to know when they become available. Instead of waiting for opportunities to come to you, actively seek them out.
Seize the Moment: Don't wait for the perfect opportunity to land on your doorstep. In a competitive job market, proactivity can make all the difference.
As we approach the year-end and eagerly awaited AWS and bonuses, job seekers in Singapore have a chance to align their career aspirations with the evolving job market. By staying informed, nurturing relationships, and taking proactive steps, you can maximize your career potential in a dynamic and competitive environment.
Actively pursue your career goals and strike while the iron's hot!
Ready for Your Next Career Move? Or Need Expertise in Hiring Top Talent?
Embark on your journey with confidence! Contact us for a confidential discussion, whether you're ready to make your next career move or are seeking assistance in hiring top-tier executive talent.
Kepler Search is a boutique executive search firm based in Asia with global reach providing unrivalled access to premier talent, market insights, and local knowledge to support business growth. We deliver top talent across key business functions and industries, including Commodities & Energy, Oil & Gas, LNG, Utilities, Power, Natural Resources, Mining & Metals, Renewables, Agribusiness, Data Centers, and Infrastructure Investments.