HR News & Trends: Jan Week 3

HR News & Trends: Jan Week 3

HR News & Trends: Jan Week 3

1. Talent

i. Job Searching and Hiring Becomes Challenging in 2024

In 2024, job searching and hiring in Singapore became increasingly difficult due to rapidly changing skill requirements.

Search Side:

  • Over 60% of workers found the job search more challenging, with key issues including job matching, salary negotiation, and application visibility.
  • However, over 65% of job seekers remain undeterred, particularly younger workers seeking better pay, work-life balance, and career growth.

Hiring Side:

  • 50% of employers reported difficulty finding qualified candidates, with only 3.4% of applications meeting all required qualifications.
  • The demand for skilled talent is expected to grow as skill needs in Singapore are set to evolve by 70% by 2030, driven by technological advances.

Takeaway: Interestingly, hiring interest is expanding beyond tech and finance, with sectors like engineering, sustainability, and food services seeing notable growth.

 

ii. Thailand Eases Visa Rules to Attract Professional, Wealthy Foreigners

Thailand has eased its visa rules to attract skilled professionals, wealthy foreigners, and investors. Key changes include:

Wealthy global citizen requirements:

  • The removal of the minimum annual income requirement.
  • Shift in focus to cumulative wealth and investments in Thailand.

Corporate sponsorship:

  • Reduction in revenue requirement for foreign companies from $150m to $50m over three years.
  • Employees of multinational subsidiaries are now eligible with financial stability proof.

Professional Eligibility:

  • Expansion of target sectors to include disaster management and integrated innovation.
  • Dropping of the requirement for five years of work experience in a relevant field.

Dependants:

  • No longer limited to four, visa holders can bring parents and other dependents.

Takeaway: This move supports Thailand’s goal to boost foreign investment, attract top talent, and position itself as a global business and innovation hub.

 

2. Compensation & Benefits 

i. Tech, Sales and Marketing Sectors Lead the Pack in Salaries

Technology and sales & marketing are found to be the highest-paying industries in Singapore for 2025.

Salary Trends:

  • Sales & Marketing: S$6,000–S$10,000/month (mid-level), S$25,000–S$35,000/month (senior roles like VPs).
  • Technology: S$15,000–S$30,000/month for experienced professionals like CTOs.

Skill Demand:

The demand for skills in AI, digital marketing, data analytics, product marketing, and enterprise sales is high. Notably, talent shortages are driving salary increases of 5–15% for those switching roles, higher for specialists.

Employer Trends:

  • 36% of employers plan to provide bonuses of one to two months.
  • 43% expect to increase salaries by 3–5%, with 17% offering 5–10% hikes for high-demand roles.

Sector Growth:

  • The services sector drives job market growth, contributing two-thirds of GDP.
  • Growth is fuelled by AI adoption, green finance initiatives, and a focus on revenue and cost management.
  • Larger firms show rising AI adoption (44% in 2023 vs. 16.7% in 2018).

Challenges & Opportunities:

  • Employers experience challenges in acquiring talent with a mix of technical expertise and business acumen.
  • There is growing emphasis on innovation and workforce upskilling to meet future needs, especially in tech and green finance.

 

ii. Firms in Singapore Start Offering Pet Care Leave

Several companies in Singapore are now offering pet care leave, a benefit to support employees who need time off to care for their pets. PR firm Brave Communications provides employees with 8 days of leave for pet care, which includes 3 days for sick pets, 2 for adoption, and 3 for bereavement. Other firms like TBWA and Mars also offer similar benefits.

Takeaway: Pet care leave is becoming an emerging trend to improve employee well-being and attract talent, though it’s still rare in Singapore. Companies like Google offer flexible arrangements for employees to care for their pets. This reflects a growing recognition of pets as family members.

 

Discover More Industry Trends with JC

For the latest industry trends or to explore new career opportunities, connect with our HR recruitment consultants for a chat. With executive search firms in Singapore and China and operations in key business hubs like Hong Kong, you can count on our team for timely access to regional insights that can create synergy for your career and operations.

For employers: Beyond the HR industry, we also have dedicated desks for several sectors that enable us to meet your varied recruitment needs:

Image Credits:

  • EPA-EFE
  • Straits Times