HR News & Trends: Nov Week 4

HR News & Trends: Nov Week 4

HR News & Trends: Nov Week 4

1. Markets

i. WSG Offers $16m to Help Employers Post Staff Abroad

The new Overseas Markets Immersion Programme launched by Workforce Singapore (WSG) offers a $16 million initiative to support up to 250 local executives in gaining international experience.

  • What: This programme will subsidise up to 70% of employees’ salaries and overseas allowances for postings of at least six months over the next two years. Companies can apply for subsidies of up to $72,000 per employee, covering salary and allowance costs, with no cap on the number of employees per company.
  • Who: It targets executives with limited or no overseas market experience, focusing on roles like marketing, business development, and market analysis. To qualify, employees must earn at least $4,000 monthly, and companies must provide a career development plan.

Takeaway: The move aims to build a globally competitive workforce and help Singaporean businesses expand internationally.

 

ii. Singapore Updates COMPASS C5. Skills Bonus

The Ministry of Manpower (MOM) in Singapore updated the Shortage Occupation List (SOL), effective January 1, 2025. This list will determine eligibility for the COMPASS C5. Skills Bonus, a points-based framework used to assess Employment Pass (EP) applications. To qualify for the C5 bonus, applicants must meet specific job requirements and choose an eligible occupation from the SOL in their EP application.

Takeaway: The updated SOL applies to new and renewal EP applications and will be reviewed annually, with a comprehensive review every three years. However, changes to the SOL will not affect the duration of existing EPs. Notably, candidates in roles on the SOL may not always need to work in the sectors listed to qualify for the bonus. The updated list will be in effect for EP applications starting January 2025.

 

iii. 620,000 Jobs from 10 Sectors in Malaysia at Risk Due to AI

The rise of AI poses a significant threat to 620,000 jobs across 10 sectors in Malaysia.

  • Industries: The affected sectors include aerospace, electrical & electronics, food manufacturing, and global business services. Notably, sectors like global business services, wholesale and retail trade, and food manufacturing are particularly vulnerable due to their reliance on low-skilled workers. However, sectors like aerospace and electrical & electronics are less affected due to the need for specialised skills.
  • Opportunities: While automation poses a risk, it also presents new opportunities, including the creation of 60 emerging roles, primarily in AI and digital transformation. These include AI engineers and sustainability specialists.

To address these challenges, the Malaysian government has allocated RM3 billion to support workforce upskilling initiatives like MyMAHIR, which offers insights into job trends and skill gaps.

Takeaway: Employers are urged to invest in their teams, while workers must embrace lifelong learning to remain competitive.

 

2. Business Moves

i. ByteDance Increases Stock Options Given to Top Performers

ByteDance, the parent company of TikTok, announced plans to reward high-performing employees with additional stock options starting next year. Employees achieving a performance rating of “M+” (above expectations) or higher—an elite category within the company’s eight-tier performance scale—will qualify for these enhanced stock options.

Takeaway: This move, communicated through an internal letter, reflects the company’s strategy to strengthen staff retention and motivation as it navigates the potential easing of political pressures in key markets like the US. It follows ByteDance’s earlier initiative in March, which introduced additional bonuses for employees rated “M” (meet expectations) or above, ranging from 5% to 15% of their base bonus, combining cash and restricted stock units (RSUs).

 

ii. Hundreds of Managers to Reapply for Jobs at HSBC

HSBC is undergoing a significant restructuring.

  • What:
    • Hundreds of managers are being asked to reapply for positions in the newly formed Corporate and Institutional Banking (CIB) division, which combines teams from commercial banking and global banking and markets.
    • The restructuring also involves phasing out the “general manager” title in favour of the more common “managing director” role, which aligns with industry standards.
    • HSBC is also reorganising its geographical divisions, with a focus on simplifying operations rather than splitting up the bank. The goal is to implement the new management structure by February, with an emphasis on driving cost savings.
  • Implications: This process is expected to lead to the dismissal of several hundred senior bankers and managers in the coming weeks.

Takeaway: These changes come as HSBC seeks to tackle pressure on profit margins caused by global interest rate cuts and rising operational costs. The bank has already reduced its headcount by over 100,000 in the past 16 years.

 

3. Tools

LinkedIn’s New Sales Navigator AI Tools to Streamline Relationship Building

LinkedIn introduced new AI-powered features to its Sales Navigator platform to streamline relationship-building and engagement.

  • Lead IQ concisely summaries a prospective contact’s experience, interests, and activities, helping users quickly craft targeted outreach messages. This tool is particularly useful for last-minute meeting preparations or interviews, offering insights that could foster more meaningful connections.
  • Account IQ gives insights into how your products or services could benefit specific organisations, enhancing your ability to tailor outreach.

Takeaway: These AI tools leverage LinkedIn data to save time and provide valuable context that would otherwise take hours to gather. However, users should remain cautious about potential inaccuracies and ensure they verify any information before using it in interactions.

 

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 enables us to meet your varied recruitment needs:

Image Credits:

  • Reuters
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