HR News & Trends: Nov Week 5

HR News & Trends: Nov Week 5

HR News & Trends: Nov Week 5

 

1. Trends

i. Five Key Labour Trends in Singapore’s 2024 MOM Survey

The Ministry of Manpower (MOM) released early findings from its 2024 survey on the resident labour force in Singapore. Notable insights include:

  • Decline in Working Hours: The average weekly hours worked have decreased to 41.6 hours, down from 46.6 hours in 2010. This trend, which aligns with global patterns, is driven by factors such as reduced excessive hours and greater work efficiency through technology and flexible arrangements.
  • Upward Income Mobility: More workers have experienced income growth of 5% or more annually post-pandemic (2021 – 2024), with lower-income workers seeing significant wage increases. Sectors like financial services and information technology are positioned to offer more salary increases to attract talent.
  • Fewer Regular Platform Workers: The number of residents engaged in regular platform work (e.g., as taxi or private-hire drivers) has decreased, partly due to greater salaried job opportunities. However, preference for platform work remains high among older workers and those without tertiary education.
  • Underemployment Trends: While overall underemployment has remained low, some sectors, such as professional services and entertainment, saw a slight increase in workers wanting more hours. Discouraged workers (those not actively looking for jobs) have decreased, though challenges in matching job seekers with appropriate opportunities persist.
  • Unemployment Increase in Trade-Dependent Sectors: Unemployment rates in the information and communications, and financial services sectors have risen partly due to global economic challenges and business restructuring.

 

ii. Wave of ‘Revenge Quitting’ Expected, Glassdoor Warns

Glassdoor warned that a “wave of revenge quitting” is likely on the horizon as employees’ growing frustration with stagnant career progression is building. Despite unusually low turnover rates at present, particularly in sectors like tech and advertising, many workers feel stuck due to a soft job market. According to Glassdoor data, 65% of employees feel stagnant in their careers, with job satisfaction declining in recent years. This pent-up resentment is contributing to a rise in disengagement, with “quiet quitting” being a key indicator.

Takeaway: Once the job market improves, employees are expected to seize the opportunity to leave, creating a surge in turnover. Employers are urged not to be complacent, as the current calm may be temporary, and must prepare for potential retention challenges ahead.

 

iii. 84% of Singapore Firms Integrate ESG Data into Annual Reports: KPMG Survey

KPMG’s 2024 Survey of Sustainability Reporting reveals that 84% of Singapore’s top 100 companies now include ESG data in their annual reports. This marks a significant increase from 68% in 2022 and is well above the global average of 62%. Despite the progress, the survey highlights areas for improvement, such as the low adoption of third-party ESG data assurance (37% in Singapore, compared to 54% globally).

Takeaway: Key takeaways include:

  • Employee Alignment with ESG Goals: As companies face greater scrutiny, HR leaders may need to ensure that talent management, performance, and employee development align with ESG objectives.
  • Leadership Development: With ESG governance increasingly at the board level, HR must prepare future leaders to manage ESG-related challenges.
  • Culture of Sustainability: HR should foster a culture that supports sustainability through training, awareness, and value integration within the organisation.
  • Stronger Governance: HR has an opportunity to advocate for stronger governance practices and help the company enhance credibility as it adapts to evolving sustainability standards.

 

2. Markets

i. Singapore: CMAS to Upskill 300 Professionals by 2027

The Carbon Markets Academy of Singapore (CMAS) aims to train and upskill 300 professionals by 2027. The initiative is a collaboration between Enterprise Singapore (EnterpriseSG), the Singapore Economic Development Board (EDB), and Nanyang Technological University (NTU). It focuses on strengthening Singapore’s carbon services and trading sector by equipping professionals for emerging roles in carbon markets, such as:

  • Carbon trading
  • Carbon project development
  • Monitoring, reporting, and verification (MRV)
  • ESG assurance and certification

CMAS will offer Continuing Education and Training (CET) and postgraduate programmes, with its first course, the Executive Certificate in Carbon Markets, starting in January 2025. The academy will also serve as a thought leadership platform, promoting collaboration and research among academics, industry experts, and policymakers, particularly in Asia. Future courses will cover advanced topics like carbon credit project development and carbon financing.

Takeaway: CMAS will play a key role in developing a skilled talent pipeline for Singapore’s growing carbon market sector, addressing both current and future workforce needs in this rapidly evolving industry.

 

ii. Japan: PM Ishiba Calls for Significant Wage Hikes in 2025

Japanese Prime Minister Shigeru Ishiba urged businesses to agree to significant wage increases during next year’s annual labour negotiations. Key highlights include

  • A push for 5% wage increase in 2025, as requested by Japan’s largest labour union, though economists question the feasibility of such a large rise.
  • Plans to raise the average minimum wage by 42% by the decade’s end. A tripartite framework involving the government, businesses, and unions will continue discussions to achieve these goals.

Takeaway: The move comes as the government prioritises pay rises to offset rising living costs. It follows Japan’s largest pay hike in 33 years earlier this year. government involvement in labour and management discussions was considered unusual, even taboo, in Japan. However, over time, companies became more receptive to the idea of raising wages to attract talent.

 

iii. Japan to Mandate Disclosure of Women’s Management Ratios and Wage Gaps

Japan plans to require unlisted companies with 101 or more employees to disclose the ratio of women in management positions to address gender disparities in leadership and wages. This proposal, agreed upon by labour and management representatives, will be submitted in 2025 as part of efforts to extend the law promoting women’s workplace advancement, set to expire in March 2026.

Currently, only listed companies are obligated to disclose gender ratios in management. The new policy seeks to combat low female representation in leadership roles, which contributes to wage gaps. Additionally, Japan will expand the mandate for companies to disclose gender wage disparities, lowering the threshold to firms with 101 or more employees (previously 301+).

 

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:

  • The Japan Times
back to blog listing
Categories
Recent Posts