2011 Q4 Singapore hiring expected to fall
Affected by the uncertain global economy, businesses in Singapore are taking a wait and see approach when it comes to the hiring of new staff.
Of the 450 executives surveyed by Hudson in its report for the fourth quarter of 2011, 42 per cent are reported to be hiring new staff compared to 56 per cent three months ago. This is one of the sharpest drops since Hudson began reporting on hiring trends in 2003.
The worst hiring expectation was seen in the financial services, which reflects the unpredictable world economy. Only one in three financial firms said they would hire, while 13 per cent of them said they may reduce the number of staff in the next three months.
The drop in hiring expectations, when contrasted with the fact that 77 per cent of firms believe in getting good or excellent performance, surprised us.
"Despite the optimistic mood, there seems to be a real worry that the environment could change; that is why firms are more cautions in hiring", says the Hudson report.