Key survey findings: (Source Michael Page Employment Index Report, Q2 2012)
- 77% of companies will allocate funding toward employee training and development.
- Staff retention will be a major focus for 39% of businesses.
- 39% of employers will be expanding their headcount.
3 April 2012: The issue of staff retention is driving many employers in Singapore to increase their training and development budgets in a bid to engage their staff, according to findings in the latest Michael Page Employment Index.
The vast majority of companies surveyed (77%) will be providing funding for staff training and development throughout the second quarter of 2012, with most businesses focusing on improving the technical skills of their employees. Some 45% of respondents are planning to increase their training budgets in the second quarter of 2012 compared to the same period last year, while a further 45% of businesses will keep funding levels steady.
Although many employers in Singapore remain cautious about the global economic outlook, they also recognise the important link between training and staff retention. They are willing to invest in employees continued learning and development as a way to keep their top talent engaged, says Mr. Andrew Norton, Regional Managing Director of Michael Page, South East Asia.
Survey findings also reveal that 39% of employers in Singapore are placing a significant focus on overall staff retention strategies in the second quarter of 2012, which is higher than comparative Michael Page Employment Index surveys in both Hong Kong (34%) and China (24%).
Staff retention remains a major business issue for many employers in Singapore. With steady hiring activity predicted to continue over coming months, employers will need to work harder to keep their best people from seeking opportunities elsewhere. While financial rewards will always form a key part of retention strategies, we expect training and development opportunities to play a growing role going forward, adds Mr. Norton.