Singapore’s cost-conscious businesses drive growth of contracting market

The contracting market in Singapore is set for impressive growth this quarter, according to recruitment experts Hays.

The Hays Quarterly Report tracks hiring trends in Singapore and reveals that the already strong demand for temporary staff will reach new heights over April to June.

“Economic conditions means companies are very focused on costs and are looking for maximum flexibility in the way they manage their workforce,” explains Lynne Roeder, Managing Director for Hays in Singapore.

“This is particularly true in large MNCs especially in financial services back fill roles as staff move on after collecting their annual bonuses,” she says.

Another reason for the upsurge in contracting is with bonuses and job security no longer guaranteed in Singapore, this has made some candidates cautious about moving employers’ thus making it very hard for employers to attract talent to certain roles. As a result, some employers are using contract roles as a way of bringing on high quality talent in a relatively tight market.

For many active candidates in the Singapore job market, a large majority actually prefer the contracting field.

“The higher rates offered by contracting in addition to the professional challenge that is offered by moving from one project to another instead of riding the usual ebbs and flow of a permanent role helps to keep their skills at the cutting edge,” explains Lynne.

“Candidates interviewing for temporary and contract roles should note that employers will be expecting them to showcase their soft skills,” Lynne says.

“Soft skills in particular demand include strong communication skills and the ability to work effectively as part of a team but also assertiveness. We advise candidates to prepare thoroughly for interviews if they want to maximize their ability to land the best roles.”

Contracting is also being used to meet candidate demand for a number of lower level IT roles and junior marketing roles.

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