Singapore - S'pore firms continue to hire

SINGAPORE: Figures released in a recent survey showed almost a third of Singapore companies interviewed have pushed back their expectations for an economic recovery to the second half of next year.

The survey by workplace facilities provider Regus International showed a drop in business confidence, which may also be motivating companies to hire more freelance staff.

One out of two Singapore companies said they would do so, as a move towards more flexible work practices.

Overall, more than half -- or 68 per cent -- of Singapore companies reported that they planned to increase headcount in the next two years.

This is despite a downturn in sentiment measured by a business confidence index which dropped 29 points to 117 from April this year.

The proportion of Singapore companies reporting revenue growth (56 per cent) has decreased 13 percentage points compared with six months ago.

Those reporting profit growth (44%) fell 17 percentage points over the period.

Regus Asia-Pacific CEO Filippo Sarti said: "The report finds that, six months on from a rosy start to 2011, the global outlook has suffered a clear reverse.

"The proportion of companies reporting revenues and profit growth has... stalled and expectations for the full momentum of recovery have slipped yet again, and are now set for the second half of 2012.

"However, national business sentiment and activity does not seem to be unduly affected, with businesses actively investing in their most valuable asset: people power."

Martin Cerullo, managing director for Development for Alexander Mann Solutions in Asia-Pacific, said: "We are seeing many of our clients exercising caution and the slowing down of recruiting plans in Q3 and into Q4, especially with the volatility of global markets.

"However, many continue to invest in graduate hiring to support longer-term growth in the region."

-CNA/wk


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