Singapore - Two-thirds of Singapore firms plan to hire: Poll

Local businesses plan to continue hiring despite a less optimistic economic outlook from a year ago, a recent survey has found.

Regus, an office-solutions provider, said 68 per cent of Singapore companies plan to increase their headcount in the next two years, despite a dip in its business confidence index.

And the gloomy economic outlook seems to have already taken its toll, with only 56 per cent of Singapore companies reporting revenue growth. This is down 13 percentage points from six months ago.

Firms experiencing an increase in profit also plunged 17 percentage points to 44 per cent in the same period, the survey found.

Filippo Sarti, chief executive of Regus Asia-Pacific, noted that six months after a rosy start to the year, the global outlook has suffered a clear reverse.

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

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

A clear move towards more flexible working practices was also observed, with firms looking to hire more freelancers, graduates and remote workers as they "seek competitive advantage now and growth in the months to come", Regus said.

The firm added that 50 per cent of companies indicated plans to hire more freelance staff, while 32 per cent planned to employ more remote workers.

However, Martin Cerullo, managing director of development for recruitment agency Alexander Mann Solutions in Asia-Pacific, said that many of its clients are exercising caution.

"(They are) slowing down recruiting plans in the third and fourth quarters, especially with the volatility of global markets. However, many continue to invest in graduate hiring to support longer-term growth in the region," he added.

But Singapore's progress towards a knowledge-based economy has also led to the sustained hiring, said Leigh Berryman, chief executive of pre-clinical research firm Maccine.

"In the pharmaceutical industry, despite the low general business confidence, the movement is towards a leaner, smarter development process and Singapore is positioning itself as a global player in the increasingly pivotal field of translational research," he said.

Esther Teo

The Straits Times

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