Press release from Business Wire India
Source: SingaporeSetup.com
Tuesday, January 18, 2011 10:00 AM IST (04:30 AM GMT)
Editors: General: Consumer interest; Business: Accounting & management consultancy services, Business services, Information technology; Technology
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Singapore Employers Upbeat About 2011 Business Prospects, Reports SingaporeStartup.com
SingaporeStartup.com's analysis of recently released data suggests that Singapore employers bear an optimistic business outlook for 2011
Singapore, Tuesday, January 18, 2011 -- (Business Wire India) -- A joint survey by the Human Resources Institute and Remuneration Data Specialists indicates that 93% of Singapore employers are optimistic about business prospects in 2011. Further analysis by www.SingaporeStartup.com - a leading Singapore offshore company portal, shows that companies also forecast a 4% increase in basic wages in 2011 as against the 3.6% rise in 2010. The survey also revealed that the variable bonus averaged 2.3 months in the year 2010, backed by the strong economic growth. This is a significant jump from the 2009 average of 1.7 months. Overall the wage increase was 7.4% registering a big leap from the previous year's 1% decrease.
The Ministry of Trade and Industry estimates the GDP to grow by 4-6% in 2011 and this has braced the business sentiments for the year. In tandem with this forecast the hiring plans of Singapore companies are also positive. An earlier survey by Manpower Inc, the results of which were released in December 2010, also indicated a healthy hiring outlook for the first quarter of 2011. According to Manpower Inc's survey, the Finance, Insurance and Real Estate sectors are estimated to recruit robustly in the Q1 of 2011, followed by the Public Administration & Education Sectors. According to Mr. Darren Leow, senior editorial team member at SingaporeSratup.com, "Going by the sectorial growth estimates, we can expect a strong headcount increase in the services sector, which will be the key driver of economic growth in Singapore for this year. In particular, vigorous intakes are anticipated in the food and beverage, hospitality and retail services industries, owing to the healthy recovery of the tourism sector. More entrepreneurs are expected to set up a Singaporelimited liability company in the retail and F&B spaces this year and this will ultimately lead to a significant spike in recruitment."
Some select industries in the manufacturing sector also indicate strong hiring potentials especially chemical industry players such as Shell Chemicals, Exxon Mobil, Mitsui Chemicals etc. that will account for significant intake of professionals and skilled workers specializing in the chemical industry. Chemical companies have robust growth plans to cater to the rapidly growing Asian market, which will be the largest consumer of commodity chemicals in the near future. Similarly, clean energy quest and exploration of new sustainable feed stock will also stimulate hiring plans among chemical and allied companies.
According to Singaporestartup.com, both local and foreign talent can look forward to an active job market this year. Although Singapore is currently taking a tough stand towards foreign workers' influx into the country, as a regional hub it is still determined to build a comprehensive and competent talent pool. "The hiking of levy and tightening of foreign worker quota, does not raise the 'No Entry' flag for deserving talents. Highly qualified professionals and workers with niche skills and valuable entrepreneurial talents are all warmly welcomed. Work visas such as the Singapore Entrepass and Singapore Employment Pass are are granted to applicants with outstanding credentials," added Mr. Leow.
SingaporeStartup.com is the leading information portal that helps global firms and entrepreneurs make informed and intelligent decisions about starting a business in Singapore. For more details, visit http://www.singaporestartup.com.
CONTACT DETAILS
Carolyn Zheng, SingaporeSetup.com, +6567265000, info@singaporestartup.com
KEYWORDS
CONSUMER, CONSULTANCY SERVICES, BUSINESS SERVICES, IT, TECHNOLOGY
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