Employment Matters In Singapore: What To Watch Out For In 2014
Nobody is able to oppose the truth that the overall economy in Singapore has been growing each day. As a matter of fact, the rise has even overtaken the expectations of many. Over the last decade or more, lots of improvement has been made. Much better facilities, enhanced housing, a more structured academic program, enhanced heath care treatment and a lot more has been accomplished.
In spite of this, some areas still lag behind in terms of economic development is concerned. For example, labor dilemmas. Although the employment sector still remains radiant, it still has a long way to go. The differences mainly in the cheaper salary scales, unbalanced job opportunities, minimum wage, among other work related issues keep making headlines. Heated discussion on the outcomes of minimum wage on the economy has attracted two sides specially in the political area.
The situation, that has been hugely politicized, has left many Singaporeans wondering. While one side of the divide is supportive of the minimum wage method, the other foes are up against the system.
One more job problem that has many Singaporeans worried is the labor imbalance. Overall economy booms in parts which include technology, banking and finance, construction field, together with oil and gas has enormously set pressure on the employment sector. The volume of certified professionals appears to be unable to cope with the market demand. This has resulted in the few workers working more hours consequently demanding more desirable pay offers.
Level of competition from other regions is also a throbbing headache to the labor sector. Neighboring Asian countries are the key threat to the employment sector. The same as Singapore, the countries also require the same set of skills as Singapore hence directing the demand up. While grappling with lack of qualified workforce, the economy still has to try and persuade Singaporeans to work from home. Many people see working abroad as a cheaper better faster avenue to attain personal as well as monetary growth. Areas where individuals are searching for greener pastures include the UK, , Europe, among other countries.
Long gone would be the period where cheaper salary was the in thing. Any smart company is thus finding it perfect to headhunt top notch talent. Although this undoubtedly works well with both employer and employee, it is also pushing the wage bill up. To be able to endure the murky waters, business employers are experiencing the pressure to provide far better pay. On the other hand, the employee places a counteroffer demanding more than just a good salary, but also other rewards or benefits.
If the events in 2013 are anything to go by, then 2014 is even going to be more lively. Increase pressure especially in the employment sector certainly will be experienced. An economy growing faster than the labor market is usually a major concern for any state. Furthermore, unless of course addressed promptly, it may as well have a ripple effect or can lead to a multiplier effect. This isn't what the Singaporean wants particularly during this periods of economic boom.
In spite of this, some areas still lag behind in terms of economic development is concerned. For example, labor dilemmas. Although the employment sector still remains radiant, it still has a long way to go. The differences mainly in the cheaper salary scales, unbalanced job opportunities, minimum wage, among other work related issues keep making headlines. Heated discussion on the outcomes of minimum wage on the economy has attracted two sides specially in the political area.
The situation, that has been hugely politicized, has left many Singaporeans wondering. While one side of the divide is supportive of the minimum wage method, the other foes are up against the system.
One more job problem that has many Singaporeans worried is the labor imbalance. Overall economy booms in parts which include technology, banking and finance, construction field, together with oil and gas has enormously set pressure on the employment sector. The volume of certified professionals appears to be unable to cope with the market demand. This has resulted in the few workers working more hours consequently demanding more desirable pay offers.
Level of competition from other regions is also a throbbing headache to the labor sector. Neighboring Asian countries are the key threat to the employment sector. The same as Singapore, the countries also require the same set of skills as Singapore hence directing the demand up. While grappling with lack of qualified workforce, the economy still has to try and persuade Singaporeans to work from home. Many people see working abroad as a cheaper better faster avenue to attain personal as well as monetary growth. Areas where individuals are searching for greener pastures include the UK, , Europe, among other countries.
Long gone would be the period where cheaper salary was the in thing. Any smart company is thus finding it perfect to headhunt top notch talent. Although this undoubtedly works well with both employer and employee, it is also pushing the wage bill up. To be able to endure the murky waters, business employers are experiencing the pressure to provide far better pay. On the other hand, the employee places a counteroffer demanding more than just a good salary, but also other rewards or benefits.
If the events in 2013 are anything to go by, then 2014 is even going to be more lively. Increase pressure especially in the employment sector certainly will be experienced. An economy growing faster than the labor market is usually a major concern for any state. Furthermore, unless of course addressed promptly, it may as well have a ripple effect or can lead to a multiplier effect. This isn't what the Singaporean wants particularly during this periods of economic boom.
Source...