A survey by the Singapore National Employers Federation reveals that more than half of employers plan to freeze hiring, despite anticipating an improving business outlook. While overall economic sentiment shows signs of recovery, organizations remain cautious due to elevated operational costs, persistent inflation, and global market uncertainties. Consequently, businesses are focusing on cost containment and workforce optimization, choosing to retain existing staff and offer targeted salary adjustments rather than expand their headcount in the near term.
- More than 50 percent of employers surveyed by the Singapore National Employers Federation (SNEF) intend to freeze hiring.
- The cautious stance on recruitment persists despite many companies forecasting a stable or improving business environment.
- Elevated manpower expenses, rising operational costs, and macroeconomic uncertainties remain the primary drivers of hiring restraint.
- Firms are largely prioritizing workforce retention, productivity improvements, and moderate wage increments over adding new roles.
Based in Singapore, CNA (Channel News Asia) covers global developments with an Asian perspective, with correspondents based in major cities across Asia, including Kuala Lumpur, Jakarta, Bangkok, Tokyo, Seoul and Beijing, as well as in New York, Washington D.C. and London.
Official website: https://www.channelnewsasia.com/
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If millions are out of work of what use for cos to adopt AI? To count goats n sheep?
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Singapore: Standing firm against nativism?
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No jobs but still want to spend ~$100 billion to merge islands while expecting Singaporeans to welcome newcomers?