Talent Retention May Become a Challenge amid Economic Gloom

As the United States and Europe cut jobs in the recent weeks, the Singapore job market remains steadfast, with banks such as Citibank and     HSBC hiring to bolster their business performance. Companies in the country have to be cautious though, and should give forethought in every  spending, from supply choices to manpower and communication costs. Because we are not as affected as the other side of the world does not  mean that firms can let their guard down.How do HR executives strike a balance between cost efficiency and talent retention? 

Simply put, they put a premium on indispensable talent,  giving them unmatchable compensation and opportunities for growth. For top executives who command high salaries, it is either a safe zone or a  significantly shaky one. Are you a key player or someone who can easily be replaced? If push comes to shove, it may be much easier for a  company to let go a single non-performing employee with a high salary than to cut back several performing employees at the lower levels. 

Now more than ever, performing well and beyond expectations is important, for not only is it grounds for promotion, but it is also the very thing  that will help you survive in the cut-throat economy of today. Capitalize on all resources you can get a hold of – your time, access to training and  mentorship, money. Because Singapore is on a safer position than most countries, there is a risk for foreign professionals to seek employment in  the country. This increases the level of competition in all tiers as Singapore recruitment braces for possible difficulties.

Read the rest of the article here.