The Workforce of the Future Report 2024

SINGAPORE RANKS AMONG TOP EMERGING TALENT NETWORKS GLOBALLY ACCORDING TO NEW HAYS REPORT

Market emerged 4th for top emerging talent network in technology, manufacturing and life sciences, 5th for banking, financial services and insurance, and engineering
 
Singapore was identified as an emerging talent network across five industries in a new Hays report that details markets with the strongest talent profiles, those struggling with the biggest talent deficits, and where organisations can find the most cost-effective talent networks to hire the skills they need.
 
The report, ‘The Workforce of the Future: Navigating the Skills Disruption', examines five sectors - technology, engineering, banking, financial services and insurance (BFSI), manufacturing and life sciences - in over 30 countries.
 
“Many of the countries we surveyed had significant proportions of employees with over eight years of experience, reaching up to 75%,” says John Borneman, Regional Director at Hays Singapore. “Singapore, however, emerged as a top emerging talent globally, with a large proportion of talent possessing between 0-3 years of experience.”
 
Among these countries, Singapore ranked 4th for top emerging talent networks in technology, manufacturing and life sciences. The market was also ranked 5th for banking, financial services and insurance, and engineering.
 
“Talent shortages coupled with recent global megatrends such as economic instability, technological advancements, evolving work expectations and ageing employees exiting the workforce are forcing organisations to re-examine their workforce strategies. Singapore’s workforce is primed to support organisation’s long-term growth plans and has positioned itself as a key talent producer for the future,” says John.
 
While emerging talent networks can provide long term solutions to today’s problems, these networks come with their own set of challenges, including the need to invest in and develop the appropriate skills sufficient to handle an organisation’s needs.
 
“An effective workforce planning strategy takes consideration of the type of talent needed, where to source it from, skill and experience levels and how much it will cost. Leaders looking to tap into this resource should proceed with a longterm commitment in mind to establish mutually beneficial relationships with rising talent in their respective fields,” said John.
 

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About Hays 

Hays plc (the "Group") is the world’s leading specialist in workforce solutions and recruitment, such as RPO and MSP. The Group is the expert at recruiting qualified, professional, and skilled people worldwide, being the market leader in the UK, Germany, and Australia and one of the market leaders in Continental Europe, Latin America, and Asia. The Group operates across the private and public sectors, dealing in permanent positions, contract roles and temporary assignments. As of 30 June 2024, the Group employed over 11,100 staff operating from 236 offices in 33 countries. For the year ended 30 June 2024: 

  • The Group reported net fees of £1,113.6 million and operating profit of £105.1 million. 
  • The Group placed around 57,700 candidates into permanent jobs and around 225,000 people into temporary roles. 
  • 13% of Group net fees were generated in Australia & New Zealand, 32% in Germany, 20% in United Kingdom & Ireland and 35% in Rest of World (RoW). 
  • The temporary placement business represented 59% of net fees and the permanent placement business represented 41% of net fees. 
  • Technology is the Group’s largest division, with 25% of net fees, while Accountancy & Finance (15%) and Engineering (11%), are the next largest. 
  • Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, the Czech Republic, Denmark, France, Germany, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Romania, Singapore, Spain, Sweden, Switzerland, Thailand, UAE, the UK, and the USA.