Q3 2019 HR Recruitment Trends
Your quarterly update on the HR market, where we provide you with insights from both the previous and upcoming quarters.
What were the market trends for last quarter?
Throughout the last quarter there has been a significant increase in roles which require HR operational skill sets. Mandates from clients have revolved around the traditional HR Generalist, which requires candidates with strong hands on operation knowledge. While some of these roles are pre-dominantly based within the HR structure itself, there is also an increase in having such roles based on a shared services structure. Within the technology and professional services industry, we have seen a surge in demand for candidates with shared services experience, specifically within the major MNCs. While they might have HR resources based overseas, Singapore continues to be a choice for HR shared services hub for many of our clients.
What are the major skills in demand?
Due to major growth in technology and professional services industry, we have seen a surge in demand for candidates with shared services experience, specifically within the major MNCs. Candidates with the ability to drive HR operations, including general HR administration have been in demand for the past quarter. While we see requests for commercial/strategic HR Business Partners, the fundamentals of being operationally strong is still very much in demand. Clients have a preference for candidates with experience within the full spectrum of HR deliverables, including knowledge in vendor management, payroll, etc.
What are the skill gap shortages?
Over the last few years, HR professionals are preferring to be more involved with the business, engaging line managers to perform HR advisory rather than driving hands on operation. With the trend of outsourcing HR operational function such as payroll, L&D, Compensation, Benefits, etc., The skill gap falls mainly within candidates looking to step out of performing HR operations and ideally targeting a strategic/commercial HR Business Partnering role. HR professionals with the ability to drive the full spectrum of HR deliverable have been a shortage in the market.
What is the outlook for the next quarter?
Q4 is always the low season for hiring throughout the year. With Q4 being bonus payout and budgeting period for the next year, we expect to see a decrease in volume hiring, unless for replacement. This will also be a quarter where client focuses mainly on key important hires as they look to set the structure in place for the upcoming year. Talent pool will definitely fall short as candidates are more selective in the opportunities presented and are definitely taking more time to consider their options. We expected to see little movement in the market.