BIZSpoke | 23 August 2024 SBF NBS Survey Hiring on the Rise, but Wage Growth Stalls as Singapore Businesses Prioritise Training and Flexibility

13 SEPTEMBER 2024

SBF NBS Survey: Hiring on the Rise, but Wage Growth Stalls as Singapore Businesses Prioritise Training and Flexibility

The SBF National Business Survey 2024 on Manpower and Wages, conducted from 18 June to 16 July 2024, reveals that 40% of companies are planning to expand hiring next year, reflecting a cautiously optimistic outlook in the face of economic uncertainties. However, with only 49% intending to raise salaries—a decline from last year's 58%—many businesses are opting to focus on staff training, flexible work, and redeployment over wage increases. While some firms are optimistic about the future, a sizeable proportion of businesses remain cautious, particularly SMEs, which are more pessimistic compared to larger companies. Rising manpower costs and a limited talent pool are key challenges, prompting businesses to call for greater government support in enhancing labour market flexibility and training initiatives. Click below to read our full report.

VIEW REPORT

WHAT'S NEW

BS34 - SkillsFuture Human Capital Conference

MOUs Signed to Uplift Human Capital Capabilities of SMEs

SBF partnered with SkillsFuture SG to organise the SkillsFuture Human Capital Conference on 21 August, which wrapped up the SkillsFuture Festival 2024. The conference focused on how skills development can drive business transformation. To bolster these efforts, SBF inked 3 MOUs with Institute for Human Resource Professionals (IHRP), Nanyang Polytechnic (NYP), and Republic Polytechnic (RP), witnessed by Guest-of-Honour, Minister of State for Education and Manpower Gan Siow Huang. Each of these partnerships aims to create practical solutions for SMEs to navigate workforce changes and boost growth.

READ ARTICLE

BS34 - NBS Scaled Internationally Survey

SBF National Business Survey 2024: Scaled Internationally Edition

Have your say by participating in our SBF National Business Survey 2024: Scaled Internationally Edition and share the needs, challenges, and support required by your company for internationalisation.

All responses will be treated with the strictest confidentiality. Only aggregated information will be released in any published form. Reach out to us at [email protected] if you require any assistance regarding the survey.

READ ARTICLE

#ICYMI

Explore ASEAN's Future at the 9th ASEAN Conference 2024

Join us for the 9th ASEAN Conference 2024 to be held at the Sands Expo and Convention Centre on 29 August, and learn more on the potential of the region's booming economy. Hear from industry leaders as well as Guest-of-Honour, Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong, and Special Guest, Chief Minister of Johor, Malaysia, YAB Dato’ Onn Hafiz bin Ghazi, as they discuss the future of ASEAN and how you can thrive in this dynamic market.

VIEW LINKEDIN

SINGAPORE WOMEN ENTREPRENEURS NETWORK (SG-WEN)

SG-WEN 3rd Anniversary Event

Join SG-WEN in celebrating its 3rd Anniversary and honouring the winners of the SG-WEN Award. Our Guest-of-Honour, Deputy Prime Minister Heng Swee Keat will engage in a fireside chat moderated by Ms Rachel Lim, Co-Founder, Love, Bonito. Don’t miss this opportunity to broaden your network with like-minded business leaders and entrepreneurs!

SG-WEN Opinion Poll – Your Voice Matters!

Formed by SBF, SG-WEN connects businesswomen in Singapore and ASEAN. Now in its third year, SG-WEN is conducting an opinion poll to gather feedback and enhance support for women entrepreneurs. Share the survey link below with your network or participate if you are a woman entrepreneur!

JOIN POLL

SUPPORTED EVENTS

Access Sustainable Finance Through Smarter ESG Strategies

Join us on 5 September for the exciting conclusion of the UN Global Compact Network Singapore SME Series 2024! In this third session, "Gaining Easier Access to Sustainable Finance via Better ESG Strategies, Actions, and Disclosures," you’ll discover how SMEs can overcome challenges and seize opportunities in the sustainable finance space.

Shape the Future of Governance at SID Directors Conference 2024

Explore the evolving landscape of corporate governance at the SID Directors Conference 2024. Whether you're a seasoned director or a newcomer to the boardroom, this one-day conference offers valuable opportunities to learn from peers, align with industry best practices and lead with confidence into the future of governance.

Employer & Business Survey on National Service

Commissioned by the Advisory Council on Community Relations in Defence (ACCORD) Employer & Business (E&B) Council, this survey seeks to better understand business sentiments towards National Service (NS), including how employers manage the manpower disruptions when their NSman employees are called for NS duties, and how employers recognise the NS contributions of their employees. If you are familiar with your company HR's policies and practices or managing a team of NSmen, please share your thoughts by 30 September 2024.