Given Singapore’s small talent pool, employers may find themselves in a fierce fishing frenzy, all casting their lines into the same pool. With a plethora of businesses vying for that perfect catch, it’s no wonder that a whopping 83 percent of employers in Singapore report difficulty finding the skilled talent they need.
To add salt to the metaphorical hiring wound, hiring itself drains budgets faster than a black hole consuming stars in the cosmos. Given the prevailing challenges of hiring, it is no surprise that Singapore’s hiring rate has decreased by 42 percent since 2022.
Talent mobility: The cost-effective approach to managing manpower
Thankfully some resourceful human resources (HR) departments are turning to innovative strategies to ensure a sustainable and agile workforce – talent mobility. Sounds complicated but, to put it simply, refers to the strategic deployment of staff throughout the company by moving employees with the right skills to the right roles.
From a business perspective, adopting the talent mobility strategy helps companies save time spent looking through applications and reduces recruitment expenses and associated overheads.
However, it is also important to realise that employees are not viewed as pawns to be shifted around for the sole purpose of meeting the business’s bottom line. According to Jennifer Shappley, LinkedIn’s vice president of global talent acquisition, employees today want strong alignment between what they value and what their employers value. She explains:
“When we cover the basics, we can look deeper within our employee populations and candidate pools to see what will make the difference between them joining our organisations (or staying) and looking for opportunities elsewhere.”
This is where HR can incorporate talent mobility strategies that prioritise employee retention and engagement, cultivating a positive work environment that attracts and retains top talent.
We’ve compiled five effective ways HR can achieve this, with sharings from the HRs of various companies.
Talent mobility: A win-win approach for employers and employees
1. Introducing personalised career development
HR can work with employees to create personalised career development plans that align with their interests, skills, and aspirations. In supporting employees’ career development, DBS Bank’s approach goes beyond just providing employees with learning opportunities and courses.
The approach has proven to be successful for DBS. A spokesperson from the financial institution shared:
“Consequently, our employees have continued to choose to build their careers in DBS. In 2022, 40% of our job vacancies – excluding entry and niche roles – in the bank were filled by internal candidates.”
2. Implementing skill enhancement programmes
HR can offer skill development programs and training opportunities to help employees acquire new competencies and stay up to date with industry trends. With the increasing automation and technological advancements, certain job roles are at risk of becoming obsolete.
By supporting employees’ professional development, companies can help employees adapt to new technologies and acquire the skills needed for emerging roles. STMicroelectronics’ senior director of Singapore business & operations human resources, Foo Kuo Yang shares:
“In an advanced technology industry like ours, we need to ensure our employees’ skills and knowledge keep pace with the fast-changing market to meet the new demands of our customers.”
3. Establishing internal job postings and promotions
Implementing an internal job posting system allows employees to explore and apply for available positions within the company. Foodxervices, a food distributor company, recognised the need to have specialised talent to remain competitive and provide high-quality services to its clients.
However, instead of diving into the jobseekers’ pool to scour for talent specialising in sustainability, the company chose to develop people within its ranks – sending three of its staff for reskilling via WSG’s Career Conversion Programme (CCP) for Sustainability Professionals.
Nicol Ng, the group CEO of X-Inc Pte Ltd, the parent company of Foodxervices, shares:
“Reskilling existing employees through WSG’s career conversion program provided a more seamless transition, as they were already familiar with the company’s operations and had established working relationships.”
Read More: Employee Retention: 5 Companies Share 5 Ways to Preserve Talent in a Competitive Job Market
4. Facilitating mentorship and coaching
Establishing mentorship or coaching programs connects employees with experienced colleagues who can guide and support them in their career journey. Spokesperson for Dell Technologies’ HR team, said:
“Our people leaders are encouraged to set an example for our teams on how to institute self-care and wellness to better manage stress, anxiety and challenges.”
At Dell Technologies Singapore, staff can connect to mentors via a mentoring portal in the Workday platform.
5. Giving recognition and rewards
HR can use talent mobility as an opportunity to acknowledge employees who take on new challenges and excel in different roles. Accenture, a global company specialising in information technology services and consulting, recognising and rewarding employees for their contributions to the company’s growth is part of the company’s DNA.
Bridget Wong, Accenture Singapore’s Head of Human Resources, shared:
“Employees are recognised via a Recognition Programme, which celebrates their success via peer recognition as well as recognition points that can be redeemed for merchandise or charitable contributions.”
Read More: In Good Company: 4 Reasons Why These Companies are Promoting Career Resilience for Employees
Looking for the right talent for your company?
In the face of talent shortages, HR must adapt to stay competitive. If you’re an employer looking to bring experienced personnel into your company’s ranks, you can tap on WSG’s Career Conversion Programme for Employers to reskill mid-career new hires or workers with up to 90% salary and course fee support.
Another great platform would be a jobs portal with advanced features like MyCareersFuture with an in-built talent search tool. Good luck with your talent search!
