Improving Your Recruitment Process: Best Ways & Practices
With the increasing competition in the job market in Singapore, it has become even more important for companies to have a recruitment process that not only attracts qualified candidates but also retains them. It’s not just about filling positions; it’s about finding the right talent for the job.
In 2022, there were an estimated 1.5 million job vacancies in Singapore, while the number of unemployed people was only 400,000. This means that there were more than 3 job vacancies for every unemployed person.
Having an effective recruitment strategy can save a company both time and money by reducing turnover rates, increasing employee engagement, and improving overall business performance.
Moreover, having a good recruitment process can also enhance the company’s reputation as an employer of choice, making it easier to attract top talent. A study found that 75% of candidates say that the recruitment process has a significant impact on their decision to accept a job offer.
Here are 5 ways to assess how effective your recruitment tactics are and the tips on how to improve your recruitment process.
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5 Ways to Assess Your Recruitment Tactics
1. Analyze Your Application Process
The typical recruitment process in Singapore involves job posting, candidate sourcing, screening and shortlisting, interviews, assessments and tests, reference checks, offer and negotiation, and onboarding.
The first step in assessing the effectiveness of your recruitment tactics is being able to analyse your application process. This involves evaluating how user-friendly your application process is and identifying any bottlenecks or areas where candidates may be dropping out of the process.
Companies should pay attention to comments indicating difficulties in submission, lack of communication, lengthy steps, clarity of job requirements, and user-friendliness. These comments provide valuable insights into the candidate’s experience and help identify areas for improvement.
2. Tracking Key Metrics
Tracking key metrics is essential for assessing the effectiveness of your recruitment tactics. Here are 5 to keep track of:
Time-to-Fill: Measures the duration from initiating recruitment to filling the position. A shorter time-to-fill indicates efficiency and prevents losing candidates to competitors.
Cost-per-Hire: Calculates the total recruitment cost. Lowering cost-per-hire while maintaining quality ensures efficient resource allocation.
Quality of Hire: Evaluates new hires’ performance, productivity, and retention. It assesses the effectiveness of attracting top talent.
Candidate Experience: Measures candidate satisfaction with the recruitment process. Positive experiences enhance the employer brand and attract high-quality candidates.
Source of Hire: Identifies the most effective candidate sourcing channels. Understanding the best sources helps allocate resources strategically.
Some current statistics to keep in mind:
The average time to fill a vacant position in Singapore is 30 days.
To improve these metrics, you can use a range of strategies, such as streamlining the recruitment process, utilizing employee referrals, and investing in employer branding. Recruitment metrics can also benchmark performance against industry standards and track progress over time.
According to a LinkedIn report, organisations with a talent pipeline are 2.3 times more likely to achieve their financial goals than those without. This indicates that maintaining a pool of potential candidates through a talent pipeline can positively impact business outcomes.
Conducting a talent pipeline analysis involves several key steps.
Identify future talent needs by aligning with stakeholders and identifying critical roles and skills.
Define clear target candidate profiles based on qualifications and attributes.
Employ diverse sourcing strategies to attract potential candidates from various channels.
Engage and nurture candidates through ongoing communication and relationship-building activities.
Continuously evaluate candidate suitability through screenings and assessments.
Regularly update and maintain the pipeline by refreshing it with new prospects and removing irrelevant candidates.
Measure pipeline effectiveness using key metrics and adjust recruitment strategies based on the insights gained to optimise the pipeline’s effectiveness.
Let us help you analyse your talent pipeline and check out other Trust Recruit services available.
4. Reviewing Turnover Rates
By analysing turnover rates, you can identify patterns and potential causes for high turnovers, such as poor cultural fit, inadequate onboarding, or limited opportunities for career advancement.
A high turnover rate is typically indicated by 28% of new employees leaving their jobs within the first 90 days of employment. The average turnover rate in Singapore is 15%, which is still relatively low. It’s best to have low turnover rates to avoid negative consequences, such as:
Frequent resignations: An increase in voluntary resignations within a short period may indicate issues with the recruitment process or work environment.
Negative employee feedback: Consistent feedback indicating dissatisfaction, low morale, or lack of career development opportunities should be addressed promptly to retain talent.
Low employee engagement scores: Monitoring and analysing employee engagement survey results can highlight areas of concern that may contribute to turnover.
Enhance candidate screening: Implement rigorous screening processes to identify candidates who are not only technically qualified but also fit well with the organisation’s culture and values.
Improve onboarding programs: Develop comprehensive onboarding programs to facilitate new employees’ assimilation into the company, ensuring they feel supported and engaged from the start.
Enhance employee engagement initiatives: Create a positive work environment that fosters employee satisfaction, growth opportunities, and work-life balance, reducing the likelihood of turnover.
5. Measuring the Diversity of Your Candidate Pool
Following the success of Unilever and DBS Bank in implementing diversity and inclusion initiatives, measuring your candidate pool is essential in assessing your recruitment tactics.
It relates to evaluating the success of your strategies in attracting and considering candidates from diverse backgrounds. By assessing the diversity of your candidate pool, you can determine whether your recruitment efforts are inclusive and aligned with your organisation’s diversity and inclusion goals.
Best Practices on How to Improve Recruitment Process
1. Streamlining the Application Process
By streamlining the application process, businesses can make it easier for candidates to apply, increasing the likelihood of attracting a diverse pool of qualified applicants. Companies like Google and Meta are examples of businesses that have implemented successful streamlined application processes.
Google’s process takes around two months, with seven simple steps for applicants to get through. On the other hand, Meta’s process is clearly stated on its website, which allows potential applicants to know what to expect when they apply.
2. Improving Your Employer Branding
In 2021, it was found that 62% of job seekers utilise social media platforms to assess a company’s employer brand. A strong employer brand can attract top talent, increase employee engagement, and improve overall business performance.
Through such, you can communicate your company’s culture, values, and benefits to potential candidates.
3. Offering Competitive Compensation and Benefits
Candidates often weigh salary and benefits as top factors when considering a job offer. Companies that offer competitive compensation packages and desirable benefits such as flexible work arrangements can differentiate themselves in a crowded job market and attract a diverse pool of top candidates.
Encouraging employee referrals leverages the existing networks and connections of employees to source potential candidates. This can help to identify candidates who are a good fit for the company culture and have the necessary skills and experience.
Additionally, it can result in faster hiring times, reduced recruitment costs, and improved employee retention rates.
5. Building a Diverse and Inclusive Hiring Process
To build a diverse and inclusive hiring process, companies can take steps such as reviewing job descriptions to remove bias, implementing blind screening processes, and ensuring diversity in the interview panel.
Companies can also partner with community organisations and attend job fairs to reach a wider pool of candidates.
Conclusion
Regularly assessing and learning how to improve recruitment process is crucial in ensuring your organisation attracts the best talent and remains competitive. Effective recruitment tactics are essential for finding and retaining top talent, and this process requires ongoing attention and effort.
By implementing these strategies, you can significantly improve the recruitment process, leading to increased retention rates, higher employee engagement, and a stronger brand reputation.
Beyond Salary: 5 Key Reasons for Leaving a Job in Singapore
In today’s dynamic job market, understanding the reasons for leaving a job is crucial for both employees and employers. While financial stability is often a key factor in job satisfaction, even high-paying positions in Singapore’s competitive landscape aren’t immune to turnover.
Recent studies highlight the prevalence of job changes. In 2022, McKinsey and Co. reported that nearly 40% of people considered leaving their jobs in the coming months. During the Great Resignation of 2021, 18% of middle-income and 11% of upper-income employees decided to quit – interestingly, insufficient pay wasn’t the top reason cited.
Job satisfaction encompasses various factors beyond salary, including a sense of accomplishment, positive workplace relationships, growth opportunities, work-life balance, and alignment with organizational culture. Let’s delve into the top reasons for leaving a job, with insights from Singapore’s high-paying sectors.
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Why Do People Leave Their Well-Paying Jobs in Singapore?
1. Lack of Career Advancement Opportunities
For some with strong aspirations for career growth, the availability of prospects is crucial for them. People seek better opportunities such as upskilling, entrepreneurship, work-life balance, and exploring diverse industries for professional growth and fulfilment.
In 2022, it was found that 64% of employees consider career advancement opportunities as the most critical factor when considering a job offer or staying in their current role. However, only 37% of employers have a formal career development program in place, leaving many employees feeling frustrated and stuck in their current roles.
Companies like Microsoft and Deloitte are known for their comprehensive career development programs. These programs typically include mentoring, training workshops, skill-building initiatives, and opportunities for internal mobility to enable employees’ professional growth and advancement.
Trust Recruit offers meaningful job opportunities that address the risk of turnover caused by a lack of structured career development, providing employees with better alternatives.
2. Poor Work-life Balance
Employees experience burnout or feel frustrated by the lack of time for personal activities because of long work hours. Poor work-life balance can lead to high levels of stress as well as physical or mental health issues in the workplace. This leads to job dissatisfaction and leaving their jobs—it all comes down to prioritising themselves or their pay.
According to the Ministry of Manpower, the average workweek for Singaporeans is around 44 hours, with 1 in 4 employees working more than 48 hours a week. While the National Sleep Foundation recommends at least 7 hours of sleep each night, only 27% of Singaporeans reach that ideal.
In comparison, the US has an average workweek of around 34.4 hours for full-time employees, while Australia enjoys one of the shortest average workweeks globally at around 32 hours. This year’s United Nations’ World Happiness Report ranked the US at 15th place, and Australia at 12th place.
Thus, it’s important for employers to take steps to improve the work-life balance of their employees. This can include implementing flexible work arrangements, such as telecommuting and flextime, and providing paid time off.
High-paying jobs don’t necessarily come with the best compensation and benefits. Employers who fail to provide what their employees need may struggle to retain their top talent, leading to high turnover rates and increased recruitment costs.
To satisfy employees, it’s best to provide competitive salaries and benefits packages. Offering benefits such as bonuses, stock options, health insurance,parental leave, or flexible work arrangements can help employers retain their top talent. It’s best to find a job that meets one’s financial and lifestyle needs.
Some companies go beyond the conventional offerings to provide unique and appealing packages:
Google – Employee perks include free meals, on-site gyms, laundry services, and even on-site medical staff. They also offer generous parental leave of 24 weeks, financial assistance for adoption, and bereavement benefits that provide financial support to an employee’s family.
Netflix – Netflix is known for its unlimited vacation policy, allowing employees to take time off whenever needed. They also provide a generous parental leave policy, offering up to one year of paid leave for both mothers and fathers following the birth or adoption of a child.
Airbnb – Airbnb provides its employees with an annual stipend of $2,000 to travel and stay in any Airbnb listing worldwide. This encourages employees to experience the company’s services firsthand and fosters a culture of exploration and adventure.
A healthy work environment is essential not only to productivity but to employee satisfaction as well. Toxic workplace culture can manifest in various ways, such as verbal abuse, harassment, discrimination, or even micromanagement.
Studies have shown that more than half of the workforce has experienced workplace bullying, and 1 in 4 employees has experienced discrimination in the workplace. This led to decreased productivity and performance, increased absenteeism, and higher turnover rates.
Uber CEO, Travis Kalanick, was forced to resign after a series of scandals, including allegations of sexual harassment and discrimination. On the other hand, Amazon was accused of creating a “dehumanising” work environment for its warehouse employees. Reports included high-pressure quotas, long hours, and dangerous working conditions.
Therefore, it is essential for organisations to create a healthy and positive workplace culture through these three key methods:
Foster a culture of open communication and collaboration.
Encourage mutual respect and appreciation among team members.
Provide opportunities for professional development and growth.
Slack’s research linked poor leadership and decreased employee morale and productivity. Only half of the professionals said they felt inspired by their leaders, and the same number found their leaders “stuck in their ways of working.”
Ineffective or unsupportive leadership can take many forms:
Lack of communication.
Micromanagement.
Bad business practices.
Failure to provide necessary resources and support.
Employees may be disengaged from their work and look for opportunities elsewhere.
In 2021, Better.com, a mortgage lender, laid off 900 employees in a video call that was widely criticised for its tone and lack of empathy. The company’s CEO, Vishal Garg, was forced to apologise and eventually stepped down. In the days following the video call, the company’s stock price fell by more than 20%.
Additionally, employers who want to avoid confrontation may resolve to “quiet quitting,” which is strongly linked to poor leadership. It refers to employees disengaging and seeking new opportunities without overtly expressing dissatisfaction, highlighting the importance of addressing leadership issues to maintain a motivated workforce.
Conclusion
Whether it’s the lack of career advancement opportunities, poor work-life balance, inadequate compensation and benefits, toxic workplace culture, or unsupportive leadership, these factors can prompt employees to seek new horizons.
Understanding the reasons behind employee resignations allows employers to address these concerns and create a positive and supportive work environment, fostering employee satisfaction, engagement, and long-term retention.
5 Effective Tips for Managing Employee Conflict in the Workplace
Do you recall a time when a colleague gets on your nerves? It disturbs you that you can never see things from their perspective. Or maybe you feel unheard because of your boss’s poor workplace conflict management skills.
Conflict in the workplace occurs more often than you may expect. As stated in the study “Workplace Conflict and How Businesses Can Harness It to Thrive.”, 85% of workers experience workplace conflict at some point in their employment, and 29% of those workers experience workplace conflict virtually continuously.
However, it’s essential to recognize that not all workplace conflicts are detrimental. When managed effectively, conflicts can lead to innovative solutions and stronger team dynamics.
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What Causes Employee Conflict in The Workplace?
Teammates often fight and workplace conflict may result from various reasons such as personality, work style, or even approach to the topic.
Workplace conflict is possible everywhere, even in a Zoom conference. It might come through in the way we speak and carry ourselves. Individuals use words not only to show they don’t agree with another person’s opinion or the quality of their work; they may also show it via direct action. Disrespect and hostility may grow out of a lack of active listening abilities.
There is no simple example of workplace conflict. Ultimately, there’s always a person on both sides of any dispute. Since we all bring our complete selves to the office, disagreements will undoubtedly arise. However, similar problems exist in most organizations.
Ultimately, there are the six main factors that can be identified as the root of workplace tensions:
Disagreement over the best approach to a problem.
Difficulties stemming from management’s leadership and conduct.
Unclear communication about roles and responsibilities.
Office politics and unhealthy competition.
Discrimination or a hostile work environment.
Personal experiences affecting team dynamics and performance.
5 Proven Strategies for Managing Employee Conflict in The Workplace
No matter how much we’d all want it to be otherwise, philosophical and mental divides are inevitable, given that the very nature of humans themselves is to err. The challenge then becomes how to resolve disagreements productively.
Accepting and addressing workplace conflict via effective resolution procedures is crucial for an organization’s health and effectiveness. While it’s necessary to have conflict management strategies, any procedure’s success will rely on the willingness and understanding of all parties involved.
The following are some suggestions for improving one’s dispute-resolution skills in the workplace:
1. Establish Clear Behavioral Expectations
Assumptions may be dangerous. A clear understanding of what is and is not appropriate behavior might help reduce tensions.
Workplace conflicts may be avoided by adopting conflict management activities related to cooperation, team building, leadership development, and talent management, developing a framework for making decisions, and publicizing a delegation of authority statements.
Conflicts can also be avoided by clearly outlining roles and responsibilities and establishing a transparent chain of command that facilitates open lines of communication. Communicate openly and explicitly what is and is not acceptable.
2. Try to Avoid Workplace Conflict in The First Place
While avoiding every disagreement is impossible, we’ve found that avoiding workplace conflict in the first place is the key to successfully resolving them. You can prevent some confrontations if you actively look for possible conflict zones and intervene quickly and decisively.
If a disagreement does arise, you may lessen its impact by addressing workplace conflict swiftly. Spending time recognizing and comprehending underlying tensions might help mitigate friction.
3. Adopt the WIIFM (What’s In It For Me) Perspective
It is crucial to have an awareness of the WIIFM perspective of the other professional. Putting yourself in other people’s shoes before passing judgment is vital. Workplace conflict may be avoided by aiding others around you in accomplishing their goals.
If you approach dispute resolution from the standpoint of doing what is best for others, you will discover fewer roadblocks to a positive outcome.
4. Choose Your Battles Wisely
Not every disagreement warrants a full-blown conflict. However, if an issue is significant enough to spark tension, it’s likely important enough to address. When the stakes are high, people are more willing to bridge gaps and find common ground.
5. Reframe Conflict as an Opportunity for Growth
Almost every quarrel contains the seeds of a significant educational opportunity. As long as people are willing to disagree with one another, there will always be room for improvement.
If you’re a CEO, you’re losing out on a fantastic opportunity if you don’t use conflict management strategies to strengthen your team and leadership skills. When handled appropriately, contrasting viewpoints may spark creativity and new insights in ways that would otherwise be impossible. Good leaders can always find something positive in a variety of perspectives.
Real-World Scenarios: Navigating Common Workplace Conflicts
The following are scenarios where disputes may arise in the workplace and some solutions that a manager might use.
1. Conflicts Over Specific Tasks
This is the problem that crops up in teams if one person delivers information that another team member needs to do their share of the work late. If this happens often, the team member being held up may begin to feel disrespected.
Having an understanding of who is responsible for what may help to settle this conflict. To better understand how workflows might achieve excellent synchronization, it is helpful to clarify the processes they employ to complete their duties.
2. Conflict With the Manager’s Management Style
Conflicts between managers and workers may arise even when everyone involved is doing their best.
For instance, a boss with a strong type A personality can set lofty objectives for a subordinate, causing the latter to feel overburdened. Or a boss may like to be hands-off, while an employee may need more excellent supervision.
The goal of the conversation should be to work together toward actual answers, so be careful to set clear boundaries and ensure everyone involved knows this.
An example of this workplace conflict is asking workers who seem overburdened by their responsibilities to create a spreadsheet outlining their obligations and providing rough timeframes. It’s common for managers to have weekly one-on-one sessions with each employee.
So, the subordinate and the manager may assess the current workload and figure out how to delegate or improve efficiency. Maintaining open communication lines between staff and management is crucial to improve teamwork.
3. Conflicts Arising from Performance Reviews
Collaborate one-on-one with the worker to map out a strategy for enhanced performance, complete with measurable goals and timeframes. Get your staff involved in goal-setting by asking for their input.
It might be challenging to collaborate with individuals who have different styles and personalities than your own. People need to be shown compassion and understanding since one bad experience does not define them.
One of the finest things to do when working with a personality clash is to sort out and resolve the matter informally as soon as possible before it escalates.
One of the most severe types of workplace conflicts is discrimination. Practically every crisis calls for the intervention of human resources.
The number of discrimination claims filed in the United States in 2020 was 67,448. Managers and the organization need to emphasize the importance of diversity and tolerance as soon as a claim is made.
Next, managers should give the complaining worker their entire attention without interjecting or conflating, initiate a conversation about the problem and establish concrete, attainable objectives for resolving it.
While poorly managed conflicts can have far-reaching negative consequences, effective conflict resolution is an ongoing process that can lead to personal and organizational growth. By developing your conflict management skills, you can look forward to each new challenge as an opportunity to learn and improve.
Remember, the goal isn’t to eliminate all conflict, but to create an environment where conflicts can be addressed constructively, leading to innovation, stronger relationships, and a more dynamic workplace.
If you’re seeking to enhance your employee management system and need assistance with recruitment, consider partnering with a reputable recruitment agency in Singapore. Our expert consultants can develop a tailored approach to meet your organization’s specific needs.
Constructive Feedback for Employees: 5 Tips for Employee Growth
According to PwC’s employee feedback survey, 62% of workers surveyed wanted feedback at least once a week, with that percentage rising to 72% among workers under 30.
Frankly, there are a wide variety of barriers that prevent managers from providing employees with the feedback they need. However, putting aside the justifications, feedback is valuable, actively and publicly wanted, and has a tremendous effect in the workplace.
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Understanding the Value of Constructive Feedback
Imagine working in an environment where you’re completely in the dark about your performance. You put in your best effort without knowing how well you’re doing or where you could improve. This scenario is far from ideal for both employees and employers.
When employees receive relevant and constructive feedback, they:
Gain confidence in their strengths
Become more invested in addressing their weaknesses
Develop a clear understanding of their growth trajectory
This understanding serves as a powerful motivator, inspiring staff members to strive for continuous improvement.
Implementing a Skill Matrix for Comprehensive Employee Feedback
One effective tool for providing comprehensive feedback is a Skill Matrix. This allows managers to assess their team members across a range of predetermined skills, providing a structured approach to constructive feedback. Here’s a simple scale you can use:
Pro Tip: Although not being the easiest approach, it’s preferable to utilize 360-degree feedback, in which information is gathered not just from workers but also from their peers, superiors, and customers. It’s possible to get a more complete picture of each worker’s abilities after you include in their background and experience.
5 Expert Tips for Delivering Constructive Feedback for Employees
Whether you’re a seasoned manager or new to the role, mastering the art of providing constructive feedback is crucial. Here are five proven tips to help you deliver feedback that motivates and drives improvement:
1. Adopt a Growth-Oriented Approach
Frame each piece of feedback as a building block in an employee’s professional development. Contrary to popular belief, honest, constructive feedback won’t harm your relationship with your team when delivered appropriately.
A Harvard Business Review study by Zenger/Folkman found that 57% of respondents prefer to receive constructive criticism over praise. Moreover, 92% agreed that constructive feedback, when delivered appropriately, can significantly improve job performance.
Case Study: Hotjar, a user feedback and analytics company, implements a five-part employee feedback system to maintain high productivity across all departments. This multi-channel approach ensures that employees have various avenues to receive and act on constructive feedback.
2. Focus on Future-Oriented Improvement
To effectively communicate constructive feedback to employees of all personality types, frame your comments in a forward-looking manner. Instead of dwelling on past mistakes, focus on future opportunities for growth.
For example, rather than saying, “Your presentation skills need work,” try, “For your next presentation, if we focus on improving your storytelling techniques, I believe you can significantly enhance your impact and engagement with the audience.”
This approach signals to your staff that growth and learning from feedback are valued in your organization. It’s a crucial step in fostering a culture of continuous improvement through constructive criticism.
3. Inspire and Empower Through Feedback
The most accessible approach to accomplish this is to assist them in identifying their own personal qualities and achievements.
Case Study: Google is a clear example. Rather than focusing on annual evaluations, the company has always placed a premium on continuous feedback and goal-setting for its workers. The idea is that everyone involved would benefit more from using that time to further professional growth.
Managers at Google work side-by-side with their direct reports to help them establish and accomplish their professional objectives. Even Larry Page, one of the business’s co-founders, follows this strategy, setting quarterly goals for himself and the company.
Therefore, what happens? Google has been recognized as one of the finest places to work by Fortune and the Great Place to Work Institute year after year.
4. Maintain Momentum with Constructive Criticism
Nothing dampens employee enthusiasm faster than feeling their hard work goes unnoticed or unappreciated. Use constructive feedback to acknowledge efforts and guide improvements, even when projects don’t go as planned.
Remember, companies like Atlassian and Google have found success by allowing employees to dedicate 20% of their time to innovative, autonomous projects. Many of these initiatives, shaped by ongoing constructive feedback, have led to new revenue-generating capabilities.
5. Foster Innovation Through Feedback
To solve an issue, only some people use the same method. The most excellent strategy to encourage creative thinking is to remove barriers to attempting new things (including the stigma associated with making mistakes).
Case Study: A famous example is Netflix. The undisputed king of TV streaming services is recognized for its vibrant, feedback-focused workplace culture. In fact, on its “Netflix Culture” recruitment website, the word “feedback” is featured 11 times. This website also defines the company’s five cultural principles, which shape employee thinking and behavior.
These guiding principles inspire Netflix workers to exercise agency, creative problem-solving, and teamwork and to communicate distinctive views or dissent.
By supporting a variety of opinions, the organization encourages transparent idea exchange and high-level success. Another research by HBR indicated that companies with high levels of inherent (demographic) and acquired diversity outperformed their rivals.
In these companies, workers were 45% more likely to say their firm’s market share expanded last year and 70% more likely to say it grabbed a new market.
Conclusion
Effective constructive feedback is a cornerstone of employee development and organizational success. While it may take time to establish a reliable feedback system, the benefits are undeniable. By providing timely and actionable feedback, you can foster a culture of continuous learning, improve employee engagement, and drive innovation.
If you’re looking to enhance your feedback processes or need assistance with recruitment, consider partnering with a reputable recruitment company in Singapore like Trust Recruit. Our experienced consultants can help you develop tailored strategies to attract top talent, improve employee performance, and create a positive work environment.
Recruitment vs Talent Acquisition: What’s the Difference?
It’s crucial to know the difference before filling a role. Recruitment and talent acquisition are two different strategies that work together to help you fill roles at your company. Recruitment is focused on finding candidates and attracting them to your open positions, while talent acquisition focuses on assessing their qualifications and deciding whether they’re a good fit.
Let’s take a closer look at recruitment and talent acquisition to understand how these strategies work in the hiring process.
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What is Recruitment?
Recruitment is the process of identifying, attracting, interviewing, selecting, hiring, and onboarding new employees. This involves assessing staffing needs to fill open positions within an organization.
Recruiters typically work with a variety of different tools and techniques to identify and attract potential candidates for a given position. This may include job postings on online job boards, networking events, using social media to target talent, finding passive candidates, and employee referral.
Once potential candidates are identified, they are typically interviewed and evaluated by a team of recruiters or hiring managers. Finally, once an appropriate candidate has been selected, they are successfully hired and onboarded into the organization and their corresponding department.
According to Monster’s latest research, 41% of recruiters reported that the biggest challenge they face in screening candidates is assessing their skills during the interview. Recruiters use interviews to determine if the candidate possesses certain skill sets like:
Technical skills such as programming or data analytics, software proficiency, technical writing, and project management, or
Soft skills, such as leadership and communication abilities, problem-solving skills, critical thinking, time management, and interpersonal skills.
Whether it is a strategic need for an organization or an immediate opening due to turnover, recruitment serves as a way to attract the right candidates for these roles.
According to LinkedIn, 10% of employees leave their jobs within the first year. When employees leave their jobs for any reason, whether it be to retire or resign on short notice, recruiting will help an organization find and hire replacements quickly.
When you hire, you already have a specific idea of what kinds of skills and abilities you need. You also have an idea of what kind of tasks the employee will perform and what kind of background experience the position requires.
A third reason why organizations do recruitment is to meet their current company needs. It can be divided into three types:
Planned recruitment can be used to fill open positions as a result of organizational changes, such as when employees retire.
Unexpected recruitment is used to fill positions because an employee left to pursue other opportunities, retired early, died, or was injured.
Anticipated recruitment is used to fill positions by looking at trends in your external environment (for example, there are a lot of young people graduating from college who would be good candidates for your company or you have several employees who have been in the same position for a long time)
Effective recruiting requires executing repeatable processes that will lead to reliable results that contribute to achieving sustainable business goals. Hence, to find a valuable candidate, you require sophistication to think outside the box to find your ideal candidate.
Talent acquisition refers to the broader process of identifying, attracting, and hiring top talent for an organization.
Unlike recruitment, which focuses on filling specific open positions, talent acquisition is a more strategic approach that involves identifying talented individuals who may be a good fit for the organization at a later date.
This can include creating long-term strategies to attract and retain talent, as well as implementing targeted recruiting campaigns focused on specific talent pools. Many organizations also use sophisticated analytics tools such as:
iCIMS Talent Cloud
Greenhouse Talent Acquisition
Breezy HR
Jobvite
Roho Recruit
SAP
These tools help them identify and source potential candidates, as well as optimize the hiring process to improve their success rate.
When Is The Best Time To Do Talent Acquisition?
1. You Require Niche Talent
One reason why organizations may engage in talent acquisition is to find individuals who possess niche skills or competencies. These industries and their corresponding job posts deal more and more with technology, such as cybersecurity, cloud infrastructure, software development, AI, and Virtual Reality.
By focusing on acquiring top talent across a range of areas, organizations can ensure that they have the necessary skills and expertise to achieve their business goals and succeed in today’s competitive market.
2. Addressing Changing Business Needs
Organizations may focus on talent acquisition to address changing business needs over time. This may involve identifying talented employees who can help the organization navigate any challenges that may arise, such as market shifts or new trends in the industry. Tina Unnikrishnan research believed that some of the new trends include remote interviewing, working on a contract basis, and the application of artificial intelligence to enhance methods of sourcing.
By building a strong talent pipeline and having access to top talent, organizations can be better prepared to respond to and take advantage of these changes when they happen. They will be able to:
Save time in actively recruiting
Get to know candidates if they will fit in the company’s cultural fit
Potential candidates will have a higher probability of wanting to be part of your team
Finally, many organizations engage in talent acquisition to attract and retain top talent. This involves building strong relationships with potential candidates to establish a pipeline of high-potential employees. You can also use advanced recruiting tools and strategies such as social media campaigns like lead generation ads, and employee referrals.
By offering competitive rewards and benefits, organizations can differentiate themselves from competitors and attract the best and brightest employees to join their teams. 80% to 90% of talent change their minds about a role or a company based on candidate experience. Thus, the company has the power to win or lose out on great talent.
Recruitment VS Talent Acquisition – Which Should You Focus On?
While both recruitment and talent acquisition have their place, the best approach depends on your organization’s specific needs and goals. Here’s a quick guide to help you decide:
Focus on Recruitment If:
Focus on Talent Acquisition If:
You have to fill positions quickly
You’re planning for long-term growth
You have well-defined, stable roles
Your industry is rapidly evolving
Your turnover rates is low
You’re competing for top talent in your field
You’re in a stable, traditional industry
You’re in a dynamic, innovative sector
Differences between recruitment and talent acquisition
Implementing a Hybrid Approach
For many organizations, the most effective strategy is a hybrid approach that combines elements of both recruitment and talent acquisition. This allows you to address immediate hiring needs while also building a strong talent pipeline for the future.
Steps to Implement a Hybrid Approach:
Assess Your Current Needs: Identify immediate vacancies and upcoming projects that require specific skills.
Forecast Future Talent Requirements: Work with leadership to anticipate future roles and skills that will be crucial for your organization’s growth.
Develop a Comprehensive Hiring Strategy: Create a plan that addresses both short-term recruitment needs and long-term talent acquisition goals.
Leverage Technology: Implement an Applicant Tracking System (ATS) and use AI-powered tools to streamline both recruitment and talent acquisition processes.
Build a Strong Employer Brand: Develop a compelling employer value proposition that attracts both active job seekers and passive candidates.
Invest in Employee Development: Create pathways for internal mobility and skill development to retain top talent and reduce the need for external hiring.
Regularly Evaluate and Adjust: Continuously assess the effectiveness of your hiring strategies and make data-driven adjustments as needed.
By understanding the nuances between recruitment and talent acquisition, your organization can build a high-performing workforce capable of meeting current and future challenges. Trust Recruit, a leading recruitment agency in Singapore, offers comprehensive solutions to help you attract and retain top talent.
From understanding your unique needs to ensuring a smooth onboarding and recruitment process, we provide personalized support throughout the entire recruitment journey. Contact us today to learn how we can help you build a stronger team.
7 Steps to Craft the Perfect Candidate Profile for a Great Hiring
The Undercover Recruiter recently reported that improper hires can result in expenditures of $240,000. These are divided into hiring, salary, and retention expenses. Furthermore, according to CareerBuilder, almost three-quarters of businesses that made poor hiring reported losing an average of $14,900. 74% of employers claim they made the wrong hiring decision.
That said, businesses and the human resource departments can be under a lot of stress in. Everything needs to be completed more quickly and effectively than before. Hirers are investing in learning how to refine their candidate profiles to become corporate matchmakers in such a competitive market quickly.
Making a candidate profile is one tool that could assist you in human resource management. Learn what a candidate profile is, how to develop one, and advice for producing strong candidate profiles in this article with Trust Recruit.
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What is a Candidate Profile?
A candidate profile meaning a written description of the ideal applicant for a position that is open in your business. A candidate profile resembles a job description. The candidate profile describes the ideal qualities the perfect employee would exhibit, just like the job description describes the specifics of the position and its criteria.
The candidate profile template is intended to highlight discrepancies between a candidate’s development and the criteria for a post. This will enable your business to determine development demands and, as necessary, offer unique growth chances.
Why is the Candidate Profile in Recruitment Important?
Think about these tremendous benefits of employing candidate profiles in recruitment procedure:
1. Makes job descriptions stronger
To identify the best applicants for your consideration, sources and human resources department use candidate profiles and job descriptions in tandem.
Writing a job description that details the education and experience required to do the job correctly is considerably more straightforward when you are clear on the kind of person you want in the role.
2. Enhances sourcing strategy
You can better plan your candidate sourcing if you are aware of characteristics about your prospective applicant, such as their degree of education and previous job experience.
Instead of searching through every possible recruitment channel to find someone with the right qualifications, the human resource department can concentrate on hiring channels that will yield applicants as described in your candidate profile.
3. Provides better results
In the end, developing a candidate profile in recruitment should result in a smoother hiring process and better workers. Your recruitment staff should be able to locate better caliber prospects by using a candidate profile, guaranteeing that you choose the best candidate for the job.
Please keep in mind that establishing an ideal candidate profile can be difficult, time-consuming, and fraught with danger if done incorrectly. With years of recruitment expertise, Trust Recruit provides a tailored approach that guarantees that only qualified applicants are shortlisted for the interview stage. Learn more about our HR services and process.
It takes time and thought to create a candidate profile. Use the 7 following steps to create the perfect candidate profile for any available roles in your company:
1. Determine the main responsibilities
Finding out the primary responsibilities of the available position is the first step. Ask any present workers doing the same jobs about their regular obligations and occasional or as-needed tasks.
Consult the position’s manager or any other direct reports if there are no other employees in the function. To understand what additional responsibilities you might want to put in the role, you can also look at the job descriptions of your competitors.
2. Evaluate the business culture
The available position’s work responsibilities are only one aspect of the complete candidate profile. According to TeamStage, company culture is an important factor for 46% of job seekers. In addition to that, a culture that attracts high-caliber employees leads to a 33% revenue increase. With that being said, your business’s culture, mission, and vision should also be considered.
You want a candidate who gets along well with the present staff and uphold the company’s core principles. To determine what type of talents and characteristics might fit well, observe the interaction between current employees. Review your mission statement and values to assist you in deciding what qualities to seek in a candidate.
You might look to your existing top achievers to assist you in determining what an excellent applicant looks like for your company. Of course, the position you’re trying to replace could be in a different department with unrelated duties and responsibilities.
However, when developing your candidate profile and recruiting new candidates, you can still identify and seek out the attributes you like in your best employees.
Review the list of responsibilities and obligations you made in step one. You may use the following checklist to establish precisely which hard and soft skills the candidate needs to have to do a good job:
Soft Skills – are generally correlated with social or emotional competencies and are regarded as non-technical talents, for example: Teamwork, Leadership, Time management, Decision making, etc.
Hard Skills – are more technical and frequently closely associated with a particular profession or occupation. Those are skills that can be learned such as Coding, Designing, Content Creation, etc.
Write a persuasive paper that clearly defines your ideal applicant for the available position using the information you’ve gathered. This data can be arranged in whichever your hiring team thinks is perfect.
A visual chart that makes it simple to see the characteristics associated with each category, such as hard talents, soft skills, and job obligations, is preferred by some businesses. Others choose a job description complemented by a bulleted list of qualifications only. Work with your hiring team to design a document that benefits you and them.
6. Select the most effective sourcing channels
Determine which sourcing channels will provide the most qualified individuals. Popular networking and job search sites like LinkedIn, Glints, Indeed, and others have since dominated the job search and hiring landscape, but they still have limitations.
Recruitment companies could be more expensive than the platform or advertising charge for your job adverts. However, you can relax knowing that the various advantages outweigh the disadvantages of using them.
At Trust Recruit, we strive to provide the most time- and cost-saving HR and recruiting solutions specific to your industry. Get in touch with us today for deeper insights into your recruitment strategies.
7. Consult the candidate profile
Throughout the hiring process, refer to the candidate profile. One individual or a small team will utilize the profile throughout each stage of the prospect search process if your organization employs the full-cycle recruitment methodology.
Ensure each employee has access to the candidate profile and utilizes it to guide their hiring decisions if you have different staff members controlling each stage of the recruiting process.
Conclusion
A candidate profile can be a valuable tool for your hiring and recruitment efforts. Understanding how to create an effective profile and ensuring everyone involved in the recruiting process consults it is essential for successful results.
If you’re looking for expert guidance on creating candidate profiles or need assistance with your overall recruitment process, consider partnering with a reputable recruitment agency in Singapore. Our consultants can provide tailored advice and support to help you attract and hire top talent.
Great Resignation Wave in Singapore: Effect for Employees & Companies
After consecutive lockdowns, something unprecedented happened – The Great Resignation. Large hordes of employees are resigning from their jobs. Industries are facing sudden spikes in manpower shortage.
When routine lockdowns were the norm, people had adapted to the flexibility afforded by remote work. Now that the world is less distracted by the pandemic and wants to reopen, employees are expected to jump back on the 9-5 bandwagon and continue from where they left off.
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What is The Great Resignation?
The Great Resignation is an idea proposed by Professor Anthony Klotz of Texas A&M University in 2021. It predicts many will quit their jobs after the COVID pandemic is over and life resumes normality.
As countries cautiously reopen their economies, businesses now find themselves operating in a whole new environment. The post-COVID workplace era is different, notably with the “new normal” being a hybrid work trend.
Microsoft found that over 49% of Singaporeans are planning to leave their company in 2021 according to its first annual Work Trend Index. Qualtrics found 58% of Singaporean workers are planning to shift careers in 2022, citing these reasons:
1. Re-evaluation of priorities
People are reconsidering their personal and professional boundaries. There is a re-evaluation of their emotional, mental health, and physical well-being. This includes how they relate to their co-workers and bosses; alongside the brands they work with.
Most entry to mid-level professionals seek careers that allow them a higher degree of autonomy and freedom.
Most employees want the ability to influence change within their companies and a clear future. Once employees no longer see a clear career path with their current employer, they may begin looking for a company that can offer them one.
Not surprisingly, top candidates leave their employers due to wage stagnation or minimal pay increment during their tenure. Although their employer may offer an annual merit increase or inflation adjustment, these talents see the potential to land a heftier salary by jumping companies.
Employees between the ages of 30 and 45 saw the largest increase in resignation by 20% in 2020 and 2021. Increased workloads and stagnated hirings have given employees more flexibility in finding new opportunities. For them, the opportunity cost is low and the employment market is vibrant. Then the pandemic accelerates this process.
For Employees: Before saying “I resign”, consider this:
1. Make sure you know what you want to do and what you don’t
List your negotiables and non-negotiables so you can pursue positions that align with your goals. Scratch off any that do not meet your needs.
2. Advertise your hard and soft skills
When you are transitioning into a new industry, it is crucial to identify your skill sets. Hard skills are teachable skill sets that are easily quantifiable. Soft skills relate to the way you relate to and interact with other people.
3. Optimize your LinkedIn profile and resume
It attracts recruiters and hiring managers. This means creating a resume that is applicant tracking system-friendly and using various industry-specific keywords.
4. Network extensively
There is no timeline to networking. Connect with people where you are, as you can, to let them know you are searching for a new position. Approach human resources consulting firms and agencies.
Speak up for what you want. Negotiate the terms of your employment. Compensation is a prime consideration when you are deciding whether to negotiate the terms of a job offer. In the short term, you could end up feeling resentful if you settle for a job that you don’t think fairly rewards your skills and experience.
For Employers: What can you do to incentivize employees to return to work?
1. Be flexible
A recent study by Slack found that flexibility is a key reason employees are attracted to the hybrid work model. Finding balance is easier in a flexible work arrangement. When employees have more control of their work schedules, they can free up time to take care of the things that crop up in their personal lives—whether it’s running an errand, picking up kids from day-care, or being home for a delivery.
Employees aren’t always looking for a higher salary (though that never hurts!).
If you are losing top talent to competitors, reflect on the competitiveness of your company’s total compensation package. Examine the benefits and perks you are offering beyond the base salary.
Examples include signing and other bonuses, increased base pay, decoupling of pay and location, and tuition reimbursement.
These strategies directly respond to market rates for labour and offer a quick return on investment for a role that must be filled immediately. They also provide a clear and tangible employer branding message.
3. Analyse your corporate culture
Employees want to feel like they are a part of an organisation that genuinely cares about them, the community they are in and the world at large. Think about the culture you have created to foster a diverse, equitable and inclusive environment with a greater purpose.
The growing trend of employees pursuing their passions and demanding better working conditions is a positive development for both employees and employers. Such demands may be long overdue, as the traditional office work environment has remained relatively stagnant for quite some time.
As an employee, don’t hesitate to voice your concerns and advocate for improvements. Open communication with your employer can lead to finding mutually beneficial solutions.
If you’re an employer seeking to attract and retain top talent, consider partnering with reputable recruitment companies in Singapore. They can provide valuable insights into current market trends, help you develop competitive compensation and benefits packages, and assist in creating a positive work environment that aligns with employees’ evolving expectations.
Top 5 Jobs in Demand in Singapore: Skills, Salaries, & Availability
An astounding 22 million jobs were lost in the last two years, with a projected 42% of the layoffs being permanent with no replacement. Thanks to the pandemic, robotics and artificial intelligence (AI) automation has accelerated the obsolescence of many roles. By 2025, robots could replace as many as 2 million workers in the manufacturing industry alone.
It is not all gloomy though. While old roles are eliminated, new ones are created to meet increasing demands. For instance, manufacturing requires greater expertise to operate high-tech machinery. Large enterprises have also started to adopt innovative technologies like contactless delivery options, 3D printing, and video conferencing applications.
Feeling at loss in this pandemic-driven job market upheaval? Fret not. Here’s how you can tap on the industry movements and job search trends to your advantage this year.
These advanced technologies are disrupting every industry. From helping visitors to find their way around to performing a complex task like predicting when a wind turbine needs maintenance.
Elsewhere, in the accounting industry, AI does the mundane heavy lifting of crunching the data and exporting reports. Accountants now perform higher level task of analyzing the data and provide recommendations based on their experience.
Required Skills:
Strong background in programming (Python, Java).
Proficiency in AI/ML frameworks like TensorFlow, PyTorch.
Solid understanding of mathematics and statistics.
Job Availability & Income:
AI Researchers: 2,900 jobs; ML Engineers: 3,700 jobs.
Top hiring companies: IBM & Google.
Average salary of AI Engineer: $106,897; ML engineer: $131,001.
180 zettabytes. That’s how much global data creation is projected to grow within the next 5 years. With much valuable insights to glean from the vast amount of data, it is crucial for a person with the right capabilities to scrutinize the data.
Here’s where a data scientist comes in. Essential skills include finding patterns, using various programming languages to analyze, and concluding from the data.
With an annual 35% growth in demand, the U.S. Bureau of Labor Statistics projects up to 180,000 database administrators and data architect jobs be available by 2030.
Required Skills:
Proficiency in Python, R, SQL.
Expertise in data visualization tools like Tableau and Power BI.
Strong analytical and statistical modeling skills.
Job Availability & Income:
Data Scientists: 4,000 jobs; Data Analysts: 5,200 jobs.
Top hiring companies: Microsoft, Uber and Netflix.
Average salary of Data Scientist: $117,212.
3. Cybersecurity Specialist
Recall the recent OCBC scam where 470 victims lost a cumulative $8.5 million? Data breaches took the headlines in 2021. Other establishments like Singapore Airlines frequent Singtel weren’t spared either.
Cybersecurity is certainly in-demand. 57% of companies say a shortage of employees with such skills is affecting their organization. Some specializations that firms find lacking are security operations, cyberthreat surveillance, malware analysis, and cyber threat hunting.
To prevent future incidence, the Monetary Authority of Singapore also launched a $30 million grant for strengthening the cyber resilience of financial institutions. This gap calls for more cybersecurity professionals and opportunities to expand the talent pool in the financial sector.
Required Skills:
Expertise in network security and threat analysis.
Proficiency in malware analysis and cyber threat hunting.
Knowledge of security operations and incident response.
Job Availability & Income:
Cybersecurity: 2,700 jobs.
Hiring companies: EY, consulting services, banking and financial firms.
Average salary: $81,744
4. Digital Transformation Specialist
If you experienced a ‘WFH’ situation, you are part of the rapid digital transformation that Covid pushed organizations into the past 2 years. 84% of employers are overseeing a significant expansion of remote work, with a third implementing new tools to enable more dynamic collaboration and community building.
Microsoft is a prime example. The company responded to changes in customer needs without basing its strategy on Windows. They opened up to serving mobile devices by providing Office for tablets/iPads. In addition, the company invested in cloud computing by establishing cooperation with Dropbox to develop its OneDrive.
Other successful projects include IKEA’s Smart Home project, the NIKE Plus loyalty program and Disney’s Magicband straps. To drive these initiatives, companies are more keen on hiring specialists who are proficient in emergent technologies.
Required Skills:
Understanding of emerging technologies like cloud computing, IoT, and AI.
Project management and change management expertise.
Strong business acumen and strategic thinking.
Job Availability & Income:
Digital Transformation: 2,000 jobs.
Top hiring companies: Accenture & Salesforce.
Average salary: $71,164.
5. Digital Marketing Specialist
LinkedIn shares that the “Digital Marketing Specialist” role is among the top 10 most in-demand jobs, with 860,000 openings. Yet, the market faces a serious shortage of about 230,000 digital marketing professionals in the U.S alone.
Traditional marketers and agencies struggle to keep up with new tools and platforms. To name a few, skills like social media marketing, in-app strategy, SEO and website analytics are not topics they are familiar with.
Hence, firms are actively headhunting for digital marketing talents. They are instrumental in making brands stand out in the virtual crowd.
Expertise in social media strategy and management.
Understanding of web analytics and performance tracking.
Job Availability & Income:
Digital Marketing: 10,600 jobs.
Top hiring companies: Amazon & TikTok.
Average salary of Digital Marketing Specialist: $86,766; Marketing Directors: $124,169.
Conclusion
In today’s rapidly evolving digital landscape, staying ahead of the curve is essential for career success. The demand for professionals with expertise in digital solutions and big data is skyrocketing across industries.
If you’re struggling to fill critical roles within your organization, consider partnering with a reputable recruitment agency in Singapore.
Our experienced consultants can leverage their extensive networks and industry expertise to identify and attract top talent, saving you time and resources. By outsourcing your recruitment needs, you can focus on core business activities while we handle the complexities of finding the ideal candidates.
Startup or MNC? Which is Right for Your Career in Singapore?
Building an illustrious career requires intention. Your choices can determine your trajectory.
People typically explore two paths. Startups VS MNCs (Multinational Corporations). Traditionally, people favor the stability and established names on their resume. However, startups have since risen to become a popular alternative.
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What is The Difference Between MNC and Startup?
Multinational Corporations (MNCs) are large, well-established companies that operate in multiple countries and have a global presence. They typically have a hierarchical structure, established processes, and a focus on stability and growth within their existing markets. MNCs often have significant resources, brand recognition, and a diverse range of products or services.
On the other hand, startups are newly founded companies that aim to develop and bring innovative products or services to the market. They are typically small, agile, and focused on rapid growth and disruption. Startups often operate in a fast-paced and dynamic environment, with a flat organizational structure and a strong emphasis on innovation and risk-taking.
Which One is Better? Startup or MNC?
The decision to pursue a career at a startup or a multinational corporation (MNC) is a highly personal one that depends on various factors. Both paths offer unique advantages and challenges, and there is no one-size-fits-all answer. Before making this pivotal choice, it’s crucial to carefully evaluate your priorities, goals, and preferences. The following factors will help you weigh the pros and cons of each option and determine the best fit for your career aspirations and lifestyle.
1. Remuneration Package
At the end of the day, the job has to pay the bill. With MNCs, they have the dough to offer better financial benefits. You can expect to negotiate a higher base salary with additional incentives like commission and bonuses. If you are headhunted, they may be willing to offer stock options to sweeten the deal.
You can expect better employee welfare with big corporations. Some of these generous benefits include:
14-28 days of annual leave.
Medical insurance for out-patient and hospitalization.
Discounted insurance premium for spouse and children.
Leisure/recreational allowance.
In contrast, startups generally offer a lower salary; especially if they are in the early stage of securing funding (Seed/Series A). Having said, you can still get paid fairly with the influx of angel investors nowadays.
Bonuses are uncommon. Most of the revenue will be put into developing the business. However, some startups do offer a carrot – stock options. While little in value early on, these stocks rise in their intrinsic value when the company expands or gets acquired.
The young nature of startups allows more space for negotiation. Startups compensate for their lack in monetary rewards with better welfare like leadership opportunities, extra days off and personalized training and development.
Culture plays an important role in talent acquisition and retention. Whether someone stays or leaves, depends if they resonate with the company’s beliefs and culture. Here are four characteristic cultures you want to consider before joining a company.
a. Clan Culture
Interpersonal relationships matter. Employees are treated inclusively as part of a bigger family where communication and collaboration are often emphasized. Employees have a strong sense of belonging and resonate with the company’s vision. (E.g. Walt Disney, Tom’s of Maine, Whole Foods, & TOMS shoes).
b. Adhocracy Culture
Everyone has a big appetite for risk. Leaders are eager to challenge assumptions and venture into uncharted waters. Regardless of their position, everyone is encouraged to contribute to innovation. (E.g. Facebook, Google).
c. Market Culture
Getting the job done is number one. Often these results oriented environments are highly competitive. But it pushes a person beyond their current limitations. Best for an accelerated career growth. (E.g. GSK, Tesla, & Amazon).
d. Hierarchical Culture
Processes and procedures are highly valued. There is an established chain of command with every employee tasked with their specific role. You will see this in many Japanese companies as well as the oil and gas, finance, aviation, and government industries. (E.g. Tesco, MUFG Bank & SIA).
According to a University of Phoenix survey, 64% of working adults report having limited opportunities in their current companies. Hence, most people leave their current post to break out of the stagnation. Good news is whether it is a start-up or MNC, you can expect growth. These two offer significantly contrasting experiences and challenges.
With MNCs, your daily activities revolve around a specific job scope. Give it a year or two, you will be the expert in the matter. However, there is unlikely any chance for growth in skills beyond your assigned scope.
Meanwhile at startups, you wear many hats. You will be exposed to many aspects that you are unfamiliar with. Majority of your work will be outside of your expertise. Things can be changing so fast that you will be unlearning and relearning. Adaptability in this ever-changing environment is key to your success.
Having leadership qualities is one skill employers look out for. The ability to manage people requires experience. Here’s where you come in.
At startups, you will have more opportunities to lead. Most of the hires tend to be young and inexperienced. They require more handholding and guidance from you. On top of that, you don’t have to worry about plateauing as startups now dedicate resources to send their leaders to be trained and updated in their management skills.
In contrast, you may be competing in an overcrowded market for managerial roles at MNCs. Also, established companies have developed management associate programs to groom their own talents. Unless you have a stellar record, it is not easy to land a managerial role there.
Since MNCs and startups have different systems and work culture, it is important to consider if you are a good fit in these companies. You want a place where your values and interests are aligned with what you do. Ask yourself these questions to help you make a decision.
Do you like a sense of belonging? At startups, you have a greater opportunity to contribute and be a part of the company’s success.
Will you be doing something you love? Maybe you like to be more hands-on in developing a product. At startups, you are more likely to be personally involved than working at MNCs.
Want to be a mentor to younger voices? At startups, colleagues can tap on your experience and knowledge. Company culture is more malleable here than at a MNC. Your decisions will have a huge influence on where the company heads toward.
Do you prefer stability in your career? Here’s some realistic figures: 90% of startups fail. If you are looking for a good career progression, MNCs definitely have your professional growth charted out for you.
Conclusion
The landscape of startup work has evolved significantly in recent years. While startups once faced certain disadvantages, today they often offer opportunities for versatility and personal growth. However, working at a multinational corporation (MNC) can also provide unique advantages, such as exposure to a broader industry perspective.
Ultimately, the best choice for your career depends on your individual goals and aspirations. If you’re unsure which path to take, consider consulting with a reputable recruitment agency in Singapore. Our experienced consultants can provide personalized guidance and help you make informed decisions about your career.
10 Know-How to Negotiate A Higher Salary During An Interview!
Ever felt at loss or embarrassed when negotiating your salary during an interview? Want a higher salary but not sure how to approach the matter? You are not alone. 1 in 4 candidates doesn’t know how despite 70% of managers expecting them to be capable of doing so.
This is due to a lack of knowledge of negotiation skills and familiarity in such situations. Therefore, being ignorant about asking for more money only puts you at the losing end.
You don’t want to be facing that down the road. Equip yourself today with these salary negotiation techniques and put yourself in an advantageous position.
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1. Don’t Undermine Yourself When Asking For Higher Salary
For starters, be confident. Before any negotiation, people automatically discount themselves when they feel lacking in one area or another. This inferiority can influence your negotiation ability for the worse.
A worker is worth his wages. Here’s how you can justify a higher salary:
Find out what is the industry benchmark for your qualifications and experience. You can start your research at platforms like PayScale and Glassdoor.
List down your strengths. Demonstrate how your experience and expertise are relevant to the job you are applying for.
Assess your shortcomings and detail how you plan to compensate. For instance, if you have an extended period of unemployment, show how you spent that time productively to value-add to your marketable skills (e.g. taking up courses or learning a new language).
Another effective salary negotiating tactic is to create a personal rapport with the interviewer. This is so that he/she doesn’t see you as another cog in the wheel.
Be intentional in your conversations. Look up more about the management profile on the company’s website or LinkedIn. Find common topics you can bond over (e.g. company history, interests, etc).
Nowadays, virtual interviews are your main point of contact with your interviewer. Hence, it is good to take note of the following:
Smile. Be friendly and approachable.
Engage in small talk for a start.
Mirror the interviewer’s expressions.
Nod when you agree with the points made.
3. Wait For The Opportune Moment
Timing is everything. According to the best-selling job-hunting book “What Colour Is Your Parachute”, the best time to negotiate salary is when the company decides that they want you. Here’s a clue. The interviewer would mention that you would be a great fit and extend the offer.
Avoid negotiating early in the interview process. This would signal to most interviewers that you are more focused on the money than the job. It can also trap you within a salary ballpark; making it difficult to negotiate for significantly more.
Be patient and wait till the offer has been communicated. Here’s when you are best primed to bargain. Start discussing the terms and conditions of your salary package.
4. Make Your Remuneration Requests Clear
When negotiating, categorise your requests and ask for them accordingly. Items in your offer should be divided into direct and indirect compensation.
Negotiate the monetary compensation first. After reaching an agreement on those, move on to the non-monetary items. Do keep an open mind to suggestions that the employer offers. Certain forms of compensation like free meals may not be something you have thought about. However, it may be worthwhile to you.
5. Anchor The Discussion In Your Favor
Start the discussion by proposing a pay range. Never state a fixed amount. For instance, you find yourself deserving of a salary range of $60,000 to $70,000. However, you feel that the next tier is within reach.
You can frame your proposition as, “Correct me if I’m wrong, but I understand that people with my experience typically fetch $70,000 to $80,000.”
This is a humble yet assertive statement. People usually make estimates by starting from an initial value that is then adjusted to yield the final answer. Therefore, the $70,000 to $80,000 range is a powerful anchor. It acts as a reference point that could steer your salary upwards.
6. Read The Room
Was your potential employer taken aback by your opening offer? Reduce the tension by lightening the mood. A Havard study concluded that humour, used appropriately, can be effective to negotiate salary.
In this case, diffuse tensions by making a joke. Laugh it off and interject with something more light-hearted like, “I’m sorry, I know that figure is too high.” However, your counterpart can take the joke the wrong way. Hence, humour should be kept as a last resort.
Our advice – tactfully navigate your opening offer.
7. Manage Your Emotions
Feeling like the conversations are heating up? Consciously remind yourself to be courteous at all times. Every touchpoint is an opportunity to develop a relationship and build your reputation with your potential new employer.
Here are some suggestions:
When faced with a low offer, show your gratitude first. Then justify why you deserve better terms.
Frame your requests in an understanding manner. Use phrases like “I’m wondering”, “if you could share with me”.
Propose alternatives. When facing an impasse, you can suggest arranging a bi-annual performance review to be drafted into your contract.
Your polite demeanor and maturity will leave a good impression on your potential employer. It may well be the deciding factor in the success of your salary negotiation.
8. Don’t Just Talk, Listen Attentively
When seeking clarification, pay close attention to what the interviewer is saying. Incorporate his/her needs to develop a win-win solution for both parties. This would communicate to them that they are being heard. Active listening means paraphrasing, inquiring, and acknowledging.
Paraphrasing – Catch the key terms used by your interviewer and incorporate them into your replies. Start your sentences with phrases that show him/her that you heard them. (E.g. if I understand correctly or you’re concerned with)
Inquiring – Probe further. Start your reply with phrases that induce the interviewer to elaborate more: ‘help me understand’ or ‘let’s talk more about’.
Acknowledging – Let the interviewer know that you’re conscious of his/her concerns by including phrases like, ‘it sounds like’, ‘so much so that you have serious concerns’.
Now, assert your viewpoint and propose a creative solution that satisfies everyone.
9. Never Settle For Too Low A Salary
Although you have been negotiating for some time, there is still no consensus. Don’t settle, push through. The risks are worth it. Those willing to take risks tend to be better negotiators.
A Harvard study on salary negotiation showed that being competitive when asking for a higher salary is an effective strategy. Those who did so increased their starting pay by an average of $5,000.
Emphasize the benefits you bring to the table. Tensions may be high when you continue bargaining. However, if you’re not asking for something ludicrous, there’s a chance you get the salary you want.
10. Put It In Writing
Having settled on a remuneration package, it is vital to ask for written documentation. Besides the basic salary amount, you should include other forms of remunerations such as bonuses or stock options. Non-monetary benefits like flexi-work arrangements and parental/childcare leave should also be in writing.
Ensure that these statements are in print when you and your prospective employer sign the contract.
Conclusion
Now that you’ve learned how to negotiate a higher salary, it’s time to put those skills into practice. By utilizing the tactics and techniques discussed, you can increase your chances of securing the compensation you deserve.
If you’re looking for additional guidance on salary negotiation or need assistance with your overall career development, consider partnering with a reputable recruitment company in Singapore. Our experienced consultants can provide personalized advice and support to help you achieve your career goals.
