The Hudson Report: Employment and HR Trends, Singapore, Q1 2007 paints a rosy picture of this growing economy – especially if you’re in the market for a job or a job change.

“Employment expectations are rising and companies express a high level of optimism about future performance. But the other side of the coin is severe competition for staff. Companies recognise they must be prepared to look at the packages they offer which would now include significant increases in salaries and bonuses in order to attract appropriately talented individuals.”
—Mark Sparrow, Country Manager, Hudson, Singapore

With a robust economy comes increased employee turnover. This study found nearly one-third (32%) of respondents in all sectors experienced staff turnover of more than 10% in the past year, with the IT&T and Banking sectors reporting the highest levels.

Staff poaching is identified as the most significant cause of staff turnover. If you do business in Singapore, it’s time to tune up your talent management best practices…