Companies brace themselves for staff attrition as economy improves
Channel NewsAsia
SINGAPORE: Companies are bracing themselves for staff attrition as the economy improves. A poll by global management consultancy, Hay Group, said they are doing so by investing to retain high performing employees.
Dr Stephen Choo, regional director of Hay Group Insight, said employees in Singapore feel that they have stretched themselves to the limit to help their companies in the downturn, and a talent exodus might happen if nothing is done to reward and recognize the sacrifices made by employees.
According to Dr Choo, companies need to think of more ways to engage their employees.
"Talent are certainly very motivated to remain with the company if there are lots of development opportunities — that the company could actually work with them in terms of enhancing their skills and talent," said Dr Choo.
"Also, training is very important. Certainly leadership is still very important because lots of talent are motivated to stay with the company if there is a good role model they can look up to," he added.
Other motivating factors include offering employees more resources to work with, creating an environment that promotes greater teamwork, and also giving them more empowerment and authority.
Dr Choo said that companies polled are planning on average to give a salary increase of 3 per cent in 2010, as compared to 2.3 per cent this year.
The sectors doling out the highest salary increases will be the Oil & Gas, Chemicals and Insurance sectors.
The poll also showed that the percentage of companies cutting or freezing pay has dropped from 58 per cent in March to 18 per cent in October.
According to the Hay Group’s survey, variable bonuses for this year will remain modest at 1.8 months, and are forecast to be marginally lower at 1.5 months in 2010. The lower bonus predicted in 2010 is due to the unclear economic outlook for the next three to six months, explained Dr Choo.
He said: "As a whole, most industries are quite conservative about their forecast because there is no clear indication at this point in time that the economy is certainly moving up north.
"What we can see so far is that there are conflicting stories about some industries seeing an upturn, but at the same time there are also companies which are laying off staff as well."
— CNA/sc
- wong chee tat :)
Monday, November 2, 2009
HDB suffers S$2b deficit
HDB suffers S$2b deficit
Channel NewsAsia
Channel NewsAsia - Tuesday, November 3
SINGAPORE: The Housing and Development Board (HDB) has reported a S$2b deficit before government grants in its latest annual report.
The figure is more than double the loss reported in the previous financial year.
HDB said the huge deficit for the financial year ending March was due mainly to more flats being sold. These flats are highly subsidised by the government. Higher construction costs also led to the large deficit.
Other reasons that contributed to HDB’s loss include upgrading works for lifts and rental flats.
Between April last year and March this year, HDB pushed out 8,000 flats under its Build—To—Order Scheme. That’s 2,000 more than what it supplied the year before.
At a media briefing on its latest annual report, HDB also gave an update on the Lease Buyback Scheme which allows low—income elderly Singaporeans to get a portion of cash upfront while HDB buys back the tail—end of the lease of their flat.
HDB has received more than 400 applications since the scheme was launched earlier this year.
Some 25,000 households are eligible for the scheme.
But the elderly have other options to monetise their flats.
HDB’s CEO, Tay Kim Poh, said: "Some of them will sublet their entire flat, and the rental for even a three—room flat is very good nowadays. They can easily get $1,500 per month from the rental and they move in to stay with their children (after renting out their flat)."
Despite the global downturn, HDB said the mortgage arrears rate has dropped 0.4 percentage point to 7.5 percent.
Market watchers said this may be due to the high resale prices of HDB flats.
Eugene Lim, associate director of ERA Asia Pacific, said: "So there was an upswing in the market since the beginning of this year. And what happens is that those households in arrears probably made use of this opportunity to sell their flat and downgrade to a flat that they can afford."
Moving forward, HDB said it will focus on improving community relations. A new department has been set up within the housing board to look at strengthening social cohesion and integrating newcomers.
— CNA/ir
-wong chee tat :)
Channel NewsAsia
Channel NewsAsia - Tuesday, November 3
SINGAPORE: The Housing and Development Board (HDB) has reported a S$2b deficit before government grants in its latest annual report.
The figure is more than double the loss reported in the previous financial year.
HDB said the huge deficit for the financial year ending March was due mainly to more flats being sold. These flats are highly subsidised by the government. Higher construction costs also led to the large deficit.
Other reasons that contributed to HDB’s loss include upgrading works for lifts and rental flats.
Between April last year and March this year, HDB pushed out 8,000 flats under its Build—To—Order Scheme. That’s 2,000 more than what it supplied the year before.
At a media briefing on its latest annual report, HDB also gave an update on the Lease Buyback Scheme which allows low—income elderly Singaporeans to get a portion of cash upfront while HDB buys back the tail—end of the lease of their flat.
HDB has received more than 400 applications since the scheme was launched earlier this year.
Some 25,000 households are eligible for the scheme.
But the elderly have other options to monetise their flats.
HDB’s CEO, Tay Kim Poh, said: "Some of them will sublet their entire flat, and the rental for even a three—room flat is very good nowadays. They can easily get $1,500 per month from the rental and they move in to stay with their children (after renting out their flat)."
Despite the global downturn, HDB said the mortgage arrears rate has dropped 0.4 percentage point to 7.5 percent.
Market watchers said this may be due to the high resale prices of HDB flats.
Eugene Lim, associate director of ERA Asia Pacific, said: "So there was an upswing in the market since the beginning of this year. And what happens is that those households in arrears probably made use of this opportunity to sell their flat and downgrade to a flat that they can afford."
Moving forward, HDB said it will focus on improving community relations. A new department has been set up within the housing board to look at strengthening social cohesion and integrating newcomers.
— CNA/ir
-wong chee tat :)
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