The Ministry of Manpower has released figures showing Singapore’s unemployment rate at a 3-year low of 1.9% in Mar 2011, down from 2.2% in Dec 2010. The Ministry of Manpower said all industries expanded their workforce, led by community, social, and personal services.
The low unemployment rate is attributed to the robust economy. Accordingly, real average monthly earnings rose by 3.2% in Q1 2011.
Given the tight labor market and increased wages, it is timely now for employers to focus on talent retention as a means of maintaining competitive advantage. Greater emphasis on staff engagement, upgrading, and career progression will provide employers with the tools to supplement wages and beenfits as a means of staff retention.