The Talent Market in Transition Report 2024

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The Singapore Maritime Foundation and Faststream Recruitment have partnered for the second year to create the Singapore Maritime Employee and Employer Surveys. This initiative continues to uncover key trends in crucial areas such as retention, attraction, culture, well-being, AI, training and development, reward, and leadership.

While the surveys revealed some common ground between employees and employers, they also underscored notable differences.

Talent retention

Talent retention has become a top priority, with fewer employers planning to hire in the coming year—59% compared to 76% last year. Recruitment challenges persist, with 85% of employers finding hiring difficult, primarily due to skill shortages and compensation issues.

The increase in job-seeking among candidates, now at 66%, signals the need for employers to address key motivators such as competitive pay and career growth. Misalignment between what keeps employees loyal and employers' perceptions, along with concerns about job security, further emphasises the need for improved support and communication to boost retention.

Talent attraction

64% of employers remain open to hiring from outside the maritime sector. Despite this openness, 94% of employers still prefer recruiting from within maritime, highlighting a strong reliance on sector-specific expertise.

Concerns about maritime’s attractiveness persist, with 56% of employees and 41% of employers doubting its competitive pay. Employers are now considering new attraction strategies to appeal to a generationally diverse workforce. Implementing strategies such as catering to a ‘click for everything’ movement, adding candidate personas and transparent job adverts could also boost attraction efforts, aligning with candidates' expectations and enhancing the sector's appeal.

Company culture

Company culture remains a critical factor for employees, with 83% valuing their business's purpose. However, one in five employers feel they are not promoting this purpose effectively, both internally and externally.

Employees are increasingly seeking meaningful work that aligns with their values, with 56% wanting their roles to positively impact both society and the environment. Employers are recognising this trend, with 98% prioritising value alignment in their hiring processes.

Well-being

This year, employee happiness at work has notably increased, with 59% of workers reporting high levels of contentment, up from 47% last year. However, despite this improvement, there remains a gap between employer and employee perceptions of work-life balance, with only 57% of employees feeling adequately supported compared to 80% of employers who believe they meet this need.

Flexibility continues to be a key factor in employee well-being, with many workers desiring fully flexible workplace options and control over their work hours. Employers face a challenge in balancing the need for physical office presence with maintaining a supportive culture that enhances well-being.

AI in the workplace

26% of employees are already using AI at work, signalling a shift towards digitalisation. However, while over 80% of both employers and employees view AI positively, there are concerns about job displacement, with 29% of employees anxious about potential impacts on their roles.

Despite these concerns, the integration of AI is expected to lead to both job creation and improvement in existing roles, even as it may replace some positions. The majority of employees and employers anticipate that AI will enhance job functions and create new opportunities. However, with only 6% of employees rating themselves as proficient or expert in AI, there is a clear need for targeted skill development and training.

Development and leadership

94% of employees expect their employers to invest in training, up slightly from 93% the previous year. While 65% of employers provide training to all employees, and an additional 33% offer it to some, a notable 38% of employees have not received training recently.

Despite the clear demand for AI and sustainability training, 36% of employers do not plan to offer such opportunities soon, potentially leading employees to seek external options or new employers with more comprehensive training programmes. Additionally, only 47% of employees reported receiving development reviews, highlighting a gap between the perceived and actual investment in employee growth.

Reward

Salary and benefits remain critical motivators for employees considering job changes and staying with their current employers. While 75% of employees have received a pay rise, 59% of employers acknowledged the mounting pressure to offer more frequent raises. 69% of employers felt the pressure to be more transparent about compensation, aligning with the 96% of employees who value fair pay practices.

The most sought-after benefits include bonuses, annual wage supplements, and private healthcare, with flexible hours and remote working also highly desired. While 68% of employees feel their employers do not offer enough benefits, 57% of employers are working to address this gap. The increase in bonuses and the growing trend of loyalty bonuses highlight a focus on enhancing retention strategies.

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If you would like to discuss any of the findings, topics and thoughts from the author, please contact: Mark Charman, CEO & Founder