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Market insights: Empowering your talent strategy.

After two years of double-digit GDP growth, companies have tightened the purse strings and been strategic with their hiring. Despite a slowdown, recruitment for top talent is still happening - but it has been difficult.


of hiring managers plan to recruit over the next 6 months.


of professionals in Singapore plan on actively looking for a new job in the next 6 months, - 23% down from last year.


of employers have lost out on hiring new talent in the last 6 months as they can’t compete on salary and benefits.

Only time will tell whether we see a surge of movement in 2024, like the ‘Great Resignation’ of 2021. However, if employees are not taken care of now, they will let this be known with their feet.

- Gurj SandhuManaging Director, Morgan McKinley Singapore

This is your opportunity to Go Beyond all expectations.

How can you be successful in the evolving talent landscape?

The top 5 hiring challenges companies will face in 2024.


of organisations in Singapore found hiring ‘Very’ or ‘Quite’ competitive in 2023. The main barriers for recruitment in 2024 are…

  • Lack of skilled candidates available
  • No budget to hire
  • No sign-off for new headcount
  • Employer branding not attractive
  • Pay and benefits not competitive enough

What do people want? Key benefits to offer…


Employees in Singapore are not very satisfied with the benefits they receive, with 63% being ‘neutral’, ‘dissatisfied’ or ‘highly dissatisfied’ with their packages.

Offering strong benefits, both financial and non-financial, increases your chance of attracting and retaining top talent.

    Top 5 most desired benefits:

  • Bonus
  • Work from home
  • Flexible working hours: Flexi-start, flexi-finish
  • Health and wellbeing benefits and support
  • Health insurance

Flexibility is still high on the agenda.


Flexibility around working patterns remains a prominent request, yet 61% of organisations are asking staff to be in the office more regularly compared to this time last year.

Giving freedom around where and when your people do their work gives your attraction and retention a boost.

Up, down or flat? The state of salaries.

In a difficult market, employee engagement is key. It’s important you understand your people - their career goals and aspirations - to keep them engaged, and pay them appropriately for their work.


of organisations kept their salary bandings level over the second half of 2023.


of employers plan to increase salary offers in 2024 for certain, hard-to-fill roles.


of professionals are optimistic that they will receive an increase in 2024.

2024 Singapore salary guide.

Explore salaries to find out how much you should be paying your employees or how much you could be earning this year.

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Download your Salary Guide for 2024.

Salary data, insights and advice to guide your talent strategies. Benchmark what you are paying your teams against the industry averages for roles in your location.

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Advice for successful hiring.