Research Insights: Singapore Real Estate Market Outlook for H2 2023

WiseNetAsia Knowledge Center
Copyright © 2023 WiseNet Asia Pte Ltd.  All Rights Reserved

 

Introduction

As we delve into the second half of 2023, the real estate market in Singapore stands at a crossroads, influenced by various economic and geopolitical factors. To provide a comprehensive perspective, we’ve gathered insights from experts in the field and consolidated their opinions on the current state and future prospects of Singapore’s real estate market.

  1. General Outlook of Singapore’s Real Estate Market for H2 2023

The general outlook for the real estate market in Singapore for the second half of 2023 appears promising, contingent upon economic and geopolitical stability. Notably, Singapore’s economy exhibited resilience, with a year-on-year growth of 0.7% in the second quarter of 2023, up from 0.4% in the previous quarter, according to the Ministry of Trade and Industry (MTI) press release on July 14, 2023. However, several key subsectors require closer examination.

Source: MTI press release 14 Jul 2023.
https://www.singstat.gov.sg/-/media/files/news/advgdp2q2023.ashx#:~:text=14%20July%202023.,recorded%20in%20the%20previous%20quarter.

 

1.1 Residential Sector

The residential market is expected to experience dampened growth in H2 2023. Government initiatives aimed at curbing cost escalation and enhancing affordability will play a role in this trend. Additionally, the effects of the new Additional Buyer Stamp Duty (ABSD) will likely lead to lower transaction volumes due to supply constraints.

 

1.2 Commercial Sector

The commercial real estate market, particularly the office sector, has been profoundly impacted by post-Covid workplace changes. Many tenants have adopted hybrid work arrangements, leading to weakened demand, occupancy, and rental rates. Nevertheless, strata office sales remain strong as an investment asset class, and new demand is anticipated from new tenants establishing their presence in Singapore.

 

1.3 Other Sectors

In contrast, industrial asset classes such as logistics and data centers continue to thrive, benefiting from high yields relative to interest rates. Hospitality is on an upward trajectory, driven by increasing occupancy rates and the resumption of tourism and large-scale events.

Overall, the real estate market in Singapore is likely to experience a slowdown or plateau, with developers adopting a more cautious approach due to inflationary pressures and interest rate fluctuations.

 

  1. Asset Classes Poised for Growth

To identify the asset classes expected to outperform others in the coming quarters, we turn to expert opinions:

 

2.1 Warehouse and Logistics

The warehouse and logistics sector is forecasted to perform exceptionally well due to a supply crunch, driving up rents and capital values. This, coupled with robust investor demand, maintains steady yields, even in a high-interest-rate environment.

 

2.2 Office

Office space, on the other hand, faces challenges as occupiers continue to adjust their office premises. Investment-grade office rent growth in the Central Business District (CBD) stagnated in 2Q2023, and capital values declined.

 

2.3 Residential

Despite market cooling measures, the residential sector is expected to hold up well, though a slowdown in the secondary market is anticipated.

 

2.4 Retail

Retail’s resilience, supported by a stable domestic market and consistent international tourism, is expected to drive rental increases and underpin retail asset prices.

Source: JLL Property Research 2Q2023
https://www.jll.com.sg/content/dam/jll-com/documents/pdf/research/apac/singapore/jll-singapore-property-market-monitor-2q23.pdf

 

  1. Real Estate Market Outlook in Other Asian Regions

Beyond Singapore, experts weigh in on the real estate market outlook in other parts of Asia, primarily China and Southeast Asia (SEA):

The recovery of China’s real estate market is expected to benefit SEA countries such as Malaysia and Thailand. Despite challenges in China, some ASEAN nations like Indonesia, India, and Vietnam are positioned for growth. Japan continues to garner interest due to its low-interest-rate environment.

 

  1. Impact of Family Offices on Singapore’s Real Estate Market

The influx of family offices into Singapore is poised to have a positive impact on the real estate market for several reasons:

(a) Increased funds management activity will lead to greater demand for office space and employment opportunities.

(b) Family offices are likely to allocate more funds to real estate fund management, both directly and indirectly.

With Singapore serving as the Global-Asia Pacific gateway for asset managers and investors, family offices will find opportunities in venture capital and start-up ecosystems, further stimulating investment in real estate assets.

 

  1. Job Market Trends

In terms of job market prospects, certain sectors are expected to see increased hiring in the next few quarters:

– Fund management, including private and public funds, for both direct and indirect investments.

– Family offices, particularly in private funds.

– Asset and investment management.

– Project development.

– The hospitality sector.

These sectors are expected to drive job creation, supported by favorable economic conditions and increased investment activities.

 

Conclusion

The real estate market in Singapore for H2 2023 displays a mix of challenges and opportunities. While various factors will influence its trajectory, including government policies, economic stability, and global dynamics, experts remain cautiously optimistic about the industry’s resilience and adaptability. The performance of specific asset classes and the entry of family offices into the market are key trends to watch in the coming quarters, along with potential shifts in the broader Asian real estate landscape.

—End—

 

 

 

The Power of Connections: How Headhunters Can Expand Your Company’s Network and Reach

WiseNetAsia Knowledge Center
Copyright © 2023 WiseNet Asia Pte Ltd.  All Rights Reserved

With the rise of digital networking and job search platforms, it may seem like recruiting the right candidates for your company has become easier. However, many businesses still struggle to find the right candidates, especially for senior or executive-level positions. This is where headhunters come in, helping to expand a company’s network and reach, in addition to talents acquisition.

Headhunting, also known as executive search, focuses on placement of qualified candidates for senior or executive-level positions. These candidates are often passive job seekers, meaning they are not actively looking for a job but may be open to new opportunities if presented and “sold” with the right offer.

Collaborating with headhunters provides numerous advantages that justify the additional HR cost. It goes beyond matching talents with a company’s values and encompasses intangible benefits such as receiving HR advice and the latest insights from headhunters, who often have extensive industry knowledge and connections. Additionally, working with headhunters provides access to new networks and contacts that may not be easily accessible when conducting recruitment independently or in-house.

Here are just a few of the benefits that headhunting can offer:

Access to Top Talent:

One of the most significant benefits of engaging headhunters is their ability to connect businesses with top-tier talent who are not actively seeking job opportunities. These individuals often hold high-level positions in other organizations, making them challenging to identify through traditional job search methods. Headhunters possess extensive networks and relationships with professionals across various industries, granting them access to a pool of qualified candidates who may be an ideal fit for a company. Furthermore, headhunters possess the skills and expertise to identify and attract passive job seekers who might not actively be seeking a new role.

Tailored Recruitment Approach:

Unlike conventional recruiting methods, headhunters adopt a tailored approach to recruitment. They work closely with companies to comprehend their unique needs, requirements for the position, and company culture and values. This understanding enables headhunters to identify candidates who possess the necessary skills and experience and align well with the company’s culture, ensuring their potential to contribute to its long-term success. Moreover, headhunters can conduct in-depth assessments and evaluations of potential candidates to ensure the right fit for both the role and the company.

Read more about tailored recruitment approach: https://wisenetasia.com/talent-acquisition/search-process/

Saving Time and Resources:

Recruiting the right candidates, particularly for senior or executive-level positions, can be a time-consuming and resource-intensive process. Partnering with headhunters alleviates this burden, allowing companies to focus on their core business functions. Headhunters assume the majority of the recruitment process, including sourcing, screening, and interviewing candidates. They also handle negotiations to ensure that companies acquire the best talent available. Consequently, this saves time and resources, empowering companies to concentrate on their core functions and achieve their goals more efficiently.

Confidentiality:

Confidentiality is often a paramount concern when recruiting for senior or executive-level positions. Companies strive to avoid unnecessary disruptions or uncertainties among their existing staff and may prefer to keep their recruitment efforts concealed from competitors. Headhunters possess the expertise to conduct searches discreetly, ensuring confidentiality and minimizing disruptions. This becomes particularly crucial when replacing a CEO or other senior executives, where discretion is essential.

Professional Expertise:

Headhunters are industry experts with extensive knowledge and experience in recruitment and talent acquisition. They possess a deep understanding of the job market, industry trends, and the skills and qualities required to excel in specific senior or executive-level positions. Leveraging their expertise, headhunters can provide valuable advice and guidance to both candidates and clients. They assist candidates in comprehending the role’s requirements, expectations, as well as the company’s culture and values. Clients benefit from insights into market trends, compensation packages, and others.

Headhunters Facilitate Expansion of Client’s Network and Reach

Perhaps one of the most significant benefits of working with a headhunter is the ability to expand your company’s network and reach. By working with a headhunter, you can tap into their extensive professional network and connections, which can lead to valuable business opportunities and partnerships.

In addition to connecting you with top talent, headhunters can also introduce you to other business leaders and professionals in your industry. This can provide your company with a competitive edge, as you can learn from others’ experiences and build relationships that can lead to new business opportunities.

Furthermore, working with a headhunter can help you gain a better understanding of the job market and industry trends. This can provide valuable insights into the skills and qualities that are in high demand, as well as the compensation packages and other benefits that are necessary to attract top talent.

By expanding your company’s network and reach, you can also increase your brand visibility and reputation in your industry. This can lead to increased brand awareness, customer loyalty, and other benefits that can help your company achieve long-term success.

Choosing the Right Headhunter

While there are many benefits to working with a headhunter, it’s important to choose the right one for your company’s needs. Here are a few tips to keep in mind when selecting a headhunter:

  1. Look for a headhunter who specializes in your industry or niche. They will have a better understanding of your company’s unique needs and requirements.
  2. Research the headhunter’s track record and reputation. Look for reviews and testimonials from previous clients to get a sense of their level of expertise and professionalism.
  3. Consider the headhunter’s recruitment process. Make sure they take a tailored approach to recruitment and have the skills and expertise to identify the right candidates for your company.
  4. Ensure that the headhunter has a thorough understanding of your company’s culture and values. This will help them identify candidates who fit well within your company and can contribute to its long-term success.
  5. Finally, make sure you feel comfortable and confident working with the headhunter. Communication is key, and you want to work with someone who is responsive and easy to work with.

Conclusion

In today’s competitive business environment, finding and retaining top talent is essential to achieving long-term success. While traditional recruiting methods can be effective, working with a headhunter can provide a unique and valuable service that can expand your company’s network and reach.

By tapping into a headhunter’s extensive professional network and expertise, you can gain access to top-tier talent that may not be actively looking for a job. You can also benefit from their tailored recruitment approach, professional expertise, and high level of confidentiality.

Choosing the right headhunter is essential, so be sure to do your research and find someone who specializes in your industry and can provide the level of service and support that your company needs.

Overall, working with a headhunter can be a valuable investment for your company, providing access to top talent, expanding your network and reach, and helping you achieve long-term success.

—End—

Decoding Hidden Anxiety Behaviours in the Workplace

WiseNetAsia Knowledge Center
Copyright © 2023 WiseNet Asia Pte Ltd.  All Rights Reserved

 

In today’s fast-paced and demanding work environment, anxiety has become an all-too-common quiet companion for many working adults. However, what often goes unnoticed are the subtle, hidden anxiety behaviours that can silently wreak havoc on our mental well-being and job performance. In this article, we’ll delve into how anxiety behaviours manifest in the workplace, their impact on our lives, and most importantly, how to overcome them to lead a more balanced and fulfilling professional life.

The Veiled Anxiety Behaviours

Anxiety behaviours may not always be as overt as nail-biting or nervous fidgeting. Instead, they often masquerade as seemingly innocuous habits or traits. Some common hidden anxiety behaviours include perfectionism, people-pleasing, overworking, avoidance of conflict, and constant self-doubt. These behaviours may be mistaken for dedication, teamwork, or even a strong work ethic, but beneath the surface, anxiety is the driving force.

Anxiety behaviours may be mistaken for dedication, teamwork, or even a strong work ethic, but beneath the surface, anxiety is the driving force.

Manifestations of Anxiety Behaviours in the Workplace

  1. Perfectionism: While striving for excellence is admirable, perfectionism takes it to an extreme level, setting unrealistic expectations and causing excessive stress when things don’t go exactly as planned.
  2. People-Pleasing: Constantly seeking approval and avoiding any form of disapproval can lead to burnout and a lack of authenticity in one’s interactions with colleagues.
  3. Overworking: Pouring in excessive hours and neglecting personal life might be seen as commitment, but it often results in decreased productivity and diminished creativity.
  4. Avoidance of Conflict: Fear of confrontation can lead to suppressed emotions and unresolved issues, negatively impacting teamwork and hindering professional growth.
  5. Constant Self-Doubt: Chronic self-doubt undermines confidence, stifles decision-making, and prevents individuals from taking necessary risks.

Overcoming Hidden Anxiety Behaviours

  1. Recognize the Patterns: Self-awareness is the first step. Pay attention to your thoughts, emotions, and reactions to situations. Identify the patterns of behaviour that might be driven by anxiety.
  2. Challenge Negative Thoughts: Challenge those negative thoughts that fuel anxiety behaviours. Replace them with more balanced and realistic perspectives.
  3. Set Realistic Goals: Embrace the idea that perfection is unattainable. Set achievable goals, acknowledge your efforts, and celebrate progress.
  4. Establish Boundaries: Learn to say no when necessary and prioritize self-care. Set boundaries to protect your well-being and personal time.
  5. Seek Support: Talk to a trusted colleague, friend, or professional counselor. Having a support system can make a significant difference in managing anxiety.

The Perils of Untreated Anxiety Over the Long Run

Ignoring hidden anxiety behaviours can have severe consequences:

  1. Physical Health: Chronic anxiety can lead to various health issues like insomnia, digestive problems, and weakened immunity.
  2. Mental Health: Prolonged anxiety may develop into more serious mental health conditions, such as generalized anxiety disorder or depression.
  3. Work Performance: Unaddressed anxiety can hinder job performance, creativity, and decision-making abilities.
  4. Interpersonal Relationships: Anxiety behaviors may strain relationships with colleagues, friends, and family members.

Creating a Workplace Culture that Supports Mental Health

Employers wield considerable influence in cultivating a nurturing work ecosystem:

  1. Open Communication: Foster a safe space for mental health discussions, free from judgment.
  2. Flexible Work Policies: Extend flexibility to bolster work-life equilibrium and alleviate stress.
  3. Training and Education: Illuminate the impact of mental health through workshops and training sessions.
  4. Resource Accessibility: Provide unhindered access to mental health resources like counseling or Employee Assistance Programs (EAPs).

Hidden anxiety behaviours can quietly undermine our well-being and job satisfaction. By identifying and addressing these patterns, we can take control of our mental health, leading to a more productive and fulfilling work life. Remember, seeking support is a sign of strength, not weakness. Together, we can create a workplace culture that prioritizes mental health, helping each other thrive both professionally and personally.

—End—

How to get along with different types of personalities at work

WiseNetAsia Knowledge Center
Copyright © 2023 WiseNet Asia Pte Ltd.  All Rights Reserved

 

In today’s highly competitive world, navigating the intricacies of diverse personalities at work has become an inevitable challenge. The modern workforce encompasses individuals from various backgrounds, walks of life, and with distinct personalities. Embracing this diversity presents unique opportunities that can significantly impact the overall work environment.

Developing the ability to harmoniously interact with different personality types is an invaluable skill that can foster effective communication, enhance team morale, and ultimately drive productivity. In this article, we will delve into the art of getting along with diverse personalities in the workplace.

Understand the Different Personality Types

The first step towards fostering positive relationships with different personality types at work is gaining a comprehensive understanding of them. While several personality models exist, such as the Myers-Briggs Type Indicator, DISC, and the Big Five Personality Traits, we will focus on the four primary personality types for the purpose of this article:

i) The Driver

The Driver personality type is characterized by a high level of assertiveness, directness, and competitiveness. They are typically results-oriented, goal-driven, and confident. They are not afraid to take charge and make decisions.

ii) The Amiable

The Amiable personality type is known for their warmth, friendliness, and approachability. They are generally patient, loyal, and good listeners. They prefer to avoid conflict and prioritize maintaining positive relationships with others.

iii) The Analytical

The Analytical personality type is characterized by their attention to detail, logic, and accuracy. They are typically cautious, precise, and methodical in their approach to work. They value facts and data and are often considered to be analytical thinkers.

iv) The Expressive

The Expressive personality type is known for their creativity, enthusiasm, and outgoing nature. They are typically open-minded, spontaneous, and enjoy being the center of attention. They value social connections and are often highly emotive.

Practice Active Listening

Active listening is a critical skill that can help you get along with different personalities in the workplace. It involves fully focusing on what the other person is saying, asking questions, and paraphrasing their words to demonstrate that you understand. By actively listening, you can gain a better understanding of other people’s perspectives and build stronger relationships.

Be Empathetic

Empathy is the ability to understand and share the feelings of others. It is a crucial component of building positive relationships with different personality types at work. By putting yourself in someone else’s shoes, you can better understand their perspective and respond in a way that is respectful and appropriate.  This trait is especially crucial in a multi-racial culture environment.

Be Flexible

Being flexible is an essential skill for getting along with different personality types in the workplace. It involves being open-minded and adaptable to change. It also means being willing to compromise and find common ground with others. By being flexible, you can create a more positive work environment and build stronger relationships with your colleagues.

Communicate Clearly

Clear communication is vital in any workplace. It is especially important when dealing with different personality types. By communicating clearly, you can avoid misunderstandings and build stronger relationships. Be sure to use language that is clear and concise, and make sure to clarify any points that may be confusing.

Learn to Manage Conflict

Conflict is a natural part of any workplace, and learning to manage it effectively is crucial for getting along with different personality types. When dealing with conflict, it is essential to remain calm and listen to both sides of the argument. Try to find a solution that benefits everyone involved, and make sure to follow up to ensure that the conflict is resolved.

Practice Self-Awareness

Self-awareness, the ability to recognize our own emotions, strengths, and weaknesses, is a fundamental skill in fostering relationships with diverse personality types at work. By being self-aware, we can understand how our behaviors and reactions impact others, allowing us to adapt our approach accordingly. This self-reflection aids in creating an environment that values collaboration and understanding.

Developing the ability to effectively engage with different personality types is a valuable skill that ignites meaningful communication, uplifts team spirit, and fuels productivity. Throughout this article, we’ve delved into the art of fostering harmonious relationships with diverse personalities at work. By understanding the various personality types, actively listening, showing empathy, staying flexible, communicating clearly, managing conflicts, and nurturing self-awareness, we empower ourselves to create a dynamic and collaborative atmosphere that benefits both ourselves and people around us.

Collective success in today’s ever-evolving workplace will come through when we embrace the power of diverse personalities as a catalyst, fostering collaboration, and nurturing an inclusive environment that celebrates individual strengths and fosters collective growth.

—End—

The Top 5 Human Resources Retention Strategies for Managing a Hybrid and Global Workforce

WiseNetAsia Knowledge Center
Copyright © 2023 WiseNet Asia Pte Ltd.  All Rights Reserved

 

With the increasing use of hybrid and global workforces, many businesses are struggling to keep their employees.  As it turns out, management of a spread-out workforce with different cultures become more complicated when employees of the same team don’t work in close proximity. In this post, we are going to discuss the top 5 human resources retention strategies for managing a hybrid and global workforce. This article looks at the importance of communication, team building, compensation, benefits, and recognition, and how each of these factors play their role in managing a diverse employees base. By understanding and implementing these strategies, you can help your business manage employee turnover and maintain a stable workforce.

  1. Understand your company’s HR philosophy

Many businesses have been forced to shift their workforce to a hybrid model, in which employees work primarily from home, but this doesn’t mean HR has been left behind. In fact, HR has a lot to contribute to a successful global workforce.

  • Understand your company’s HR philosophy. If your company is committed to a hybrid workforce, then you need to know what that means for HR. For example, do you need to create new job functions, online and offline training programs, and hybrid work policies? What changes will need to be made to your compensation and benefits packages?
  • Build a global talent pool. You can’t just hire people from overseas and expect them to adapt to your company’s culture and way of doing things. You need to find people who are compatible with your company’s values and objectives and will be able to work effectively in a global environment.
  • Use technology to manage the global workforce. Because employees are working from home or from different time zones, technology can be a great way to manage the workflow. You can use applications such as Teams or Zoom to keep people in touch and work together as a team.
  • Use HR policies and procedures to protect your company’s interests. Make sure you have clear policies and procedures in place to deal with issues that may arise with a global workforce, such as immigration, sick leave, and contract disputes.
  • Celebrate your success.  Global workforce is a success if it meets the needs of your employees and meets your business’ objectives. It’s important to celebrate your successes, both big and small, and to continue to make changes to make the global workforce even more successful.
  1. Understand your company’s culture

Understanding your company’s culture is essential to managing a hybrid and global workforce. In order to do this, you’ll need to ask your employees questions and take a look at their attitudes and opinions.

Some of the questions you should ask include:

  • What motivates them?
  • What makes them feel valued?
  • What challenges have they faced in the past and how did they overcome them?
  • What would they like to see change in the future?

Once you have a good understanding of your employees, you’ll be better equipped to retain them and manage a global workforce.

  1. Define your HR goals

First and foremost, it’s important to set clear HR goals for your organization. What do you want to achieve? Do you want to retain employees for the long-term, increase productivity, or just meet compliance requirements? Once you’ve identified your HR goals, you need to develop a strategy to achieve them.

There are a few key steps to follow:

a) Conduct a global employee survey

b) Identify and develop retention strategies

c) Implement targeted interventions

d) Manage communication and feedback

e) Celebrate success

  1. Create a human resources strategy

In order to manage a hybrid and global workforce, you must have a human resources strategy. This strategy should be designed to help you retain your employees and manage a global workforce. You should also consider implementing these strategies:

  • global employee retention programs.
  • global employee training programs.
  • global employee development programs.
  • global employee communication programs.
  • global employee satisfaction programs.
  1. Implement your HR strategy

Managing a hybrid and global workforce can be a challenge, but with the right HR strategy in place, you can keep your employees happy and productive.

Here are five ways to implement your HR strategy:

  • Use a global HR platform. A global HR platform will make it easier to manage your HR data and track employee performance.
  • Offer flexible working hours. Give your employees the opportunity to work from home or on the go, so they can be more productive and happy.
  • Develop a talent retention strategy. Make sure you have a plan in place to keep your best employees.
  • Offer the right compensation and benefit package for each employee. Employees are constantly in the look out for the right compensation and benefit package based on their job position and location. Therefore, they expect the ‘in the range’ market pay and other benefits if there is extra work thrown in.
  • Promote a healthy work-life balance. Make sure you have policies in place to support a healthy work-life balance for your employees. Burn out tend to occur more easily when there is no clear line between work and personal life as people work at home.
  1. Manage your HR team

In order to manage a hybrid and global workforce, it’s important to have a solid HR strategy. One of the most important things you can do is to manage your HR team.  Your HR team is responsible for everything from hiring to firing to managing your employee relations. They also handle all the paperwork and filings necessary for a company’s HR department.  You don’t want to have to deal with any HR issues in the future, so it’s important to have a team in place that you can trust.

  1. Measure the effectiveness of your human resources strategy

There are a variety of ways to measure the effectiveness of your human resources strategy. One way is by looking at turnover rates. Are you retaining your top talent? Are your salaries competitive? Are your benefits top-notch? Another way to measure effectiveness is by looking at employee engagement. Are your employees happy and engaged? Are they motivated to do their best work? Are they taking advantage of the company’s resources? Measuring the effectiveness of your human resources strategy is important in order to continue to improve and make your workplace a great place to work.

  1. Adapt your human resources strategy as your company grows

Now that you’ve hired a global workforce, it’s important to make sure your human resources strategy is flexible and able to grow with your company. As your company grows, you may find that you need to adjust your hiring practices, wages, benefits, training, and more.

There are a few common strategies for managing a global workforce and we’ll outline them below.

i) Use a global recruitment agency:

Using a global recruitment agency can be a great way to find the best talent for your company. They’ll have access to a wide range of candidates and can help you find the best fit for your company.  During the recruitment process, the outsourced recruiter also function as a mediator between the hiring company and job candidates.

ii) Use online tools:

Online tools can be a great way to find the right candidates for your company. They can help you find candidates based on skills, experience, and location.

iii) Use social media:

Social media can be a great way to find candidates for your company. You can use social media to search for candidates who have the right skills, experience, and location for your company.

iv) Use job boards:

Job boards can be a great way to find the right candidates for your company. They can help you find candidates who have the right skills, experience, and location for your company.

v) Use resume databases:

Resume databases can be a great way to find the right candidates for your company. They can help you find candidates who have the right skills, experience, and location for your company.

  1. Advocate for HR best practices

Managing a hybrid and global workforce can be a challenge, but with the right HR strategies in place, you can make it a lot easier. Here are five of the best retention strategies for managing a hybrid and global workforce.

  • Employ a global HR consulting firm.

Working with a global HR consulting firm can help you identify and implement best practices in HR management. They can also provide you with resources and guidance on dealing with global issues, such as cross-cultural communication, immigration, and employee retention.

  • Communicate effectively with employees.

Make sure you have a clear communication strategy in place to ensure that all employees know what is expected of them. Communicate through clear and concise messages, and make sure all employees have access to the same information.

  • Implement a Leave Of Absence policy.

Make sure you have a Leave Of Absence policy in place to protect employees’ rights. This policy should specify the reasons for leave, the period of leave, and the procedures for returning to work.

  • Offer flexible working hours.

Offering flexible working hours can help you manage a global workforce. This policy should specify the hours of work, the days of the week, and the types of hours that are available.

  • Provide incentives for employee retention.

Offering incentives can help you retain your top talent. These incentives should be targeted specifically at employees who are most likely to leave, and they should be offered in a way that is appealing to employees.

  1. Conclusion

With the growth in hybrid and global workforces, it is more important than ever to have strategies in place to manage employee retention. In this article, we have outlined five strategies that can help you achieve this.

  1. Develop a clear employee mission and value statement

This will help to create a sense of belonging and team spirit, as well as motivating employees to stay with your company.

  1. Create a competitive compensation package

This will help to attract and retain the best talent, and it should also be tailored to the specific needs of your company.

  1. Foster a positive work environment

This will help to create a high-performing team, and it should also be managed effectively to avoid employee burnout.

  1. Offer flexible work arrangements

This will help to accommodate different workstyles and preferences, and it will also help to attract and retain a global workforce.

  1. Protect and promote employee rights

This will help to ensure that employees are treated fairly and with respect, and that they are able to voice any concerns they have.

 

—End—

 

 

Source of Labour Laws and Workplace Tribunals in Asia Pacific

Labour law changes from time-to-time, it’s imperative for Human Resources professionals to keep tab of the changes to manage their employees locally and overseas, so that any changes can be incorporated on-time and swiftly without incurring any issues with local authorities.

Below is the list of legislatives in Asia Pacific governing employment rules such as work hours, minimum wage, employee obligations, disputes and relevant links.

COUNTRYLABOUR LAWWORKPLACE TRIBUNALLINKS IN ENGLISH
AustraliaThe Fair Work Act 2009 sets out the basic rights of employees in Australia. The National Employment Standards (NES), contained in the Fair Work Act 2009 set out the 10 minimum employees' entitlements.

Government Department: Department of Employment and Workplace Relations		Fair Work Commissionhttps://www.legislation.gov.au/Details/C2021C00421
ChinaLabour Contract Law 2013 governs all employment terms for locals and foreigners.

Government Department: The Ministry of Human Resources and Social Security of the People's Republic of China		Local legislation at provincial or municipal level

Labour Dispute Arbitration Committee		http://english.www.gov.cn/archive/laws_regulations/2014/08/23/content_281474983042501.htm
Hong KongThe Employment Ordinance (Cap. 57) states the minimum rights for employees.

Government Department: Labour Department		Labour Relations Division officeshttps://www.elegislation.gov.hk/hk/cap57
IndiaThe Web Portal 'Shram Suvidha' is a single platform for all labour compliances.

Government Department: The Ministry of Labour & Employment		The Organization of the Chief Labour Commissioner (Central) acts as the primary conciliatory agency in the Central Government for industrial disputes.

The Regional Labour Commissioners (Central) and Assistant Labour Commissioners (Central) who on behalf of the Chief Labour Commissioner (Central) act as Conciliatory		https://labour.gov.in/shram-suvidha-portal
IndonesiaManpower Law No 13 of 2003 provides the basis for employment law

Government Department: Ministry of Manpower		Ministry of Manpower mediator

If the recommendation of the mediator is rejected, then the matter must be brought to the Labour Court.		https://kemenperin.go.id/kompetensi/UU_13_2003.pdf
JapanThe Labor Standards Act (roudou-kijunhou) governs the working conditions in Japan.

Government Department: Ministry of Health, Labour and Welfare		Labor Tribunalhttps://www.mhlw.go.jp/english/
South KoreaThe Labour Standards Act establish the standards for terms and conditions of employment in conformity with the Constitution in Korea

Government Department: Ministry of Employment and Labour		Regional Labour Relations Commissionhttps://www.moel.go.kr/english/policy/laborStandards.do#:~:text=The%20Labor%20Standards%20Act%20in,and%20improving%20workers'%20basic%20livelihoods.
MalaysiaThe Employment Act 1955 stipulates employees rights.

Government Department: Department of Labour under the Ministry of Human Resources		Department of Labour

The Industrial Court is the court that hears all employment matters		https://jtksm.mohr.gov.my/en/
PhilippinesLabor Code of the Philippines is the legal code governing employment practices and labor relations in the Philippines.

Government Department: Bureau of Labor Relations under the Department of Labor and Employment		The National Labor Relations Commission (NLRC)https://blr.dole.gov.ph/2014/12/11/labor-code-of-the-philippines/
SingaporeThe Employment Act (Cap. 91) provide for the basic terms and working conditions for all types of employees.

Government Department: Ministry of Manpower		Tripartite Alliance for Dispute Management (TADM)https://www.mom.gov.sg/legislation/employment-practices
TaiwanThe Labor Standards Act provide minimum standards for working conditions.

Government Department: Ministry of Labor		Ministry of Labor - Labor Procedure Act (LPA)https://law.moj.gov.tw/ENG/LawClass/LawAll.aspx?pcode=N0030001
ThailandLabour Protection Act of 1998

Government Department: The Department of Labour Protection and Welfare, under the Ministry of Labour and Social Welfare		Labour Inspection Officehttps://www.labour.go.th/index.php/en/more
VietnamThe 2019 Labor Code regulates employment relationships.

Government Department: Ministry of Labour, War Invalids and Social Affairs.		Labor arbitration committeehttp://boluatlaodong2019.molisa.gov.vn/lang_en/topic/viet_nam_labour_code/index

 

,

SMU Business Chinese Resume Critique Workshop 2022

16 Dec 2022, Singapore –  Singapore Management University (SMU), together with WiseNet Asia jointly organized a ‘Business Chinese Resume Critique Workshop.  The event is part of SMU’s Global Innovation Immersion program.  The lead trainer in this workshop is Mr Wesley Hui, Director/Career Coach from WiseNet Asia.  Mr Hui is accompanied by Career Coach Ms Chek Lai Peng and Guest Speaker, Ms Ix Lynn Chan, CEO of BHG Retail REIT.

The objectives of the workshop are to assist students to refine their Chinese resumes, and also provide students with insights into how corporate talent acquisition works.

Find out more about WiseNet Asia’s career coaching services:  https://wisenetasia.com/hr-solutions/internship-programs/

—End—

 

WiseNet Asia Supports Underprivileged Children in Chongqing

In an effort to fulfill their Corporate Social Responsibility program, WiseNet Asia has been supporting underprivileged children in the Chengkou mountain area of Chongqing, China through the Xiaohei and Xiaomei Public Welfare Organization since November 2015. Located in one of the poorest counties in Chongqing, this remote region is nearly 400 kilometers from the city center.

 

Located in the remote mountains of Chongqing, Chengkou County is nearly 400 kilometers from the city center

The children under the welfare program receive one-to-one funding, with monthly subsidies for food expenses ranging from RMB200 to RMB400 depending on their educational level. WiseNet Asia’s contributions include employees sponsoring one child each, as well as donating basic essentials such as warm clothing and daily necessities.

Children from the Xiaohei and Xiaomei Public Welfare Organization

Children from the Xiaohei and Xiaomei Public Welfare Organization

Children receiving their daily essentials

The program began with the sponsorship of a junior high school student by WiseNet Asia’s General Manager, Ms Karen Woong, in January 2011.

From left to right: A junior high school student and her sponsor, Ms Karen Woong, GM, WiseNet Asia China

In May 2022, the WiseNet Asia team visited the children and their families, delivering warm clothing and encouraging them to study hard. A total of 117 children received the gifts during the visit.  The purpose of the trip is to meet the needy children and their families and pass the warm clothing to them.

Walking through the mountainous area to visit families

Xiaohei and Xiaomei Public Welfare Organization

 

—End—

10 Best Inspirational Quotes on Money and Work

WiseNetAsia Knowledge Center
Copyright © 2022 WiseNet Asia Pte Ltd.  All Rights Reserved

Inspirational quotes are a few lines of essence of life that comes from other people’s life experience and wisdom.  They are short, easy to read and inspiring.  Occasionally, a few lines of words may even provide comfort in times of need.  Money and work are two elements that go hand-in-hand for job seekers.  Here, we list the top 10 inspirational quotes on money and work that may be helpful for you:

On Money

  1. “An investment in knowledge pays the best interest.” – Benjamin Franklin
  2. “Time is more valuable than money. You can get more money, but you cannot get more time.” – Jim Rohn
  3. “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
  4. “I don’t pay good wages because I have a lot of money; I have a lot of money because I pay good wages.” – Robert Bosch
  5. “The money you make is a symbol of the value you create.” – Idowu Koyenikan

On Work

  1. “The only way to do great work is to love what you do. If you haven’t found it yet, keep looking. Don’t settle.” – Steve Jobs
  2. “Opportunity is missed by most people because it is dressed in overalls and looks like work.”  – Thomas Edison
  3. “Getting fired is nature’s way of telling you that you had the wrong job in the first place.” – Hal Lancaster
  4. “Perfection is not attainable, but if we chase perfection we can catch excellence.” – Vince Lombardi
  5. “Hard work beats talent when talent doesn’t work hard.” – Tim Notke

—End—

 

 

 

, ,

WiseNet Asia supports the Business Times Budding Artists Fund (CEOs Square off in World Cup Friendly Duel)

This article was originally published in the The Business Times / Weekend / December 3 – 4 , 2022

16 business leaders, including Diron Chua, Executive Director, WiseNet Asia, pledge support for The Business Times Budding Artists Fund through participating in the CEOs square off in world cup friendly duel.

View original article here: PAGE_BTT-030_1_1_C7QCFT

 

Human Resources Work Trends for 2023 and Beyond

WiseNetAsia Knowledge Center
Copyright © 2022 WiseNet Asia Pte Ltd.  All Rights Reserved

 

Human resources strategies have to align with work trends. Hybrid work, global staffing, remote work, and online onboarding are some of the new trends that have become the norm for HR departments and division heads worldwide. Having more in-depth knowledge of work trends enable employers to make better talents planning.  With a new year just around the corner, we have put together work trends that would essentially mold the future of work.

Human Resources Work Trends for 2023 and Beyond

The labor market today is more competitive than ever. Work setups are continuously evolving. Making decisions for an evolving and uncertain future workforce can be quite difficult. Fortunately, there are trends that we can use as a guide to help us gain insights into how we can create strategies to attract and retain the best talents. Here are some of these HR trends:

Hybrid and Remote Work setups are here to stay

We can look forward to more flexibility in terms of work setups. Employees actually prefer to work from home rather than work onsite. In fact, statistics show that a remote working option is seven times more likely to attract applicants than any other working option. This is not really surprising considering that there are so many benefits to working remotely.

For starters, employees can save time, energy, and money if they work from home. They no longer have to wake up very early to prepare for work and commute to the office. They do not have to buy new clothes and shoes every now and then. They can eat a freshly cooked meal as opposed to a fast-food takeout or a microwavable lunch.

Plus, they no longer have to endure traffic during rush hour. Aside from being able to save time, money, and energy, they also get to spend more time with their family members. This is great for working mothers with younger children.  To accommodate the need of work flexibility, HR departments can design work setups on working with employees that are not physically present most or all the time. There should be clear processes on how to screen, interview, and onboard new employees remotely, supported by cloud-based systems and online portals.

Using Predictive Analytics

There is no doubt that modern technologies are shifting the dynamics of workplaces. Predictive analytics with its combination of artificial intelligence, analytics software, and big data have redefined the talents landscape for employers.

Using predictive analytics can help employers make better hiring decisions. It helps to determine which candidates have higher chances of success in the job and which ones to reject based on their resumes, cover letters, assessments, pre-screens, and even social media. It will also analyze past and present data to effectively forecast future outcomes.

During the hiring process, HR managers can simply run resumes through the software to find out which candidates are qualified. Their profiles will be scanned to see which ones closely match the job descriptions.

If you are running a hiring software, here are some of the major keywords to find out which candidates are suitable:

  • Human resources experience
  • Recruiting
  • Staffing
  • Retention
  • Social media
  • Onboarding management
  • Communication skills
  • Inclusion and diversity
  • Benefits and compensation
  • MS Office
  • Innovation
  • Collaboration
  • Employee relations
  • Human Resource Information System (HRIS)
  • Leadership development
  • Job analysis
  • Manpower planning
  • Performance management
  • Talent development

Predictive analytics basically digs deep through data to extract, dissect, and categorize information. Then, it identifies patterns, correlations, and irregularities. In an organization, the collected data regarding prospective hires and existing employees can be turned into actionable insights.

Using Employee Management Applications

Employee management applications enhance productivity and engagement, whilst providing transparent and real-time data. Implementing them can yield many positive results. Some of these benefits include:

  • Making onboarding easier and more efficient.
  • Enhancing the training experience of employees and bridge communication gaps.
  • Providing more accurate time tracking for processing payrolls.

HR teams can use these applications to analyze employees’ trends, and also to obtain and store employee’s historical data.  Employers can also use these applications to connect with remote employees faster and more conveniently.

Providing Unique Perks

A survey of about 18,000 employees across Asia Pacific was conducted by PricewaterhouseCoopers or PwC Global, a company that offers professional business services. According to results, only 57% of employees in Asia Pacific experience satisfaction with their job. One in five plan to switch to a new employer. One-third intend to ask for a raise in the next twelve months while another one-third intend to seek promotion.

Millions of workers have already changed or quit their jobs. Employees continue to resign in search of more meaningful and fulfilling work. Because of this, small companies have a hard time competing with larger companies in terms of benefits and wages.

Small and medium enterprises can provide unique perks too, based on their own creativity and budget.  For instance, an area allocated for snacking, chilling, and having coffee, vacation bonuses, additional paid time off, or education reimbursement etc.

To find out what employees want, HR department can give out surveys, ask employees for their ideas and preferences, and provide the feedback to decision makers so that they can take the necessary actions. Keeping employees happy is guaranteed to make them want to stay for good.

When employees are happy and satisfied, they will be more productive at work. On the other hand, employees with mismatching skill sets can result in productivity and efficiency loss.

With the recent developments in technology and work setups, HR managers and staff need to reassess how they do things. They also need to learn how to deal with situations that they have never encountered before.

Prioritizing Employee Wellness

Despite continuous efforts on bringing life back to normalcy in most countries, the prolonged COVID-19 pandemic and its aftermath effects have taken a serious toll on everyone’s mental health. So, employee wellness has become more important than ever. HR professionals should find ways to detect mental distress amongst employees. They have to make sure that they are armed with the right resources to deal with such issues.

During and after the pandemic, people are more conscious about the overall wellbeing of their own mental health, their family relationships and personal finances. HR departments can create employee assistance programs as well as wellness programs to help employees deal with their physical and mental health issues. Additionally, they could provide more self-help courses on personal improvements.

Advise for HR Professionals

HR management has long been a vital part of organizations. In fact, they greatly contribute to the successes and failures of the companies they work for.

For HR professionals, you need to realize that work trends are ever-evolving, and that you need to cope with them to stay on top of your game.

Always keep your ear to the ground for new trends. Do not be afraid to think outside the box. Go beyond your own market, country, and industry to learn what other people in other fields are doing.

Read, watch, and listen to news reports. Browse social media and online communities. Find out as much as you can about these emerging HR trends. Then, research how you can improve or adapt your strategies.

Rethink the way you train employees and ask for their feedback, as well as how you convey your messages. Remember that remote and hybrid working models are becoming the norm today. Nevertheless, you should also think long-term. Consider how present trends can affect the HR industry five, ten, or twenty years down the road.

—End—

 

 

,

WiseNet Asia Appointed as Committee Member of China Talent Exchange Association

Sep 21 2022, Beijing – The China Talent Exchange Association kicked off the first meeting for its Human Resources Training Professional Committee in Beijing today.  WiseNet Asia from Singapore is the only foreign human resources company appointed as the committee member. The Director of the first special committee is Mr. Xu Xiao Dong, member of the Party Committee and Deputy General Manager of CIIC Group.


Remote participants including Mr. Wesley Hui, Founder, WiseNet Asia participated in the kick-off meeting online. With the inaugural meeting, Secretary-General Ding Guo Jie of China Talent Exchange Association announced the establishment of the Human Resource Training Special Committee, and President Wang Jian Hua awarded the Human Resource Training Special Committee a license.

The participants conducted in-depth exchanges and discussions on the future development and directions of the human resources training industry, industry research and norms, and work tasks in 2022. The meeting aims to promote industry peer exchanges and facilitate human resources development through the training committee.

—End—