An annual survey from the Singapore Business Federation , which polled companies here on how the pandemic has affected their business this year and their outlook going forward, found that rising manpower costs and the lack of available manpower have emerged as among some of the top challenges.
This is because border restrictions have made it hard for businesses to hire foreign workers who have been laid off last year when the economic impact of the pandemic was at its worst, leading to greater competition among a smaller pool of workers in Singapore. The survey findings, released on the same day, was conducted between July 26 and Oct 1 this year and polled close to 1,100 businesses.Ensuring positive cashflow Demand uncertainty Manpower challenges cited by businesses:Attracting or retaining younger workers 35 per cent of companies are looking to increase hiring, compared with just 18 per cent last year
47 per cent are confident that the economy will improve in the next 12 months, compared with 31 per cent last yearImpact of Covid-19 on businesses:
Will firms pay more to retain staff?
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