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September 19, 2010updated 29 Apr 2022 9:04am

Singapore in management skills crisis

Singapore is facing a skills shortage in the finance and accounting sectors due to more staff finding opportunities in others industries, research has found.

The research, carried out by ACCA Singapore and recruitment company Robert Half, found 81% believe there is a chronic or major shortage of accounting staff in Singapore.

The survey also looked at Hong Kong and New Zealand but found the problem was not as acute as in Singapore.

Sixty percent believe a lack of development opportunities is the major cause of the talent shortage and 52% say employers do not provide enough incentives to hold onto staff.

Two thirds of respondents see the largest talent drain in management and leadership levels. Most respondents said management skills were in higher demand in the middle-management arena than at the director level.

“The brain drain is resulting from both pull and push factors, and companies need to seriously re-think their talent management strategies in order to attract and retain good people,” Robert Half managing director Tim Hird said. The survey, Singapore Talent and Skills in Finance & Accounting Survey 2010: Uncovering the Challenges sought the views of 1,600 finance professionals in Australia, Hong Kong, New Zealand and Singapore.

 

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