Constraint by its small population size and fuelled by a booming economy, businesses in Singapore are facing difficulties in attracting talent and holding on to their best employees. This problem is further accentuated by Singapore’s ageing population. By 2020, 1 in 5 will be a senior above 65 years of age. The pool of workforce hence diminishes with the baby boomers retiring from the workforce.
PCF is not spared from the challenge. The competition from businesses in providing childcare and kindergarten services has been growing. Although PCF enjoys a big market share, the competition is becoming more intense.
One of the challenges PCF faces is getting qualified candidates to fill the jobs. Add to this the limited pool of candidates intending to join the childcare industry and the increasingly stringent qualification requirements set by MOE/MCYS, PCF faces the challenge of attracting the right talent and retaining them. PCF needs to review the organization culture and the core values to ensure that they support the development and retention of talents.
The ability to attract, hire, develop & retain the right talent to meet PCF’s business and organization needs has become a burning Human Capital challenge that needs to be addressed by management, HR and all people-managers within the organization.
What is the outcome we are trying to achieve?
• Develop & Retain existing talent
• Getting the right people with the right skills, in the right place, with the right pay
• Engage staff’s commitment
• Make human capital a competitive advantage
• Evolve/align its culture and core values to support the development and retention of talents
Top 3 Issues
1. Need to review work processes, streamline and minimise unnecessary administrative chores that takes staff away from focussing on the core businesses. Need to look at more support to carry out administrative chores.
2. Creating passion for the job. Need to look at good practices that promote passion like recognition and reward, study trips and exchange programmes, development and advancement through scholarships and creating a supporting work environment.
3. Career Advancement. Need to look at standardising tools for measurement of performance and a more resilient process for goal setting, staff appraisal review and performance assessment. Need to look at recruiting people with the right fit and offering scholarships to attract talent. Also need to level up Line Managers capability in managing diversity especially between Baby Boomers, Gen X and Gen Y. Management need to acquire the knowledge and skill sets in assimilating especially the younger generation into the PCF culture and manage their expectations.