The Singapore Maritime Foundation (SMF) and Faststream Recruitment Group have jointly published The Talent Market in Transition Report 2024 at the inaugural SMF Maritime HR Leaders’ Dialogue. This report, now in its second edition, examines workforce trends in Singapore’s maritime sector, highlighting key issues like retention, talent attraction, AI, and training. Based on surveys from 500 employees and over 100 employers, the report offers recommendations to help businesses stay competitive and adaptive.
Talent Retention and Attraction Challenges
Retention is a growing concern, with 85% of employers facing difficulties in hiring due to skill shortages. Meanwhile, two-thirds of employees are already job-seeking, emphasizing the need for better pay and career growth opportunities. Employers are encouraged to adopt multigenerational attraction strategies to draw diverse talent, addressing concerns about maritime’s competitive pay and work environment.
Emphasizing Company Culture and Well-being
Employees increasingly value company culture and meaningful work, with 83% wanting their roles to have a positive societal or environmental impact. Work-life balance and flexibility are also crucial, with 57% of employees feeling supported, compared to 80% of employers who believe they provide adequate support.
Preparing for AI and Training Gaps
AI adoption is rising, but there are concerns about job displacement. While 80% view AI positively, only 6% of employees rate themselves as proficient in it. Additionally, 94% of employees expect training, but 38% report not receiving recent training, highlighting a gap between employer offerings and employee expectations.
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Source: Singapore Maritime Foundation
