| Breaking news, 21 Aug 2008 |
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| Natalie Chen |
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SINGAPORE – As business travel continues to grow and in both volume and complexity across Asia, so will the need for talent resources.
Said Andrew Chan managing director Asia, TMS Asia Pacific said, “We are in a talent short market and the war for talent is real.”
In Singapore, the unemployment rate is 2.3 percent, a rise from 1.6 percent previously. “The rate of unemployment was already so low so there was only one way to go,” Chan said. “In fact, the labour pool is shrinking. In the future two-thirds of global jobs will be created in Asia.”
Furthermore, in less than a decade this region will account for more than a third of the world’s corporate travel and will demand the right human talent to support the industry’s growth.
The prediction is that by 2017 there will be a contraction in the workforce in Singapore. There will not be enough workers from the generation Y pool to fill up the positions left vacant by the baby boomers. China, with its one-child policy, will face a similar contraction but earlier by 2016. This will be the same across countries in Asia except for India that will be a good source of talent.
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