In the literature review chapter, existing findings related

In the literature review chapter, existing findings related to talent acquisition and retention challenges are critically discussed with an aim to develop the theoretical framework for the current study on this topic in the context of Singapore. Of the many factors, that are suggested by different theorists, the ones elaborated in the essay were chosen and deliberated due to their significant impact on companies in Singapore. These factors reflect the theory of “war for talent”, as it encompasses determinants that are elucidated in a global perspective, therefore it facilitates its application in the context of a single country, in this case Singapore. With the support of the existing research on the factors that influence the talent acquisition and retention, possible company implication and examples of companies that overcame the problem relating to that factor are discussed. Besides the factors derived from comparison of academic literature to Singapore’s context, this review includes suggestions of some of the practices that are specifically derived with reference to the circumstances in Singapore.Main ContentAccording to Fitz-enz (1990), cited in Kossivi, et al., 2016), employee retention rate is determined by a combination of many factors. This is concurred by many researchers, although there is a variation in the proposed factors. For instance, Walker (2001) states that employee retention is dependent on the work-life balance, internal relationship, communication, management, personal-development opportunities and so on. While, Allen et al., (2013) emphasises on workplace socialization, Ganpachi and Aurum (2011) encompass non-discriminatory treatment, organizational culture, training and development opportunities and the like. The rationale for this assortment of factors stated by different researchers could be attributed to the different influences in the each of the research environments. Additionally, the innovation, development and globalization has created a global phenomenon namely “war for talent” (Beechler & Woodward, 2009), which is driven by the factors – demographic and economic trends; the mobility increase; transformational changes to the business environment, cultures, and skills; and diversity. Therefore, taking into consideration the current circumstances in Singapore’s corporate environment the following factors – economic trend; work-life balance, benefits and compensation; and personal development – are credited to be the major influences that are affecting Singaporean companies employee acquisition and retention. Economic TrendWith globalization reaching its optimal integration worldwide, economic trends has become a major contributor in the war for talent. In Singapore, notabley economic trends ,such as foreign direct investments and talent mobility, are causing problems for Singaporean employers in the retention and acquisition of talent. Leading to the economic integration across economies presented at the agreement among countries to remove both tariff and non-tariff barriers for the free movement of goods, services, and capitals. As a result, foreign direct investment firms increased ┬átheir entrance to countries, leading to the increase demand for local talents. According to World Bank (2018), FDI firms tended to utilize local employees, especially talents to replace expatriates when they arewere already established in a country. In Singapore, Nyen Wong & Cheong Tang (2011), indicated that FDI had a huge demand for Singaporean employees in the manufacturing and service sectors. These authors also found the long-term causality between inward FDI and the employment in these sectors. Therefore, this confirms the significant increase in demand for talent, while supply for them tends to decrease as mentioned, generating the talent shortages and talent acquisition challenges. From the above discussion, it can be inferred that the various opportunities thethat local talent have as a result of foreign companies in the local market, is is one of the reasons Singaporean firms are experiencing lack of talent, despite Singapore’s stable growth rate and low unemployment rate of 1.9 percent (Norton, 2015). It is also important to note that talent mobility is not restricted to within a country. Research deems internal and external talent mobility to be beneficial to the economy, corporate and personal development (Nazim, 2013; Silvanto and Ryan, 2014). However, in a country with limited human resources like Singapore, ┬áthe consequence of losing talent to another country would be dire. As stated by Joao (2010 cited in Coetzee and Gunz, 2012) that skill shortage accompanied by talent mobility would make it challenging for companies to retain and acquire talent. The talent drain in Singapore is such a serious problem that, according to Singapore Business Review (2016), nearly 2 in 5 postgraduates or 38% wanted to leave Singapore for better job opportunities and living conditions. The brain drain potential was also found in different demographic groups. 39% of people, who had vocational, technical or associate degrees, prefered to leave the country whereas 32% of managers and administrators would move when they had opportunities. Similar to the problem identified with FDI, as mentioned above, this trend is a result of talent, seeking better opportunities and to fulfill various career needs (Harvey, 2015). These are the few of the many factors which illustrate the need for Singaporean companies to implement sustainable strategies that focus on providing better opportunities and addressing different career needs, such as job scope, ease of job rotation, training opportunities, workplace leadership feasibility and so on. This external talent mobility or talent drain problem in Singapore is mainly tackled by the government with its educational programs and other subsidies. However, this is a temporary solution, as it does not create employee engagement to the company, therefore this problem should be tackled from within the organization. One way to tackle this problem from within the organization is by strengthening the internal mobility like done by Google, Facebook and Oracle. As the main reason for this external talent mobility or talent drain is because of insufficient opportunities. These companies tapped into this need and turned it around to utilize it as a benefit to gain employee engagement and in turn increasing employee performance. Oracle (Oracle, 2012) offers current employees preference over new individuals for a new job opening within the company, by enforcing internally hiring or rather shuffling employees. Employees can venture into new fields and explore new opportunities without shifting companies. While, Oracle states that this program not only increases employee value by helping them gain new set of skills through training and experience but also the company makes direct cost saving – in hiring process of new candidates, training and the time spent on them. Oracle is investing in their intellectual property. Compensation and BenefitAnother factor leading to external talent mobility, which increases the challenges of employee retention and acquisition for the employers is the compensation and benefit packages. Compensation and benefit continues to be the top reason why 43% of employees in Singapore are hunting for a new job (HAYS, 2017). Although compensations and remuneration are quite common in today’s business world, however, companies should use it as a strategic tool to achieve targets, improve morale and reduce absenteeism. This could mean a simple raise of salary but this is a temporary solution. Salary seems temporaryWork-Life BalanceThe concept of work-life balance has been existing in the human resource literature for a long time, and the increasing number of women entering in the workforce has increased this concepts importance in the field of HR. Especially, in a modern developed society life as that of in Singapore, the near-equal social gender roles of men and women demand more involvement of both genders as well as the younger generation is inclined more towards creating an “equilibrium” (Wee, 2013) in their work and personal life. A survey conducted to determine the motivators for job hunting by HAYS Asia Salary Guide in 2016 (Roeder, 2016), revealed that work-life balance was the top decisive factor, with 60 percent votes, for an employee to continue working under their current employer. Additionally, research by Rupashree and Shivganesh (2010), discloses a positive relation between job satisfaction and work-life balance, companies that exercise practices that ease the work-life conflict of employees have higher job satisfaction as a whole.Given this it can be inferred that Singaporean companies that include work-life balance practices as one of the priorities in their organizational environment have higher competitive advantage in attracting top talent, as the majority of Singaporeans are aiming to have better flexibility between their work and personal life, Additionally, considering that in the next few years majority of workforce will be dominated by millennials followed by gen z, who are more focused on “work-life integration” (Leung, 2017), where they can focus on both work and private life on both planes equally, companies work-life balance strategies would help them achieve sustainability.Tapping into Trends for SustainabilityThe academic literature in this field of talent acquisition and retention is extensive, in a global context, which provides practical implementation in the corporate world, as seen above. However, new trends and forces are not always included or elaborated into literature. Thus, by analysing the business environment and the prospective changes in the society, companies can develop sustainable strategic practices. In the years to come majority of the workforce will constitute individuals of generation y, that is millennials, followed by generation z. As known that millenials are more keen on the purpose and impact on the society over monetary gain. According to Jenkins (2017), this trait of being “motivated by meaning” is also prominent in individuals of the cohort of generation z. Jenkins states that 93 percent of generation z support and are more inclined to join companies that focus on their social impact. Given this and the fact that gen z alone will make up for upto 30 percent of Singaporeans, Singaporean companies should work towards developing and implementing practices that would fulfill the need of these generations, that is to be more socially responsible and to have a social impact.In addition to implementing new practices, companies should also understand the importance of weeding out redundant or obsolete practices to avoid losing potential candidates. According to a study stated by Chinnuswamy (2017), 89 percent of job seekers in Singapore, Hong Kong and Malaysia are more prone to rejecting companies that take more than four weeks to complete its hiring process. This could be because of the fact that the best talents normally receive multiple offers and cannot wait long before picking the best suitor. Organizations that have overly slow, deliberative hiring process miss out on such talents because their processes are often misinterpreted to imply sluggishness in business decisions (Cheng & Brown, 1998). To speed up the hiring process, companies should measure the correlation between hiring speed and new higher quality to discover whether slow hiring process reduces quality and vice versa. They should also identify unnecessary delays in the recruiting process and prioritize the recruitment of the ‘most difficult to fill positions’ where candidates often receive manifold offers elsewhere. Gap Through the extensive literature review conducted in the field of talent acquisition and retention in Singaporean context in this chapter, several research gaps were identified. Firstly, most of the research in this field is observed to be undertaken in a global context with limited emphasis on its interpretation in different countries. Despite, Singapore being one of the most developed free markets in the world, there is little to none research on this topic in the Singaporean context. Singapore being one of the major contributors to the economic flow, shortage of talent could weigh heavy on its output and its quality, jeopardizing its position. Secondly, this lack of literature limits the means of derivation of its managerial implication in Singapore, renders the attempted implementation of the existent practical company or managerial implementation of another environment with different circumstances to Singaporean corporate world ambiguous and debatable.