Singapore businesses are facing significant hurdles in achieving their objectives, with 71% missing key goals due to talent shortages, according to Remote’s Global Workforce Report. The report, based on a survey of 250 local HR leaders, highlights the challenges of finding the right talent and the complexities of international payroll systems. As a result, many firms are expanding their global workforce, with the average company now employing talent in three or more countries.
The report reveals that only 56% of Singapore’s business and HR leaders rate their company’s retention strategies as excellent, lagging behind the global average of 62%. This shortfall is compounded by the rising cost of living, which has led 80% of HR leaders to report increased pressure from employees for higher pay. Improved pay transparency is seen as a solution, with 81% of business leaders believing it fosters a healthier workplace culture.
Payroll complexities are also a significant barrier to growth. Remote’s data indicates that 45% of businesses have had to block international hires due to payroll setup issues, and 25% view their current payroll systems as a risk. Additionally, 41% of firms face stringent security and data protection requirements, whilst 36% struggle with compliance across various locations.
Barry Flanagan, Vice President of Payroll at Remote, emphasised the need for automated payroll tools to mitigate these risks and support sustainable growth. “Relying on fragmented, manual processes for international payroll exposes growing companies to unnecessary risks and slows down their momentum,” he stated. The report underscores the importance of reliable payroll systems and pay transparency in building trust and retaining employees.
