As one of the most competitive economy country in the world, companies in Singapore are challenging more expensively compare to other regions. Therefore, hiring contingent workers on project basis may be more cost efficient for company business operation.
Based on the Contingent Workforce Index(CWI), which tracks the relative ease of sourcing, hiring and retaining contingent workforce in 75 countries. The index in Singapore supports tracking of indicators such as availability, cost efficiency, regulation and productivity.
Significantly, Singapore ranked second in the Productivity aspect, which compares the potential productivity of a workforce based on the amount of hours an employer can pay at base pay – helped by Singapore’s longer working week (eight-hour work days) and fewer annual leave days (11 days).
It also performed strongly in the Regulation indicator (third ranking), which measured how restricted the terms and practices of engaging contingent workers are, based on a standard set of regulations – given the practice of just one day’s notice period and zero severance.
In terms of Availability, Singapore was ranked ninth globally, where in a total contingent workforce comprising 3.6 million, 80% are noted for their English proficiency.
Cost Efficiency, however, was an indicator where Singapore slipped in the rankings, with the average monthly wage pegged at US$3,800, and overtime premium of 50%.
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