Navigating the Labour Market Survey (LMS) can be daunting for Singapore companies, but we have a solution. In our comprehensive guide, we delve into everything you need to know about the LMS, from understanding its purpose to managing the survey process efficiently. Discover why your company was selected, whether responding is mandatory, and what steps to take if your company is chosen. Learn how to handle deadlines and address any unanswered questions. Plus, explore the significance of the LMS and how Payboy HR software can streamline your survey submissions, making compliance a breeze.
What is the Labour Market Survey?
The Labour Market Survey (LMS) collects vital manpower data, including labour turnover, retrenchment figures, and job vacancies. Retrenchment data aids in evaluating struggling industries during periods of restructuring, while job vacancy statistics help pinpoint labour shortages and their underlying causes across different sectors and job roles. This data empowers both employers and job seekers to make informed decisions regarding hiring and employment opportunities.
How was my company selected for the Labour Market Survey?
The Labour Market Survey is conducted 4 times a year (quarterly), and the respondents are randomly selected by computer. Every company of similar size within a particular industry has an equal chance of being selected.
Is it compulsory to respond to the survey?
Yes, the Labour Market Survey is conducted under the Minister of Manpower (MOM) Statistics Act, and refusing to answer or knowingly providing false information is an offence punishable by a fine of up to $1,000.
What should I do if my company is selected for the survey?
Please complete the survey by the date specified in the survey notification letter that you'll receive should you be selected.
You can complete the Labour Market Survey online by logging into the Labour Survey Statistics Portal (LSSP) with your Singpass account.
Alternatively, you can utilise Payboy’s seamless Labour Survey submission feature to perform your monthly and quarterly data submissions.
What should I do if I can’t submit the survey by the date specified in the survey notification letter?
Do reach out to the officer stated in your survey notification letter if you face any challenges, and they will try to accommodate your request for extensions if possible.
What should I do if some questions are not applicable to my company?
Please answer them as NA (not applicable) if the questions are not applicable to your company.
Why is the Labour Market Survey important?
- Informing policy decisions: The data collected through the survey informs policymakers about labour market trends, challenges, and opportunities. This information helps in formulating and adjusting policies related to employment, training, and economic development.
- Identifying labour market dynamics: The survey helps identify patterns of labour turnover, retrenchment, and job vacancies across different industries and sectors. This insight is invaluable for understanding the health of the labour market and addressing issues such as skills shortages and unemployment.
- Supporting workforce planning: Employers, educators, and training providers use the survey data to anticipate future workforce needs and align training programmes with industry demands. This contributes to a more efficient and skilled workforce.
- Promoting transparency and accountability: By collecting and disseminating labour market information, the survey promotes transparency and accountability in employment practices. It helps employers and employees make informed decisions about job opportunities, wages, and career pathways.
Overall, the Labour Market Survey plays a vital role in facilitating evidence-based decision-making, fostering workforce development, and ensuring the smooth functioning of the labour market.
How can I use Payboy HR software to automate my Labour Market Survey submissions?
We understand the hassle of juggling tasks as a business owner, so we've developed this feature to automate the LMS submission process. Dive into our step-by-step guide on how to enable and submit your data for the Labour Market Survey on Payboy HR software, tailored to make Labour Market Survey submission a breeze. We hope that our feature is helpful, and good luck with your submissions!
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