Singapore job market sees surge in new positions

Business expansions are driving a surge in newly created roles, driving upskilling and reskilling needs, says the Ministry of Manpower.
By: | March 27, 2024

Singapore’s job market continued its recovery in 2023, with a rise in the number of newly created positions. According to the Ministry of Manpower’s (MOM) latest Job Vacancies report, nearly half (47.3%) of all job openings were brand new roles, marking the highest proportion since data collection began in 2018. The figure surged from 38.7% recorded in 2022.

MOM highlighted that the majority of these newly created roles stemmed from business expansion into both existing and new functions, indicating the evolving nature of the economy and corresponding changes in workforce demands. The ministry emphasised the importance of continuous upskilling and reskilling for employees to meet the requirements of these new positions, with government support pledged for this endeavour.

The shift towards a higher proportion of newly created positions contrasts with the previous year, where the share dipped below 40%, primarily due to pandemic-induced vacancies requiring backfilling. The MOM spokesperson attributed this to border closures, which led to a larger proportion of replacements rather than newly created roles.

In a reflection of the evolving job landscape, Singapore’s job vacancies for professionals, managers, executives, and technicians (PMETs) continued to rise, constituting 57.2% of vacancies in 2023, slightly up from 56% in 2022. MOM attributed this increase to heightened demands for skilled employees, particularly in sectors such as information and communications, financial services, and health and social services.

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Despite the restructuring and layoffs observed in the tech sector, tech-focused roles remained highly sought after. Positions like software, web, and multimedia developers continued to dominate the PMET vacancies, with emerging fields like AI gaining traction among employers.

The report also highlighted trends in compensation, indicating an increase in minimum pay offered for various roles compared to the previous year. For instance, employers were willing to offer a minimum of S$5,000 (US$3,716) for software, web, and multimedia developers in 2023, up from S$4,200 (US$3,122) in 2022, reported The Business Times.