Singapore’s job market shows resilience with hybrid work boost

Hybrid work is key in Singapore’s job landscape with 62% of employees in hybrid roles unlikely to leave in 2024.
By: | February 7, 2024
Topics: Employee Experience | Hybrid Working | Mobility | News | Singapore

Despite moderated economic growth, Singapore’s labour market remains robust, with job postings still 57% above pre-pandemic levels, according to data released by Indeed. While overall postings have decreased 25% from the October 2022 peak, every occupational category maintains levels higher than before the pandemic.

In 2023, 92% of sectors experienced a decline in job postings, yet they remain double pre-pandemic levels in 26% of sectors. Fastest-growing categories include childcare (+20%), security and public safety (+16%), and hospitality and tourism (+14.5%). Conversely, dentistry (-39%), media and communications (-37%), and arts and entertainment (-37%) saw the most significant declines.

Callam Pickering, Senior Economist at Indeed Asia-Pacific, said, “Singapore’s labour market remains tight with unemployment levels low and vacancies high. There are now 1.6 job vacancies per unemployed person in Singapore – a ratio that used to be 1:1 prior to the pandemic. This suggests that skill shortages remain common and widespread, with a mismatch between the job being created and the skills of those without work. Addressing this should be a priority for HR leaders.”

Remote work remains a dominate factor in Singapore’s job search trends, with almost 4% of searches on Indeed including remote work. Hybrid work arrangements are found to be more favourable for employee retention, with 62% of employees in hybrid roles stating they are unlikely to leave their current position in 2024 compared to fully remote (51%) and in-office (45%) setups.

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Pay transparency is also improving, with 32% of job postings in Singapore featuring pay information, a 14% increase from 2018. Diversity and inclusion mention in job descriptions have also risen to 10%.

“It’s important to highlight the ever-changing landscape with an ageing population and evolving technology. Employers must understand these key trends that influence Singapore’s job market, such as AI and workplace flexibility, which will help organisations thrive in 2024 and beyond,” Pickering concluded.