Singapore’s job market remains resilient as hiring continues
Almost half of employees in Singapore are planning to increase hiring in the final quarter of 2023, despite the prevailing global economic uncertainty.
However, a more cautious approach is taken by 12% of employers, who anticipate a reduction in their workforce. Another 38% have no immediate plans to adjust their headcount, and a mere 2% expressed uncertainty about their hiring intentions.
These figures contribute to an overall seasonally adjusted net employment outlook of 36%, marking a 2% increase from the previous quarter and aligning with figures observed in Q4’2022, according to a new survey by Manpower Group, which sought feedback from 510 public and private sector employees.
Linda Teo, Country Manager of ManpowerGroup Singapore, said, “Employers are maintaining a confident but cautious outlook towards their hiring activity, continuing to grapple with the global economic slowdown and talent shortage concerns.”
Despite a slight adjustment in Singapore’s 2023 economic growth forecast, the survey underscored that export-oriented sectors may witness a slowdown. In contrast, domestic service sectors such as healthcare and logistics continue to experience strong demand.
A deeper dive into sector-specific insights from the survey revealed the transport, logistics, and automotive sector as the most optimistic, with a net 60% of employers planning to hire in the upcoming quarter—a year-on-year growth of 38 percentage points. The healthcare and life sciences sector also demonstrated a positive hiring outlook, with a net employment projection of 53%, reflecting a 20-percentage point increase year-on-year.
Still, more than eight in 10 employers in Singapore acknowledged the existence of a talent shortage. Consequently, hiring managers are exploring inclusive and flexible approaches to address this challenge. The survey found that 35% of employers are open to hiring older applicants seeking employment or a career change, while 29% are willing to hire individuals who were previously unemployed due to caretaking responsibilities, reported The Straits Times.