The foundit Insights Tracker (FIT) for Singapore registered an 11% annual dip in hiring activity in April 2024.
The FIT index shows a notable downturn compared to the same period last year, with the index dipping to 111 from 126 in April 2023. Despite a 2% month-on-month decline, government initiatives to strengthen workforce development are showing positive signs – as indicated by the 3% uptick in hiring demand for the past 3 months.
Hiring Trends – Industry
Only 1 out of 15 industry sectors monitored by the FIT demonstrated growth in hiring from April 2023 to April 2024.
In Demand:
The Import/Export sector displayed marginal yet continued growth of 2%, highlighting resilience amidst broader market challenges.
Facing Challenges:
The BFSI sector saw a substantial 36% annual decline, with IT, Telecom/ISP, and BPO/ITES witnessing a 35% decrease. The Advertising, Market Research, Public Relations, Media, and Entertainment sector experienced a 30% annual decrease.
Other sectors facing declines include Shipping/Marine (-4%), Oil & Gas (-8%), Engineering, Construction, and Real Estate (-9%), Healthcare (-9%), Education (-10%), Retail/Trade and Logistics (-12%), Hospitality (-11%), Consumer Goods/FMCG (-12%), and Production/Manufacturing (-17%).
Hiring Trends – Functional Area
1 out of 13 functional areas tracked saw an annual increase in online recruitment activity.
In Demand:
Legal professionals demonstrated the most substantial annual surge with an 11% increase. This function has sustained consistent growth over the past six months, reaffirming its positive trajectory.
Challenges Faced:
Software, Hardware, Telecom roles saw the most substantial annual decline at 48%, marking the lowest demand among all monitored functions. Additionally, Finance & Accounts (-32%) and Healthcare (-19%) functions displayed a declining trend in April 2024 compared to the previous year.
Other functions experiencing annual dips include Customer Service (-7%), Marketing & Communications (-9%), Purchase/Logistics/Supply Chain (-10%), Engineering/Production (-11%), Sales & Business Development (-12%), HR & Admin (-13%), and Hospitality & Travel (-18%).
About the foundit Insights Tracker
The foundit Insights Tracker (FIT) Singapore, earlier known as the Monster Employment Index, is the leading guide to Singapore’s e-recruitment landscape. By examining millions of job listings, FIT provides insights into hiring trends in Singapore.
