Key Highlights of the Month
Singapore’s foundit Insights Tracker recorded a 13% year-over-year decline in hiring activity, with the index dropping from 119 in August 2023 to 103 in August 2024. There was also a 6% month-over-month drop, highlighting economic challenges despite recent government initiatives promoting AI innovation and sustainability.
Hiring Trends – Industry
6 out of the 15 industries monitored saw month-over-month growth in August 2024.
- In Demand:
- Advertising/Media/Entertainment (+3%) led the monthly increase after a dip in July.
- Facing Challenges:
- Sectors such as Education (-3%), Engineering/Construction/Real Estate (-3%), and Healthcare (-2%) saw the most significant declines.
Hiring Trends – Functional Area
Only 1 out of 12 functional areas tracked saw growth in August 2024.
- In Demand:
- Legal (+1%) continued to rise, driven by demand for arbitration and regulatory compliance experts.
- Facing Challenges:
- Software, Hardware, Telecom (-5%), Engineering/Production (-3%), and Sales & Business Development (-2%) were among the functions facing downturns.
About the foundit Insights Tracker
The foundit Insights Tracker (FIT) Singapore, formerly known as the Monster Employment Index, is a leading guide to Singapore’s e-recruitment landscape. It provides insights into hiring trends across various industries and functional areas in Singapore. For more information, visit www.foundit.sg.
