Singapore’s foundit Insights Tracker has reported a significant 22% drop annually in hiring demand as of February 2024.
There has been a 4% reduction in hiring activity compared to the previous month, as January 2024, further reflecting this downturn.
Over the past six months, the tracker has revealed a significant 7% decline in hiring demand, mirroring broader economic challenges faced by both Singapore and the global economy.
This persistent trend has resulted in a notable reduction in employment opportunities, exacerbating strains on Singapore’s job market. Proactive measures are essential to address these challenges and navigate the toughening job market landscape.
Hiring Trends – Industry
Only 1 out of 15 industry sectors monitored by the tracker demonstrated an annual growth in hiring
In Demand:
- The Import/Export sector recorded a positive annual growth of 1% in hiring, amidst overall muted hiring activity in the last month.
Challenges Faced:
- The BFSI sector witnessed the steepest annual dip of 36%, followed closely by IT, Telecom/ISP, and BPO/ITES sectors, marking a substantial decline in hiring activity attributed to global headwinds impacting the sector on a global scale.
- The Advertising, Market Research, Public Relations, Media, and Entertainment sector experienced a significant annual decrease of 32% in hiring demand for February ’24.
Notable Decline
Several sectors experienced declines in hiring activity in February 2024, including Shipping/Marine, Oil & Gas, Healthcare, Retail/Trade and Logistics, Hospitality, Engineering, Construction, and Real Estate, Consumer Goods/FMCG, Education, and Production/Manufacturing, underscoring the widespread challenges affecting various industries amidst the current economic landscape.
Hiring Trends – Functional Area
Just one out of the 13 functions monitored by the tracker saw positive annual growth in February ’24
In Demand:
- Legal professionals saw a significant annual surge of 6%, showcasing resilience and adaptation to the evolving legal landscape in the region.
Challenges Faced:
- Software, Hardware, Telecom roles observed the most significant annual decline of 50% in e-recruitment, indicating the lowest demand among all monitored functions.
- Finance & Accounts, Real Estate, Customer Service, Sales & Business Development, Purchase/Logistics/Supply Chain, Engineering/Production, Marketing & Communications, Hospitality & Travel, Healthcare, and HR & Admin saw notable annual dips in hiring demand in February ’24, reflecting the challenges facing various functions on a year-on-year basis.
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 the hiring trends in Singapore.
