The foundit insights tracker in Singapore’s registered a 11% drop in annual hiring demand in January 2024, with a 2% uptick in hiring activity compared to the previous month.
Hiring Trends in Singapore
Over the past six months, the tracker highlights a 6% decline in hiring demand, reflecting the broader challenges in the global economy. As cyclical changes persist, there has been a reduction in employment opportunities, impacting Singapore’s job market.
Hiring Trends – Industry* (YoY numbers)
Only 3 out of 15 industry sectors monitored by the tracker demonstrated annual growth in hiring
In demand:
- The Hospitality (+2%) and Import/Export (+1%) sectors monitored marginal yet continued growth in hiring and showcased the need for talent in these sectors.
Holding steady:
- The Retail/Trade and Logistics (0%) sector exhibited a stagnant hiring demand indicating a prolonged period of muted recruitment activity in this sector.
In decline:
- The IT, Telecom/ISP, and BPO/ITES (-32%) sector witnessed a significant decline in hiring activity, reflecting a challenging employment landscape. (But roles such as Software and Multimedia Developers show constant demand, showcasing the resilience of specific skill sets in the market.)
- The BFSI (-31%) sector witnessed a substantial decline.
- Similarly, the Advertising, Market Research, Public Relations, Media, and Entertainment (-26%) sector experienced a noteworthy annual decrease in hiring demand for January’24.
Hiring Trends – Functional Area (YoY numbers)
Out of the 13 functions monitored by the tracker, just one function demonstrated positive annual growth in January’24
In demand:
- Legal (+11%) professionals experienced an increase in demand and stood out as the most sought-after in the region. Remarkably, this specific function is the only area to maintain steady growth over the past six months.
In decline:
- Customer Service (-2%), Sales & Business Development (-4%), Hospitality & Travel (-5%), Engineering/ Production (-8%), Purchase/ Logistics/ Supply Chain (-9%), HR & Admin (-9%), Healthcare (-10%) and Real Estate (-20%) saw a subsequent dip in January’24 on Y-o-Y basis.
- There was also a downturn in Finance & Accounts (-28%) roles, and the Marketing & Communications (-9%) function showed a declining trend in online hiring demand for January’24 compared to the previous year.
Steep decline:
- The Software, Hardware, Telecom (-46%) roles observed the most significant annual decline in e-recruitment, indicating the lowest demand among all monitored functions.
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.
