Key Highlights of the Month
Singapore’s foundit Insights Tracker recorded an 8% decline in hiring activity from July 2023 to July 2024. The index dropped from 120 in July 2023 to 110 in July 2024, reflecting a mixed economic landscape. However, there has been slight growth over the past three months, as emerging industries continue to drive hiring despite challenges in traditional sectors.
Hiring Trends – Industry
8 out of 15 industries monitored showed growth in hiring activity month-over-month.
In Demand:
- Education (+4%) saw growth driven by the increasing demand for upskilling and reskilling.
Facing Challenges:
- Advertising, Market Research, Public Relations, Media, and Entertainment (-5%) saw the steepest decline.
- Hospitality (-3%) and Import/Export (-2%) also faced challenges.
Hiring Trends – Functional Area
7 out of 12 functional areas tracked showed consistent month-over-month growth.
In Demand:
- Legal (+1%) saw slight growth and maintained positive demand year-over-year.
- Finance & Accounts (+1%), Sales & Business Development (+1%), and Customer Service (+1%) all experienced modest growth.
Facing Challenges:
- Software, Hardware, Telecom (-5%) faced the steepest decline in hiring demand.
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 foundit.sg.
