Key Highlights of the Month
The foundit Insights Tracker for Singapore in June 2024 registered a 9% year-on-year decrease in hiring activity. The FIT index dropped from 122 in June 2023 to 111 in June 2024, reflecting ongoing challenges in the job market. However, there was a 2% month-over-month increase from May 2024 to June 2024, indicating signs of recovery. The job market faced significant challenges from June 2023 to February 2024, but there are recovery signals starting from March 2024.
Hiring Trends – Industry
12 out of 15 industry sectors monitored by the tracker demonstrated growth in hiring in June 2024 over the last month
In Demand:
- IT, Telecom/ISP, and BPO/ITES (+3%): Integration of AI and machine learning driving demand and annual growth
- Hospitality (+3%): Increased YoY hiring in travel and tourism sectors.
- BFSI (+2%): Increased demand for compliance officers, risk managers, and legal experts.
- Advertising, Market Research, Public Relations, Media, and Entertainment (+2%)
- Healthcare (+2%)
Facing Challenges:
- Shipping/Marine (-1%)
- Consumer Goods/FMCG (-1%)
- Import/Export (-3%): Despite the annual decline, this sector registered positive growth year-over-year.
Hiring Trends – Functional Area
In June 2024, 11 out of 12 functions monitored by the tracker demonstrated stability or growth in hiring activity in June ‘24 over the last month
In Demand:
- Legal (+2%) Continued MoM increase in hiring demand.
- Sales & Business Development (+1%) increase in demand
- Hospitality & Travel (+1%) increase in demand
Facing Challenges:
- HR & Admin (-1%): Continued decline due to the adoption of AI tools in HR functions.
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 Insights Tracker
