Singapore witnessed a 17% drop annually in hiring demand in November 2023, according to the foundit Insights Tracker.
The latest fit data indicates for November 2023 indicates a 4% decrease in hiring activity compared to the previous month. The tracker also reflects a 5% drop in hiring demand in the last three months. Also, ongoing economic challenges are expected to persist, impacting the job market in the foreseeable future.
In response, the Singapore Government is initiating measures to aid employers and workers, fostering business transformation and facilitating upskilling opportunities by introducing various programs.
Hiring Trends – Industry* (YoY numbers)
Only 3 out of 15 industry sectors monitored by the tracker demonstrated growth in hiring from November’22 to November’23
In Demand:
In November’23, the Import/Export (+5%) and Hospitality (+5%) industries stood at the same level demonstrating the strongest annual hiring demand among all monitored sectors, maintaining their robust performance. However, the Retail/Trade and Logistics (0%) sector showed stagnant hiring demand
Facing Challenges:
The IT, Telecom/ISP, and BPO/ITES (-32%) sector persisted with a substantial decrease in hiring activity. Meanwhile, the government is initiating reskilling programs to equip job seekers for emerging roles in the market.
Additionally, BFSI (-22%), Advertising, Market Research, Public Relations, Media and Entertainment (-18%), and Production/Manufacturing (-18%) experienced significant annual declines in November’23.
Hiring Trends – Functional Area (YoY numbers)
The demand for professionals remained positive on an annual basis for 4 of the 13 functions monitored by the tracker.
In demand:
- Legal (+5%) professionals continue to mark the steepest annual increase in hiring demand in November’23. Also, the function saw a 15% increase over the last three months.
- Real Estate (+2%) and Hospitality & Travel (+1%) roles saw a marginal increase in job demand, with an increase in hotel infrastructure.
Facing Challenges:
- Software, Hardware, Telecom (-41%) roles faced a substantial decline, marking the lowest annual demand in e-recruitment across all monitored functions.
- Moreover, Finance & Accounts (-22%) and Marketing & Communications (-15%) functions also showed a downward trend in online hiring demand annually in November’23.
Among others, Healthcare (0%) roles saw muted demand on Y-o-Y basis while HR & Admin (-8%), Sales & Business Development (-6%), Customer Service (-6%), Purchase/ Logistics/ Supply Chain (-10%) and Engineering/ Production (-10%) saw a subsequent dip.
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.
