Singapore reported a 6% year-on-year decline in hiring activity, with the foundit Insights Tracker (FIT) index decreasing from 113 in November 2023 to 106 in November 2024. Month-on-month, hiring activity fell by 1%, reflecting cautious expansion. Over the past six months, hiring contracted by 5%, as companies recalibrate workforce strategies in response to economic challenges. However, emerging sectors such as renewable energy and digital innovation remain areas of focus, in alignment with Singapore’s Green Plan 2030.
Sectoral Growth Highlights
The hiring landscape was mixed, with 8 out of 15 industries recording month-on-month growth in November 2024.
- Education (+1%): Sustained demand for roles in online learning platforms and professional training initiatives driven by economic and environmental alignment.
- Advertising & Media (+1%): Modest growth fueled by continued investments in digital marketing strategies.
- Healthcare (+1%): Stable demand supported by advancements in biotechnology and medical technology.
Conversely, sectors such as BFSI (-4%), IT & Telecom (-2%), and Retail & Logistics (-3%) experienced slowdowns, reflecting recalibrations following hiring surges earlier in the year.
Functional Area Trends
Hiring trends varied across functional areas, with subdued activity in half of the 10 functions tracked.
- Legal (0%): Annual demand remains strong, driven by compliance-focused roles and adoption of legal technology.
- Software, Hardware, & Telecom (-4%): Despite the recent dip, the sector is poised for growth in AI/ML and data engineering roles.
- Finance & Accounts (-3%): Hiring remains cautious amid economic headwinds.
Healthcare roles and sustainability-related functions are expected to see growth as companies align with long-term innovation strategies.
About the foundit Insights Tracker
The foundit Insights Tracker (FIT) is a comprehensive monthly analysis of online recruitment trends, providing actionable insights into industries, functions, and geographies. It helps employers and job seekers adapt to the evolving hiring landscape. For more insights, visit foundit or contact PR@foundit.ai.
