Hiring Landscape
The foundit Insights Tracker (fit) in Singapore registered a 3% decline in hiring activity in September 2023. The tracker showed a 5% decline in hiring over the last three months, suggesting an overall slowdown in recruitment activity.
Only 2 out of 15 industry sectors tracked by fit displayed growth from September 2022 to September 2023. Nevertheless, positive hiring sentiments among employers are anticipated for the coming months.
Key Findings — Sector-wise Insights
Growth Sectors: The Import/Export and Retail/Trade and Logistics sectors both saw 3% growth, contributing to the strongest annual hiring demand.
Declining Sectors: The IT, Telecom/ISP, and BPO/ITES sector witnessed a significant decline of 29%. Other major sectors like Production/ Manufacturing, BFSI, and several others also recorded notable decreases in hiring activity.
Functional Area Insights
In Demand: Real Estate roles saw a 13% increase in demand, followed by Hospitality & Travel (+10%) and Healthcare (+3%).
Facing Challenges: Software, Hardware, Telecom roles witnessed a massive 39% decline in hiring demand. Marketing & Communications and Finance & Accounts also saw a decrease of 16%.
Summary
While the decline in the hiring index for Singapore paints a challenging picture, the anticipated positive sentiment among employers offers a glimmer of hope for the coming months.
The sectors that continue to show resilience, such as Import/Export and Retail/Trade and Logistics, could be important in driving economic recovery and improving the employment landscape.
Despite the downturns in sectors like IT and Telecom, opportunities seem to be expanding in functional areas like Real Estate and Hospitality & Travel.
This trend may reflect a shift in the labour market that aligns with economic demands and shifts in consumer behaviour.
Will Singapore’s job market see a recovery in the coming months? Read next month’s fit report to find out.
