Key Highlights of the Month
In Singapore, the foundit Insights Tracker recorded a 5% year-on-year decline in online recruitment activity, with the index falling from 116 in September 2023 to 110 in September 2024. Despite this, there was a 7% month-on-month increase, indicating a positive shift following the previous month’s downturn. This suggests that while hiring activity has slowed year-over-year, the job market is showing signs of stabilisation. The employment market has balanced out after recent fluctuations, with both hiring and quitting rates reaching an equilibrium, though challenges remain in securing specialised talent.
Hiring Trends – Industry
12 out of 15 industries monitored in Singapore showed month-on-month growth in September 2024, reflecting diverse hiring trends across sectors.
In Demand:
- The Education sector (+4%) led the charge with a resurgence in hiring, supported by both government and private investments in education infrastructure and programmes.
- Retail/Trade and Logistics (+3%) and Import/Export (+3%) also recorded positive growth, driven by continued consumer demand and global trade activities.
Facing Challenges:
- The BFSI sector (-2%) saw a decline in demand, registering the lowest hiring activity, potentially reflecting caution in financial services amid economic uncertainties.
- Similarly, the Advertising/Media/Entertainment sector (-1%) experienced a minor slowdown after several months of increased hiring activity.
- Other sectors, such as IT/Telecom/ISP, BPO/ITES, and Manufacturing, experienced more stable hiring trends, with slight monthly gains or steady performance compared to August 2024.
Hiring Trends – Functional Area
6 out of 12 functional areas tracked by FIT saw growth in September 2024, demonstrating ongoing demand in select professions.
In Demand:
Marketing & Communications (+30%) saw the highest growth in demand, reflecting the need for professionals adept in managing omnichannel marketing and content strategies, especially as businesses adapt to evolving consumer behaviour.
Purchase/Logistics/Supply Chain (+29%) followed closely, supported by growth in retail and logistics industries, while Finance & Accounts (+11%) showed stable demand as companies looked to bolster their financial operations.
Facing Challenges:
- Sales & Business Development (-13%) recorded a notable drop, with companies investing more in digital marketing rather than traditional sales roles. Software, Hardware & Telecom (-9%) also saw reduced demand, as tech hiring continued to face challenges amidst economic uncertainties.
- Despite these challenges, roles in Customer Service (+2%) and Hospitality & Travel (+2%) experienced slight growth, indicating steady recovery in service-oriented sectors.
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 www.foundit.sg.
