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Singapore’s Hiring Landscape in April 2024: Key Takeaways from the foundit Insights Tracker 

The foundit Insights Tracker (FIT) for Singapore registered an 11% annual dip in hiring activity in April 2024. 

The FIT index shows a notable downturn compared to the same period last year, with the index dipping to 111 from 126 in April 2023. Despite a 2% month-on-month decline, government initiatives to strengthen workforce development are showing positive signs – as indicated by the 3% uptick in hiring demand for the past 3 months. 

Hiring Trends – Industry 

Only 1 out of 15 industry sectors monitored by the FIT demonstrated growth in hiring from April 2023 to April 2024. 

In Demand: 

The Import/Export sector displayed marginal yet continued growth of 2%, highlighting resilience amidst broader market challenges. 

Facing Challenges: 

The BFSI sector saw a substantial 36% annual decline, with IT, Telecom/ISP, and BPO/ITES witnessing a 35% decrease. The Advertising, Market Research, Public Relations, Media, and Entertainment sector experienced a 30% annual decrease. 

Other sectors facing declines include Shipping/Marine (-4%), Oil & Gas (-8%), Engineering, Construction, and Real Estate (-9%), Healthcare (-9%), Education (-10%), Retail/Trade and Logistics (-12%), Hospitality (-11%), Consumer Goods/FMCG (-12%), and Production/Manufacturing (-17%). 

Hiring Trends – Functional Area 

1 out of 13 functional areas tracked saw an annual increase in online recruitment activity. 

In Demand: 

Legal professionals demonstrated the most substantial annual surge with an 11% increase. This function has sustained consistent growth over the past six months, reaffirming its positive trajectory. 

Challenges Faced: 

Software, Hardware, Telecom roles saw the most substantial annual decline at 48%, marking the lowest demand among all monitored functions. Additionally, Finance & Accounts (-32%) and Healthcare (-19%) functions displayed a declining trend in April 2024 compared to the previous year. 

Other functions experiencing annual dips include Customer Service (-7%), Marketing & Communications (-9%), Purchase/Logistics/Supply Chain (-10%), Engineering/Production (-11%), Sales & Business Development (-12%), HR & Admin (-13%), and Hospitality & Travel (-18%). 

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 hiring trends in Singapore. 

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