The foundit Insights Tracker (fit) Singapore is a monthly look into the city-state’s recruitment trends. Based on extensive analysis of job postings, the fit offers a holistic understanding of e-recruitment activities in Singapore, providing actionable insights for job seekers and employers alike.
Snapshot of Hiring Landscape
In August 2023, fit Singapore saw a 1% dip in hiring from the previous month, and a discernable 4% decrease over the last quarter. These numbers in the job market mirrors the overarching slowdown in the Singapore job market.
As the economic curve moderates, the labor market shows vulnerability, translating to a slower hiring rhythm.
Spotlight: Despite an overarching decline across sectors, the Import/Export sector stood out with a +2% YoY growth.
There is an unmistakable correlation between this growth and the amplified trade values for imports, underscoring the sector’s steadfastness even amid challenging times.
Challenges: The IT, Telecom/ISP, and BPO/ITES sector, echoing global uncertainties, recorded a significant downturn of -28% YoY.
Meanwhile, Production/Manufacturing, grappling with reduced foreign demand and surging inflation, nosedived by -20% YoY.
Several other sectors, including but not limited to Oil & Gas, Retail/Trade and Logistics, Shipping/Marine, Hospitality, and Healthcare, experienced a downtrend, with Advertising, Market Research, Public Relations, Media and Entertainment, and BFSI notably dropping by 16%.
Spotlight: August saw Real Estate professionals in high demand, soaring by +13% annually, largely due to the mounting interest in private homes and specific needs from the expatriate community.
Additionally, the Hospitality & Travel sector grew by +8% annually, courtesy of innovative offerings from travel tech firms. The Healthcare sector too, with a +4% annual growth, resonated with the rising demand for Healthcare Assistants across industries.
Facing Headwinds: Unfortunately, some functions struggled. Software, Hardware, and Telecom roles experienced the sharpest YoY decline at -38%, indicating the challenges posed by the global tech landscape.
Additionally, roles in Marketing & Communications and Finance & Accounts saw YoY drops of -18% and -13% respectively.
Other functions, including HR & Admin, Customer Service, and Engineering/Production, among others, experienced varying degrees of decline.
Singapore’s job market in August 2023 reflects its economic challenges, with several sectors facing headwinds. However, specific sectors and functions are bucking the trend, presenting opportunities for the discerning professional.
For a more in-depth understanding of Singapore’s employment pulse, dive into the detailed fit report.