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Singapore Hiring Landscape in February 2024: Insights from foundit Insights Tracker 

Singapore’s foundit Insights Tracker has reported a significant 22% drop annually in hiring demand as of February 2024. 

There has been a 4% reduction in hiring activity compared to the previous month, as January 2024, further reflecting this downturn. 

Over the past six months, the tracker has revealed a significant 7% decline in hiring demand, mirroring broader economic challenges faced by both Singapore and the global economy.  

This persistent trend has resulted in a notable reduction in employment opportunities, exacerbating strains on Singapore’s job market. Proactive measures are essential to address these challenges and navigate the toughening job market landscape. 

Hiring Trends – Industry 

Only 1 out of 15 industry sectors monitored by the tracker demonstrated an annual growth in hiring  

In Demand: 

  • The Import/Export sector recorded a positive annual growth of 1% in hiring, amidst overall muted hiring activity in the last month. 

Challenges Faced: 

  • The BFSI sector witnessed the steepest annual dip of 36%, followed closely by IT, Telecom/ISP, and BPO/ITES sectors, marking a substantial decline in hiring activity attributed to global headwinds impacting the sector on a global scale. 
  • The Advertising, Market Research, Public Relations, Media, and Entertainment sector experienced a significant annual decrease of 32% in hiring demand for February ’24. 

Notable Decline 

Several sectors experienced declines in hiring activity in February 2024, including Shipping/Marine, Oil & Gas, Healthcare, Retail/Trade and Logistics, Hospitality, Engineering, Construction, and Real Estate, Consumer Goods/FMCG, Education, and Production/Manufacturing, underscoring the widespread challenges affecting various industries amidst the current economic landscape. 

Hiring Trends – Functional Area 

Just one out of the 13 functions monitored by the tracker saw positive annual growth in February ’24 

In Demand: 

  • Legal professionals saw a significant annual surge of 6%, showcasing resilience and adaptation to the evolving legal landscape in the region. 

Challenges Faced:  

  • Software, Hardware, Telecom roles observed the most significant annual decline of 50% in e-recruitment, indicating the lowest demand among all monitored functions. 
  • Finance & Accounts, Real Estate, Customer Service, Sales & Business Development, Purchase/Logistics/Supply Chain, Engineering/Production, Marketing & Communications, Hospitality & Travel, Healthcare, and HR & Admin saw notable annual dips in hiring demand in February ’24, reflecting the challenges facing various functions on a year-on-year basis. 

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 the hiring trends in Singapore. 

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