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.
Hiring Overview
According to fit Singapore, July 2023 witnessed a significant 14% YoY dip in hiring. A slight reduction of 2% MoM was observed from June 2023’s index.
The diminishing numbers, influenced by global economic challenges, highlight a 6% decrease in job demand over the past six months, pointing towards a delicate labor market.
Sectoral Insights
In Demand: The Import/ Export sector (+2%) showed growth, driven by increased imports in food and healthcare.
Holding Steady: Oil & Gas and Retail/Trade and Logistics maintained a steady growth, indicating a recent industry resurgence.
Facing Challenges: IT, Telecom/ISP, and BPO/ITES plunged by -26%, with Production/ Manufacturing dropping 20%. This dip can be linked to global uncertainties. Other sectors like Shipping/Marine, Hospitality, and BFSI, among others, also reported declines.
Function-wise Trends
In Demand: Hospitality & Travel roles surged (+8%), thanks to global and local tourism. Rising property prices also prompted a spike in demand for Real Estate professionals (+8%). Healthcare roles kept pace with +5% YoY growth.
Steady Sectors: HR & Admin and Customer Service roles stayed consistent, while roles in Engineering/Production and Finance & Accounts hint at a possible recovery.
Challenges Ahead: Software, Hardware, and Telecom roles saw the steepest decline at -35%. Other roles in Marketing & Communications and Legal sectors also experienced reductions.
For an in-depth view of Singapore’s hiring trends, explore the latest fit report.
