Key Highlights of the Month
Singapore’s foundit Insights Tracker registered a 12% annual dip in hiring activity in May 2024. The FIT index fell to 109 from 124 in May 2023, with a 2% month-over-month decline from April 2024.
This trend reflects cautious hiring amidst evolving market conditions. In response, the Singapore Government is actively supporting business transformation and offering new upskilling programs to bolster the workforce.
Hiring Trends – Industry
Only 1 out of 15 industry sectors monitored by the tracker showed growth from May 2023 to May 2024.
In Demand:
- Import/Export (+3%) exhibited resilience despite widespread declines.
Facing Challenges:
- BFSI (-34%) experienced a significant annual drop.
- IT, Telecom/ISP, and BPO/ITES (-32%) also witnessed a significant decline.
- Advertising, Market Research, Public Relations, Media, and Entertainment (-31%) faced notable annual drops.
- Other sectors with annual dips 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
One out of the 13 functions monitored showed positive annual growth in May 2024.
In Demand:
- Legal (+24%) professionals saw the most significant increase in hiring demand, driven by technological and regulatory changes.
Facing Challenges:
- Software, Hardware, Telecom (-48%) roles marked the lowest demand.
- Finance & Accounts (-30%) and Hospitality & Travel (-25%) functions also showed declines.
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.
