Singapore’s hiring activity saw a 9% annual decline, with the FIT index falling to 107 in October 2024. Month-on-month hiring dropped by 3%, signaling caution among employers. Despite this, a 4% three-month growth indicates resilience in certain sectors.
Sectoral Growth Highlights
5 of the 15 industries tracked reported MoM growth:
- Education (+3%): Leading for another month, driven by investments in digital learning and teacher training programs.
- IT & Telecom (+2%): Steady demand for data analysts, cybersecurity specialists, and software developers.
Declines were observed in:
- BFSI (-5%): Hiring slowed amidst market stability concerns.
- Import/Export (-4%): Adjustments following an active hiring phase in prior months.
Functional Area Trends
3 of the 12 functional areas tracked showed month-on-month increases:
- Legal (+7%): Surge reflects growing demand for regulatory and compliance expertise.
- Customer Service (0%): Hiring remained stable as companies prioritized efficiency.
Conversely, functions like Marketing & Communications (-3%), Engineering (-3%), and Finance & Accounts (-3%) saw reduced demand, as firms recalibrated staffing levels following earlier surges.
About the foundit Insights Tracker
The foundit Insights Tracker (FIT) is a monthly analysis of online recruitment trends, providing actionable insights across industries, functions, and geographies. As a successor to the Monster Employment Index, it captures the evolving hiring landscape to help employers and job seekers stay ahead.
For more details, visit foundit or contact PR@foundit.ai.
