Key Highlights:
- Roles in renewable energy, sustainability, and environmental engineering gain slight momentum as Singapore advances its Green Plan 2030 initiatives
- The Education sector remains resilient with 1% increase over the last month
- Import/Export (+1%), Advertising, Market Research, Public Relations, Media, and Entertainment (+1%), Healthcare (+1%) also register marginal growth.
foundit (formerly Monster APAC & ME), one of Asia’s leading jobs and talent platforms, has published the foundit Insights Tracker (fit) report for Singapore for November 2024. The Singapore fit report highlights a marginal increase over the last month in hiring across 8 of the 15 industry sectors monitored by the tracker.
The tracker revealed a 6% drop in recruitment activity in November 2024 compared to the same period last year, with the index falling from 113 in November 2023 to 106, signaling a downward trend. On a month-on-month basis, hiring activity in Singapore experienced a slight decline, as the index dipped from 107 in October 2024.
The tracker also indicates a 5% decline in hiring activity over the past six months, possibly reflecting factors such as budget constraints, evolving industry priorities, and adjustments in workforce strategies. However, as per the report, opportunities persist in innovative and digitally-driven roles, highlighting the importance of targeted upskilling to meet market demands.
Commenting on Singapore’s job trends for November 2024, a foundit official said, “There is a marginal increase in hiring across certain industry sectors and roles. The silver lining is a surge in roles in legal and compliance over the year and approximately 5 % increase in jobs in renewable energy, sustainability, and environmental engineering due to Singapore’s Green Plan 2030 initiative. Overall, Singapore’s job market is a mixed bag and will constantly evolve.”
Jobs in the Education, Import/Export, Advertising, Market Research, Public Relations, Media, and Entertainment, Healthcare sectors remain resilient.
The Education sector continued to remain resilient in November 2024, registering a 1% increase in hiring over the last month. led by rising opportunities in areas such as online education platforms, professional development, and sustainability-related training.
The Import/Export sector, Advertising, Market Research, Public Relations, Media, and Entertainment sector and Healthcare sector also registered a 1% growth each, in the same period.
Few sectors experience a dip in demand, following an increase in hiring during the previous month
The IT, Telecom/ISP, and BPO/ITES sector and the Retail/Trade and Logistics sector experienced a dip in demand of 2% and 3%, respectively, following an uptick in hiring during the previous month. This trend highlights the cyclical nature of recruitment as industries recalibrate after periods of increased activity.
The BFSI sector continued to witness a decline in hiring activity by 4%, sequentially, over the last month. As per the tracker, this is most likely driven by evolving financial market conditions and strategic realignments within the industry.
The Production/Manufacturing, Automotive, and Ancillary, Engineering, Construction, Real Estate, and Hospitality saw a drop in hiring demand by 1% each, over the past month. In addition, Shipping/Marine, Government/ PSU/ Defence, Consumer Goods/FMCG and Oil and Gas saw no change in hiring activity.
Half of the 12 tracked functions experienced muted hiring activity in November 2024 compared to the previous month.
In terms of functional roles, the demand for legal professionals saw muted demand over the last month but has seen a significant surge of 37% annually. The Singapore interim legal market has experienced a notable uptick in compliance roles, possibly driven by increasing regulatory changes and demands. Also, law firms are increasingly focusing on integrating technology to enhance client services and operational efficiency leading to this annual increase.
The Software, Hardware, and Telecom sector, and the Finance & Accounts sector experienced a decline in demand of 4% and 3%, respectively, over the past month as employers follow a cautious approach due to external headwinds. At the same time roles in Sales & Business Development, HR & Admin, Purchase/Logistics/Supply Chain and Engineering/Production noted a marginal dip of 1% each.
The Hospitality & Travel sector, Marketing & Communications and Customer Service sectors saw no growth in demand in November 2024 compared to October 2024. This may be attributed to organisations maintaining existing workforce levels while closely monitoring market conditions and anticipating potential challenges in the coming months. The Healthcare sector, too, saw no change, however, healthcare innovation and expanding biotechnology capabilities are expected to boost demand for specialized talent in the coming months.
The foundit Insights Tracker is a comprehensive monthly analysis of online job posting activity conducted by foundit. Based on a real-time review of millions of employer job opportunities culled from a large, representative selection of online career outlets, the foundit Insights Tracker (fit) presents a snapshot of employer online recruitment activity nationwide.
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About foundit – APAC & Middle East
foundit, formerly Monster (APAC & ME) is Asia’s leading jobs & talent platform offering comprehensive employment solutions to recruiters and job seekers across APAC & ME. In addition to a powerful AI-powered job search, foundit offers e-learning, assessments, and services related to resume creation, interview preparation, and professional networking. Since its inception, the company has assisted over 120 million job seekers across 18 countries in connecting them with the right job opportunities and upskilling. foundit is now also the Official Talent Partner of the Badminton World Federation across 20 key world tour events.
Over the last two decades, the company has been a leader in the world of recruitment solutions and has launched a cutting-edge solution to give recruiters access to passive candidates in addition to active ones. With the use of advanced technology, foundit is seeking to efficiently bridge the talent gap across industry verticals, experience levels, and geographies. Today, foundit is committed to enabling and connecting the right talent with the right opportunities by harnessing the power of deep tech to sharpen hyper-personalised job searches and offer precision hiring. Additionally, foundit has been recognised as a Great Place To Work, reflecting its dedication to fostering a supportive and dynamic work culture.
To learn more, about foundit in APAC & Gulf,
Visit: https://www.foundit.sg | www.foundit.com.ph |www.foundit.my | https://www.foundit.in| https://www.founditgulf.com |www.foundit.com.hk | https://www.foundit.id
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