– Legal professionals witness the highest demand with a 24% annual growth and 2% month-on-month increase in June ’24
– Overall hiring activity in Singapore shows signs of recovery with 2% month-on-month increase despite 9% annual dip
foundit (formerly Monster APAC & ME), one of the leading talent platform, today published the foundit Insights Tracker (fit) for June 2024. According to the Singapore fit report, the Legal sector has demonstrated remarkable resilience and growth, with a 24% year-on-year increase in hiring activity and a 2% month-on-month rise in June 2024.
The tracker reveals an overall year-on-year (YoY) decline of 9% in hiring activity across sectors, as the index dropped from 122 in June 2023 to 111 in June 2024. However, a month-on-month (MoM) analysis indicates a notable 2% surge, with an index of 109 recorded in May 2024. This uptick suggests that businesses are resuming hiring activities post-economic adjustments, with the legal sector leading the way.
Commenting on Singapore’s job trends for June 2024, Sekhar Garisa, CEO, foundit, said, “The impressive growth in demand for legal professionals, both annually and month-on-month, highlights the importance of legal expertise in today’s complex business environment. While the overall job market continues to navigate through economic adjustments, the Legal sector’s performance is a bright spot, indicating areas of opportunity and growth. This trend, coupled with the overall month-on-month increase in hiring activity, suggests a gradual recovery and adaptation of the job market to new economic realities. In this evolving landscape, continuous adaptation, reskilling, and embracing flexible work models will be crucial for both employers and job seekers.”
IT, Telecom, and Hospitality sectors lead MoM Industry growth indicating positive economic trends
The IT, Telecom/ISP, and BPO/ITES industry, along with the Hospitality sector, showed positive trends with a 3% MoM growth each in June 2024. This growth is primarily driven by businesses increasingly integrating AI and Machine Learning into their operations to enhance automation, efficiency, and insights, as well as a gradual recovery in the tourism and hospitality sectors.
The BFSI sector also experienced a 2% increase in hiring demand over the last month, with heightened interest in roles such as Compliance Officers, Risk Managers, and Legal Experts. Other sectors showing positive growth include Advertising, Market Research, Public Relations, Media, and Entertainment (2%), Retail/Trade and Logistics (2%), and Healthcare (2%).
Challenges persist in several sectors with declining or stagnant hiring trends
While some sectors showed growth, others faced challenges in the job market. The Import/Export industry recorded a substantial deceleration in hiring activity, with a 3% MoM decrease, likely due to ongoing global trade uncertainties and supply chain disruptions.
The Shipping/Marine and Consumer Goods/FMCG sectors also experienced a slight decline of 1% each, reflecting cautious consumer spending and continued logistics challenges.
Several sectors showed no change in their hiring activities. The Government/PSU/Defence, Education, and Oil and Gas sectors showed no change (0% MoM growth) in their hiring patterns, indicating a cautious approach in these industries.
The Production/Manufacturing, Automotive, and Ancillary sector saw only a marginal rise (+1%), suggesting a slow recovery in these traditional industries.
Varied trends across functional roles reflect changing market dynamics
Legal professionals continued to witness significant demand in June 2024, with the highest YoY growth of 24% and a 2% MoM increase. This trend underscores the growing importance of legal expertise across various industries. This surge in demand for legal professionals could be attributed to the increasing need for regulatory compliance, risk management, and legal expertise across industries in a rapidly evolving business landscape.
Sales & Business Development and Hospitality & Travel roles also showed positive growth, each recording a 1% MoM increase. This growth reflects the gradual recovery of the tourism and hospitality sectors, as well as businesses focusing on expanding their market presence.
However, HR & Admin roles saw a marginal dip of 1% on a month-on-month basis while registering a 12% drop annually. This trend could be attributed to the increasing adoption of AI tools in recruitment and other HR functions.
Most other monitored functions, including Finance & Accounts, Software, Hardware, Telecom, Marketing & Communications, Engineering/Production, Customer Service, Purchase/Logistics/Supply Chain, and Healthcare roles, remained stable with no change in hiring activity in June 2024.
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.
Period for the report
The period considered for the foundit Insights Tracker (fit) data is June 2023 vs June 2024.
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About foundit – APAC & Middle East
foundit, formerly Monster (APAC & ME) is a leading 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 100 million job seekers across 18 countries in upskilling and connecting them with the right job opportunities. 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 recently 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.
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