In positive news for job seekers in Singapore, a recent survey reveals that almost half of the employers are planning to increase their headcount in the final quarter of 2024, marking a notable boost in hiring sentiments after a year of mixed results.
According to a poll conducted by recruitment firm ManpowerGroup, 46% of companies are preparing to expand their workforce, while 36% plan to maintain their current staff levels. However, a smaller proportion, 17%, expects to reduce their headcount. This data, collected from 525 employers in July, reflects a growing sense of optimism in Singapore’s job market.
The net employment outlook—a key indicator that subtracts the percentage of employers expecting downsizing from those expecting to hire—stands at 29% for the fourth quarter. This is a significant 9-point increase compared to the third quarter of 2024, signaling the first improvement in hiring sentiment after three consecutive quarters of decline.
While these are encouraging signs, the figure remains 7 percentage points below that of the same period in 2023, indicating some lingering uncertainties. Nevertheless, the overall mood is cautiously optimistic.
ManpowerGroup Singapore’s country manager, Linda Teo, highlighted the delicate balance the economy faces. “We’re at a pivotal moment where the economy and job market could either turn towards recovery or experience further slowing. Given Singapore’s interconnected global economy, it’s hard to predict if this optimistic hiring sentiment will persist amid ongoing global challenges,” she said.
For now, the optimism appears widespread. Employers across eight out of nine industries surveyed expect to hire in the coming months, with the finance and real estate sector leading the charge. This sector’s net employment outlook surged to 64%, a sharp 49-point increase from the previous quarter and 18 points higher than Q4 of 2023. Nearly nine out of ten employers in this sector reported difficulties in finding skilled talent—a challenge fueled by the growing demand for expertise in quantum computing and artificial intelligence.
The communication services sector has also seen a dramatic turnaround, with hiring expectations jumping to 35% for Q4 from a low of minus 33% in Q3. On the other hand, the energy and utilities sector is expected to experience a decline, with a net employment outlook of minus 30%, down from 20% in the previous quarter.
Regionally, Singapore’s hiring outlook remains competitive compared to other Asia-Pacific markets. India leads with 37%, followed by China at 27%. In contrast, Hong Kong’s outlook remains more subdued, with just 8% of employers expressing plans to increase headcount.
Beyond just hiring numbers, employers are shifting focus toward retention strategies. The survey found that 61% of companies are prioritizing work-life balance, 50% are training managers to better support employees, and 48% are actively working to reduce workplace stress.
In conclusion, Singapore’s improving employment outlook reflects a broader optimism. As the economy adapts to global uncertainties, the positive sentiment surrounding jobs and hiring suggests a continued stabilization and upward trajectory for the property market in the long term. With sustained confidence in job creation, the real estate sector is expected to experience steady growth, making it a promising area for long-term investment