Singapore reported 1% decline in online hiring activity between April 2016 and 2017, according to findings from the latest Monster Employment Index (MEI). While the IT, Telecom, BPO and ITES saw steepest growth in online hiring activity at 15% year-on-year, the Government, PSU and Defence sector saw the steepest decline at -6% year-on-year.
Professionals in software, hardware and telecom jobs were in greatest demand at 18% year-on-year, while job roles in hospitality and travel registered the sharpest annual decline at -10%.
“Employment in Singapore has touched an all-time low for Q1 2017 in the last 14 years. According to Citi Research, this is the highest job loss (around 8500) since the SARS outbreak in 2002-2003. Decline in job creations and increase in layoffs in the Singaporean labour market can be attributed to the slow economic growth across the region. Moreover, the widened gap between employer’s expectations and availability of skilled talent continues to deteriorate overall hiring,” said Sanjay Modi, Managing Director, Monster.com – APAC and Middle East.
See: Singapore Witnessed 3% Growth in Online Hiring Activity for February 2017
As one of the most open and advanced economies, Singapore’s labour market is in a transition – a hybrid between competitive and productive, and somewhat low-skilled and low-cost domestic economy. The future of Singapore’s workforce will heavily depend on relentless innovation and R&D at an organisational level and constant reinvention at the government level.
The Monster Employment Index Singapore is a monthly gauge of online job posting activity, based on a real-time review of millions of employer job opportunities culled from a large representative selection of career websites and online job listings across Singapore.
The Index does not reflect the trend of any one advertiser or source, but is an aggregate measure of the change in job listings across the industry.
Also read: Singapore’s Online Hiring Sentiment to Remain Restrained In 2017