Singapore reports 3% growth in online hiring activity for February 2017, according to the Monster Employment Index (MEI) findings. With regards to individual industry sectors, the IT, Telecom/ISP and BPO/ITES, registered double-digit growth for the fifth month in a row at 19% year-on-year.
The sector saw improved pace of growth by eight percentage points; up from 11% in January 2017. This is also the steepest growth recorded across sectors in Singapore in February. At the other end of the scale, the Retail/Trade and Logistics sector reported a -3% year-on-year decline – the sharpest fall across all sectors monitored by the Index.
When looking at specific occupational groups in Singapore, Software, Hardware and Telecom talent saw the greatest growth in year-on-year demand at 35%. Finance and Accountancy roles saw a plunge in online hiring at -5% year-over-year, faring the worst among the occupational groups.
“While short-term growth for the economy has improved, hiring outlook for 2017 will remain tepid, overcoming job mismatches in the labour market. Businesses, amidst restructuring and reskilling efforts will remain cautious in their hiring plans, reflecting subdued market conditions across several industries,” said Sanjay Modi, Managing Director of Monster.com – APAC and Middle East.
See: Singapore’s Online Hiring Sentiment to Remain Restrained in 2017
“Having said that, we are positive that the government’s recent initiatives to boost upskilling will urge the workforce to embrace technology, increase efficiency and productivity levels. While this may not necessarily translate into more jobs, in the long run it should address two key problems – creation of new jobs and shortage of highly skilled talent.”
“IT, Telecom/ISP and BPO/ITES remains the brightest sector, owing to businesses embracing innovation and digital transformation faster than ever and the growing need for tech talent across the board. Moreover, the ongoing disruption as well as a pickup in activity within the financial services industry is boosting hiring in this sector. The mantra is to constantly upskill and match current industry needs and standards and this should begin right at the grassroot levels,” Modi added.
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.
Also read: Annual Job Growth of 25,000 to 40,000 Expected in the Next 3 to 5 years in Singapore