EMPLOYMENT TRENDS
Singapore - Employers in Singapore are among the most optimistic worldwide, particularly those in the services sector who have indicated that they will hire more staff in the next three months.
According to the latest Employment Outlook survey results released today by Manpower, 30% of employers polled in the services sector have predicted the strongest job prospects in the third quarter. Elsewhere, other companies in Singapore are also forecasting solid to positive headcount growth in the next three months with the survey recording a seasonally adjusted net employment outlook of +21%.
Hiring prospects have improved by 18 percentage points year-over-year with slightly over a quarter of 701 employers across seven industries polled expecting to increase headcount. Only 4% anticipate a decrease while 67% foresee no additional headcount in their workforce.
While all industry outlooks show an upbeat hiring environment for the third consecutive quarter this year, Peter Haglund, country manager of Manpower Singapore, said employers are hiring more cautiously. But compared to the results a year ago, Haglund said the hiring forecast for Singapore has improved significantly. He added, "It will be very interesting to see if the Q4 results improve over Q3 to get an indication of whether this hiring pace is sustainable in the near term."
Healthy hiring plans for a few industries are evident, said the survey. Employers in the transportation and utilities sector have reported an outlook of +27% while both public administration and education sector and the mining and construction sector are at +24% and +23% respectively. Outlook in the finance, insurance and real estate sector have also improved by 21 percentage points. In other industries, hiring outlooks for both manufacturing sector and the wholesale and retail trade sector have declined by eight percentage points.
However as uncertainty remains in hiring expectations, Haglund expects the demand for contingent workers to increase. He said, "A good strategy for contingent workers will provide flexibility to meet fluctuating demand."
Across the Asia Pacific, hiring prospects are strongest in India, Taiwan, China and Australia. Employer optimism from nearly 16,000 companies polled in the region has also increased quarter-over-quarter. Chinese employers are anticipating an active hiring pace with 31% indicating they will add staff in the upcoming quarter. Surging confidence is also felt in the country's services and wholesale and retail trade sectors. Taiwanese employers, especially in the manufacturing industry, are equally optimistic with nearly half surveyed anticipating more headcount in the next three months.
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