EMPLOYMENT RECRUITMENT ECONOMY
Singapore - Employment levels remained consistent from the second to third quarter of this year, with many companies scaling back on hiring as the market remains cautious.
The Robert Walters Job Index for Q3 for the number of jobs advertised grew by 7% from Q2 to Q3, and went up by 5% over Q3. The index added sectors such as legal and medical services faring stronger despite the uncertainties in the financial uncertainties in US and Europe. Job advertisements in both sectors grew significantly by 17% and 19% respectively.
"Both candidates and companies have begun to display a degree of caution due to the uncertain economic environment and pending budgetary reviews," Andrea Ross, managing director for Robert Walters Singapore, said. "The number of job advertisements over the quarter has not increased significantly in Singapore as both candidates and international companies in particular are assessing recruitment strategies in the wake of the global economic slowdown."
The city-state is faring better than neighbouring Malaysia, where job advertisements fell 5% in Q3. Additionally, the human resources and art and design sectors have both seen sharp declines of 35% in advertisements.
However, the demand for general managerial roles increased by about 8% as more companies look for in-house facility managers to oversee properties. "Whilst headcount levels remain broadly stable, companies will continue to replace those who leave, resulting in back-fills rather than job creation," Sally Raj, country manager for Robert Walters Malaysia, said.
In China, many companies are suspending hiring, as they review headcounts and budgets. Additionally, employees are staying in their jobs as they wait for year-end bonuses.
But the outlook was brighter in Japan, where job advertisements increasing 35% from Q2 to Q3. David Swan, managing director for Robert Walters in Japan and Korea said "strong emphasis on business continuity last quarter has been replaced by a renewed focus on international expansion and restructuring in a bid to manage costs and seize market share". Despite that, he warned continues global uncertainties will continue to have a direct impact on Japan economy.
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