As employers plan to up their headcount, HR leaders and hiring managers in the finance, insurance and real estate sectors can expect a busy Q2 2016.
According to the latest Manpower employment outlook survey, employers in the finance, insurance and real estate; mining and construction; and the services sectors report the strongest hiring intentions of +12% each.
This was followed by the public administration and education; and the transportation and utilities sectors with outlooks standing at +9% each.
The lowest outlook was observed in the wholesale trade and retail trade sector, with an outlook of +6% as well as the manufacturing sector who only predicts a outlook of+5%.
“The pockets of hiring growth are where either top talent or ground-level workers are in short supply,” observed Linda Teo, country manager of ManpowerGroup Singapore.
This is despite the fact that hiring intentions for the next three months being at their weakest since Q3 of 2009 after five consecutive quarters of steady decline.
In the next quarter, only 14% of employers indicated that they expect to increase headcount, 76% plan to keep current headcounts, while 4% plan to decrease staffing levels.
When seasonal variations taken into account, the net employment outlook is forecasted to be at a conservative +10% – four percentage points weaker than the same period in 2015.
Teo commented: “The dimmer hiring outlook is not surprising amid a sluggish economic environment.”
“It’s a bearish sentiment we’re seeing as local employers face internal pressures of high operational costs, and business nerves continue to be frayed over China’s slowdown, which impact trade-dependent economies like ours,” she added.
In fact, with a seasonally adjusted outlook of +10%, Singapore has the fourth lowest hiring outlook in the region.
While the lowest outlook of +4% comes from Australia, followed by China with +5% and New Zealand with +8%.
On the other hand, most employers in India, Japan and Taiwan are planning to increase headcount, resulting in high seasonally adjusted outlooks of +38%, +22% and +20% respectively.
For the full findings, check out the infographic: