Positive hiring trends reported across key sectors in Singapore for Q3 2023

APAC as a whole is experiencing a stronger hiring climate compared to Q2, with Australia, India, and China having the strongest hiring outlooks in the region.

Despite an uncertain economic future, Singaporean employers remain optimistic about their recruiting ambitions, with 48% of those surveyed planning to hire in the coming months, according to ManpowerGroup's latest report (Tuesday, 13 June 2023).

Titled ManpowerGroup Employment Outlook Survey, the report delved into the hiring sentiments noted across key sectors in Singapore:

Prominent sectors for hiring in Q3 2023

The robust hiring sentiment is driven by the energy & utilities sector, which reported a net employment outlook (NEO, or outlook) of +57%. This sector's positive hiring pace is closely followed by the financials & real estate, consumer goods & services, and communication services sectors, with outlooks of +50%, +45%, and +31% respectively.

Meanwhile, healthcare & life sciences and industrials & materials also report healthy outlooks of +28%. However, the information technology and transport, logistics & automotive sectors are expected to have comparatively weaker labour markets, with outlooks of +23% and +22% respectively.

According to Linda Teo, Country Manager, ManpowerGroup Singapore, the increased hiring activity in Singapore can be attributed to the nation's commitment to establishing itself as a hub for carbon services and green finance. She added: "With Singapore targeting to achieve net-zero emissions by 2050, we can expect hiring demand for green jobs to continue to grow as companies formulate their business strategies with climate goals in mind."

Zooming into the details, the energy & utilities sector emerged as Singapore's most competitive sector in terms of job prospects, with its NEO surpassing the 41-country average NEO by a margin of 23 points. As shared in the report, the country's ambition to accelerate clean energy production is driving the hiring outlook for the energy & utilities sector in the Asia Pacific region as well, alongside China (+61%) and Hong Kong (+56%).

It was further noted that while hiring intentions have weakened in a few sectors, the overall employment climate in Singapore remains positive across all industries. Companies recognise the need to invest in talent acquisition to fill niche positions and address any backlog of work resulting from the challenging business environment. This indicates a sustained commitment to growth and adaptation in the face of economic uncertainties.

However, despite the encouraging employment outlook, micro organisations with fewer than ten employees appear to be the most cautious about hiring. These organisations reported the weakest hiring sentiments, with a NEO of +27%, a decline of 20 percentage points (pp) compared to the previous quarter, and a marginal decrease of 1pp year-on-year. This cautious approach may stem from the challenges faced by smaller businesses in allocating resources for new hires.

Beyond Singapore, the Asia Pacific region as a whole is experiencing a strong hiring climate, with an overall employment outlook of +31% in Q3 2023, up four points from the previous quarter. The markets with the strongest outlooks are:

• Australia (+37%),
• India (+36%), and
• China (+35%)

In contrast, Japan (+14%) and Taiwan (+15%) are expected to have weaker hiring markets.

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