foundit (formerly Monster APAC & ME), a leading talent platform, has released its foundit Insights Tracker (fit) for July 2023, previously known as the Monster Employment Index (MEI).
According to the Singapore fit report, job opportunities in the hospitality, travel, and real estate sectors have demonstrated significant growth, with an impressive 8% increase over the past year.
Additionally, the tracker has recorded a 14% decrease in hiring activity, with the index declining from 139 in July 2022 to 120 in July 2023. Over the last six months, there has been a 6% decline in job demand.
Despite Singapore’s moderate economic growth, the labor market has shown a positive hiring outlook for professionals in the fields of hospitality & travel, real estate, and healthcare.
Commenting on the job trends in Singapore for July 2023, Sekhar Garisa, CEO of foundit, stated, “While the labour market has exhibited signs of vulnerability leading to a subdued rate of hiring, Singapore has displayed remarkable resilience in specific sectors and job roles.
“Singapore, renowned as an international hub for hospitality and tourism, continues to offer ample opportunities for growth. The city-state attracts visitors and businesses from around the world, contributing to increased job demand in the import/export sector. We anticipate improved hiring intentions in the upcoming quarter as companies revisit their talent requirements.”
Import/Export sector leads in hiring activity, while IT, Telecom/ISP, and Production/Manufacturing witness a significant drop in hiring activity
The fit report reveals that out of the 15 industry sectors monitored by the tracker, three experienced growth in online recruitment activity from July ’22 to July ’23. The import/export sector showed a slight increase (+2%) in job demand, reflecting a subtle uptrend attributed to Singapore’s growth in total merchandise trade in the first quarter of 2022, particularly in the import of food and healthcare products. The oil & gas (0%) sector and retail/trade and logistics (0%) sector remained stable, with no change in job demand compared to the previous year.
However, several significant sectors saw a decline in online recruitment activity. The IT, telecom/ISP, BPO/ITES, and production/manufacturing sectors witnessed substantial reductions in hiring by (-26%) and (-20%), respectively.
These downturns can be linked to the challenges posed by global uncertainties, impacting these sectors significantly. Other notable industries also experienced fewer opportunities compared to the previous year, including shipping/marine (-2%), hospitality (-3%), healthcare (-3%), consumer goods/FMCG (-5%), engineering, construction, and real estate (-6%), BFSI (-13%), and education (-14%).
Hospitality & Travel job roles, Real Estate, and Healthcare professionals lead the hiring trends
Regarding functional roles, hospitality & travel and real estate professionals exhibited the most significant demand in July ’23, with a growth rate of (+8%) driven by increased demand from international visitors and local patrons.
Additionally, rising residential property prices and concerns about future price escalation have prompted a surge in demand for Real Estate (+8%) professionals. Singapore’s commitment to technological innovation and artificial intelligence in healthcare has led to a (5%) increase in hiring healthcare professionals compared to the previous year.
Conversely, job roles in the software, hardware, and telecom industries experienced a substantial 35% year-on-year decline due to a dip in industrial production in the country. Industrial production has recorded ten consecutive months of contraction, affecting job roles, including marketing & communications (-18%) and legal (-12%).
These three functional roles exhibited one of the most significant annual drops in e-recruitment activity. Job roles in HR & Admin (-1%) and Customer Service (-5%) decreased annually but maintained stability, retaining a similar level to the previous month.
In contrast, professionals in engineering/production (-7%), sales & business development (-8%), purchase/logistics/supply chain (-9%), and finance & accounts (-9%) experienced negative growth but showed improvement compared to the previous month in July ’23.
