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On the other hand, 12% anticipate a decrease and 39% do not expect any changes to their headcount.
Singapore’s labour market is expected to remain resilient in spite of economic headwinds for the first quarter of the year.
According to ManpowerGroup's latest Employment Outlook Survey report, 45% of the 510 employers surveyed in Singapore plan to increase their staffing numbers. On the other hand, 12% anticipate a decrease and 39% do not expect any changes to their headcount. The resulting net employment outlook (NEO) after seasonal adjustment is +33%, a 3pp dip from the last quarter, but also 19pp stronger when compared to one year ago.
Linda Teo, Country Manager, ManpowerGroup Singapore, commented: “Singapore’s labour market is starting to show signs of cooling down amid economic uncertainties and rising costs of business operations. Nonetheless, there is still a strong demand for talent across sectors, especially in financials & real estate where companies are hiring tech talent aggressively to grow their digital financial services capabilities."
The study also noted a positive headcount growth forecast across nine sectors. Particularly, a hiring boom is anticipated in the financials & real estate sector. Organisations in the sector reported the strongest hiring confidence (+57%), followed by employers in energy & utilities (+50%), and consumer good & services (+39%).
"Micro organisations" were also noted to lead hiring demand in the first quarter of 2023. Companies with under 10 employees continue to report the strongest hiring intentions (+42%) for the second consecutive quarter, surging by 36pp compared to Q1 2022, while decreasing by 6pp quarter-over-quarter. Larger organisations with over 250 employees indicated the lowest increase at 30%.
How today’s trends are impacting jobs in Singapore
In the consumer goods & services sector, 87% of wholesale & retail trade employers report difficulty finding the skills required.
Still, 49% of employers within the industry report expectations to add to their staff headcount during the first quarter, while 10% anticipate various decreases. Once seasonally adjusted, this points to a NEO of +39%, strengthening by 33pp year-over-year but weakening 1pp quarter-over-quarter.
Despite strong optimism to hire, the industry faces a talent shortage, wherein 87% of employers report difficulty finding the hard and soft skills needed.
Per the report, the top five soft skills wholesale & retail trade employers seek are as follows:
- Critical thinking & analysis
- Creativity & originality
- Resilience & adaptability
- Reasoning & problem-solving
- Initiative taking
Meanwhile, in the financials & real estate sector, 80% of employers report some difficulty finding the skills required.
Further, 62% of employers within the industry report expectations to add to their staff headcount during the first quarter, while 5% anticipate various decreases. Once seasonally adjusted, this points to a NEO of +57%, — a growth of 28pp year-over-year, but still weakening by 9pp since last quarter.
Despite strong optimism to hire, the industry faces a talent shortage, with 80% of employers reporting difficulty finding the hard and soft skills needed.
Top five soft skills financials & real estate employers seek:
- Critical thinking & analysis
- Resilience & adaptability
- Reasoning & problem-solving
- Leadership & social influence
- Curiosity & active learning
For the information technology sector, 79% of IT employers report some difficulty finding the skills required. Similar to those in consumer goods & services, 49% of employers within the IT industry report expectations to add to their staff headcount during the first quarter, while 15% anticipate various decreases.
Once seasonally adjusted, this points to a NEO of +34%, strengthening by 7pp when compared to this time last year and weakening by 9pp quarter-over-quarter.
Despite strong optimism to hire, the industry faces a talent shortage, with close to eight in 10 (79%) employers finding it difficult to find talent with the hard and soft skills needed.
Top five soft skills IT employers seek:
- Critical thinking & analysis
- Leadership & social influence
- Reasoning & problem-solving
- Creativity & originality
- Initiative taking
Employers' plans for salary increments and bonus this year
A net 81% of Singapore employers surveyed revealed intentions to increase salaries by 3% or more, with the most looking at between 3-5%.
At the same time, 88% of employers intend to award bonuses of one month or more to their employees.
By sector, employers in the financials & real estate sector are expected to be the most generous with their bonus payouts, with 95% planning to award one month and more. The report showcased the following breakdown per sector:
Lead photo / ManpowerGroup Employment Outlook Survey
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