Singapore's July Hiring Activity Drops by 14% YoY: Report

04 Sep, 2023

Singapore's July Hiring Activity Drops by 14% YoY: Report

According to foundit, job demand has decreased by 6% over the past six months. In July, hiring activity in Singapore saw a significant decline of 14% compared to the same month in the previous year. This decline is attributed to the ongoing challenges posed by global uncertainties, as reported by the foundit Insights Tracker.

The tracker's findings indicate that only three out of the 15 sectors it monitors experienced an increase in online recruitment activity. The Import/Export sector led the way with a 2% growth in July, which was influenced by the country's upward trend in total merchandise during the first quarter of 2022. However, job demand remained unchanged in the Oil & Gas and Retail/Trade and Logistics sectors.

Conversely, several sectors witnessed a substantial decrease in online recruitment activity. The IT, Telecom/ISP, and BPO/ITES sectors saw a notable decline of 26%, while the Production/Manufacturing sectors experienced a 20% drop. Other industries that recorded declines included Shipping/Marine (2%), Hospitality (3%), Healthcare (3%), Consumer Goods/FMCG (5%), Engineering, Construction, and Real Estate (6%), BFSI (13%), and Education (14%).

Over the past six months, job demand in Singapore decreased by 6%, as reported by foundit.

Foundit CEO Sekhar Garisa acknowledged the labor market's vulnerability, which resulted in a subdued hiring rate. Despite this, Garisa emphasized Singapore's resilience in certain sectors and job roles. Singapore, known as an international hub for hospitality and tourism, continues to attract visitors and businesses from around the world, contributing to increased job demand in the import/export sector. Garisa expressed optimism, anticipating improved hiring intentions in the upcoming quarter as companies reevaluate their talent needs.

The report by foundit also highlighted that the Hospitality & Travel and Real Estate sectors experienced an 8% growth in demand for functional roles, thanks to a rise in international and local patrons.

On the contrary, the software, hardware, and telecom industries saw a substantial year-on-year decline of 35%. This decline was attributed to the contraction of Singapore's industrial production. Additionally, the Marketing & Communications and Legal sectors experienced declines of 18% and 12%, respectively.