Bleak hiring outlook in Singapore
Things are not looking good for jobseekers in the second quarter of 2009, as 50% of Singapore employers polled expect a reduction in headcount.
According to the latest Manpower Employment Outlook Survey, half of employers interviewed indicate they will trim payrolls in the next three months. Across seven main industry sectors in Singapore, 7% expect to increase headcount, 50% anticipate a decrease, while 29% foresee no change to their workforces. This means Singapore’s seasonally adjusted Net Employment Outlook is now at -45%, indicating “a dismal hiring environment for the next three months”, reports the survey.
The bleakest industries for jobseekers are in the transportation and utilities sector, where the outlook is -55% and the public administration and education industry sector with -54%. Job prospects in wholesale and retail trade and services sectors, with outlooks of -53% and -51% respectively, are not looking good either.
With fewer permanent positions being offered, Philippe Capsie, country manager of Manpower Singapore said companies will be turning to contract hires to meet immediate requirements instead. “Jobseekers are advised to be more open-minded and cast their nets wider in their job search.”
There has been however a moderate five percentage point improvement in the outlook reported for the finance, insurance and real estate sector, now at -17%. Capsie believes government’s intervention has slowed the mass retrenchment trends in this sector over the past few weeks. “We have seen more companies turning to alternatives such as restructuring their organisations, sending their workers for retraining and offering flexible working hours.”
As for the unexpected employment dip in the education sector, Capsie said, “People are probably putting on hold plans to further advance their studies to focus on their careers.”
Source: Sandbox Advisors, HR Magazine, Manpower