Manpower Employment Outlook Survey
Companies in Singapore will be cautiously optimistic about hiring for the next three months, says the latest Manpower Employment Outlook Survey.
Over the next three months, 12% of the 697 employers across seven industries interviewed will increase headcount, 7% expect a decrease while 74% foresee no changes to their workforce. Respondents also feel the pace of hiring may gradually pick up in the third quarter of 2009.
Hiring intentions have strengthened with a steep improvement of 50 percentage points quarter-over-quarter. The outlook, although 32 percentage points weaker year-over-year, indicates a more optimistic labour market.
“While there is no quick fix in this current economy downturn, employers’ hiring confidence is improving. Most employers are saying they will retain present staff in the third quarter, indicating that the worst may be behind us,” says Philippe Capsie, country manager of Manpower Singapore. He adds that this positivity may be due to the government’s intervention with Job Credit Scheme and SPUR.
Employers in four of the seven industry sectors forecast negative headcount growth in the third quarter of 2009. The manufacturing sector faces a particularly dim hiring climate, with employers reporting an outlook of -29%. There are also poor outlooks for the Finance, Insurance & Real Estate and Mining & Construction sectors. However, the rest of the sectors remain cautiously optimistic about hiring. The most headcount growth is anticipated in Transportation & Utilities and Wholesale Trade & Retail Trade sectors, with outlooks of +7% reported in both.
Capsie feels employers in industries such as Transportation & Utilities are expressing more confidence compared to the previous quarter from the recent signs of stability in the global market, possibly explaining the more optimistic hiring outlook.
Despite improving employer confidence, employees and job seekers should still remain prepared for the second wave of retrenchment as the economy could continue to contract in the months ahead,” says Capsie.
Sources and references: Sandbox Advisors, HRM, Manpower
