As per the recruitment firm Hudson, for employees in Singapore seeking new jobs in the first half of 2015, hiring expectations are mixed.
Certain industries have been affected by the slowdown of growth after demand from Eurozone and China has recently decreased. However, certain industries will prosper along with the economic growth in the United States.
Keep reading to see how you can expect the hiring intentions to be in Singapore, as well as in your specific industry for the first half of 2015.
The Cumulative Singapore Hiring Intentions
Hiring intentions in general are optimistic for Singapore collectively. A net 37 percent of companies expect to increase their workforce in the first and second quarter of 2015. Although this is a slight drop of nearly 7 percentage points since the last half of 2014, the outlook is still decent.
All industries are witnessing a drop in hiring intentions except for IT&T which keeps seeing growth as more companies invest in improving their IT functions.
In an effort to hire more local Singaporeans, the Fair Consideration Framework may expose skills shortages and increase competition for middle management positions, as companies continue to promote from within.
Hiring Expectations by Sector in Singapore
Demonstrating the strongest intention to increase their workforce, the IT&T sector saw nearly 53 percent of companies and employers looking to increase their workforce. This statistic is up 7.3 percentage points from the second half of last year. This hiring intention is the strongest in the industry since the third quarter of 2011. Singapore is experiencing increased demand for employees with skills in data security, big data management, and cloud computing.
The Banking & Financial Services sector is expected to net 36.2 percent in hiring expectations. Which is down nearly 14 percentage points from the last half of 2014. Compliance and regulation roles at the banks are expected to be in demand.
The Manufacturing & Industrial Sector reported 33 percent of employers expecting to hire, the Consumer Sector reported 31.6 percent, and the Healthcare & Life Sciences sector reported 25.6 percent. Although these trail behind other sectors, the good news is that they’re expecting to increase their workforce.
Navigating Singapore’s Hiring Trends
In time to come, Singapore plans to make huge investments to gain market share as a global medical technology hub. This industry is expected to see quite a bit of growth, which will be a rise in corresponding job opportunities in various functions.