Singapore employers set to boost hiring in Q4

Hiring demand is highest in the finance and real estate sectors.

Employers in Singapore are more likely to hire in the last three months of 2024 compared to the previous quarter, but hiring sentiment is still weaker than a year ago.

Singapore’s net employment outlook– calculated by subtracting the employers planning reductions to those planning to hire– increased to 29% for Q4, according to the ManpowerGroup Employment Outlook survey released on 10 September.

This is 9 percentage points (ppt) higher than in Q3, but still 7 ppt lower compared to the same period in 2023.

About 46% of the 525 employers polled are anticipating an increase in hiring, compared to 17% anticipating a decrease.

Over 3 in 10 or 36% are expecting no change in their staff numbers, whilst 1% said that they are unsure.

Hiring demand is highest in the finance and real estate (64%); transport, logistics, and automotive (44%); and industrials and materials sectors (39%).

Only the energy and utilities sector indicated a net negative score of 30%-- meaning that more companies in this sector are planning to cut their headcounts than hire.

By company size, those with a headcount of between 250 to 999 are the most likely to hire, with 58% of the respondents saying such.

Meanwhile, 50% of companies with a headcount between 1,000 to 4,999 said that they are planning to hire in Q4.

Companies with 10-49 employees are the least likely to expand their headcount, with just 4% sharing plans. This is followed by companies with over 5,000 employees; only 8% of these companies indicated plans to hire more people.

Of the 525 employers in Singapore polled, 92% said that they do not have the talent they need to meet their environmental, social, and governance (ESG) goals.

Nearly half (47%) of companies have formal LGBTQIA+ inclusion strategies, whilst another 25% are developing them.