8 in 10 Singaporeans to hunt for a new job in 2014

Plot thickens in local talent war.

jobsDB, an online job portals in Singapore, today released the findings of its 2014 Market Outlook survey. The survey uncovered that the war for talent between businesses will intensify this year, resulting in a predicted wage increase for job seekers.

With GDP (Gross Domestic Product) up 5.1% in Q3 2013, the Singapore economy is expected to continue to expand in 2014. The unemployment rate will continue to be low at 2.1%, and with tighter policies around employment of foreign labor, we will see much competition for talent in the coming year.

jobsDB’s Market Outlook Survey has found that 85% (15% unemployed, 35% active, 50% passive) of respondents are looking to explore new roles in 2014, and 41% anticipate that there will be more jobs available as compared to 2013. The job seekers are right - 19% of employers said they expect to recruit staff; 67% said they will maintain staffing levels, while only 3% said they would trim staff. This yields a net employment growth outlook in Singapore of 16%*.

With a smaller pool of talent, it’s not only about casting the net wider to reach more job seekers, but also engaging them before they decide to actively seek a new role. In this war for talent, it’s important for employers to understand job seekers’ values and considerations as well as how to communicate with them.